Biggest Housing Market Value Swings
The past two years have been tumultuous for the US Housing Market, with foreclosures on the rise and home values falling in most areas of the country, but how big have those changes really been and how does 2009 compare to 2008?
In its latest report, real estate site Zillow.com found that home value losses began to stabilize in 2009, reaching $489 billion in total losses during the year, compared with $3.6 trillion in 2008. Of the 154 markets tracked by Zillow, 48 saw value increases in 2009, although in the top 15 largest price swings only three markets experienced gains. Estimates are based on year-over-year changes in home values in each market through October using Zillow's "Zestimates" database.
So, which housing markets experienced the most dramatic total home value swings in 2009? Click ahead to find out!
By Paul Toscano
Posted 22 Dec 2009
15. Denver, Colo.
2009 change: +$10.66 billion
2008 change: -$20.73 billion
Year-over-year change (2009): 0.9%
Total current value: $215.74 billion
14. Providence, R.I.
2009 change: +$12.41 billion
2008 change: -$28.73 billion
Year-over-year change (2009): +1.8%
Total current value: $148.59 billion
13. Tampa, Fla.
2009 change: -$15.53 billion
2008 change: -$39.67 billion
Year-over-year change (2009): -14.9%
Total current value: $156.63 billion
12. Sacramento, Calif.
2009 change: -$20.73 billion
2008 change: -$43.67 billion
Year-over-year change (2009): -13.4%
Total current value: $166.04 billion
11. Orlando, Fla.
2009 change: -$20.85 billion
2008 change: -$36.22 billion
Year-over-year change (2009): -20.7%
Total current value: $109.36 billion
10. Boston, Mass.
2009 change: +$23.27 billion
2008 change: -$53.38 billion
Year-over-year change (2009): +1.5%
Total current value: $540.44 billion
9. Detroit, Mich.
2009 change: -$27.31 billion
2008 change: -$53.02 billion
Year-over-year change (2009): -20.5%
Total current value: $161.12 billion
8. Las Vegas, Nev.
2009 change: -$30.10 billion
2008 change: -$51.31 billion
Year-over-year change (2009): -31%
Total current value: $91.63 billion
7. San Francisco, Calif.
2009 change: -$34.25 billion
2008 change: -$139.21 billion
Year-over-year change (2009): -5.1%
Total current value: $746.26 billion
6. Riverside, Calif.
2009 change: -$39.94 billion
2008 change: -$111.32 billion
Year-over-year change (2009): -21%
Total current value: $230.71 billion
5. Phoenix, Ariz.
2009 change: -$45.14 billion
2008 change: -$85.97 billion
Year-over-year change (2009): -20.4%
Total current value: $241.14 billion
4. Miami-Fort Lauderdale, Fla.
2009 change: -$45.91 billion
2008 change: -$137.15 billion
Year-over-year change (2009): -16.1%
Total current value: $403.53 billion
3. New York, N.Y.
2009 change: -$49.02 billion
2008 change: -$225.24 billion
Year-over-year change (2009): -10.4%
Total current value: $2.695 trillion
2. Chicago, Ill.
2009 change: -$49.59 billion
2008 change: -$93.95 billion
Year-over-year change (2009): -10.4%
Total current value: $688.78 billion
1. Los Angeles, Calif.
2009 change: -$60.83 billion
2008 change: -$345.74 billion
Year-over-year change (2009): -4.2%
Total current value: $1.747 trillion