Weakest Metros are Losing to Stronger Competition More than Ever Before
The weaker metros in the housing market are now the farther from the stronger competition that it has ever been. New reports show that that gap between the two is significantly wider than years past.
"A decade after the financial crisis, the scars of the housing bust are still with us. The gap between the metros with the strongest and weakest housing market recoveries is as wide as it has ever been," Aaron Terrazas, Zillow's senior economist, said in a press release, according to National Mortgage News.
"The California Bay Area's housing recovery stands out when compared to other markets that saw similar home value appreciation because it has more than regained all of its lost value. Strong, high-paying job markets and persistently limited inventory sent prices skyrocketing, leading to the Bay Area having the most valuable housing markets in the country."
Meanwhile, the report said that Las Vegas is among the metros that are still lagging behind. Both homes prices and values have taken hits. Denver suffered a smaller 9% decline.
To learn more about the top and weaker performers, click on the image above.
