Archive for Tuesday, July 27, 2010

Home values still at risk in cities

July 27, 2010

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— Thought the housing crisis was over? Not quite.

Despite four years of falling prices and recent signs that they were finally bottoming out, homes are expected to lose still more value in many metro areas over the next year.

Parts of the country already pummeled by the housing crisis, like Las Vegas, Phoenix and Miami, will be hit hardest. But even some places that have rebounded or held up relatively well — including New York, Los Angeles and Washington, D.C. — will suffer, too.

That’s the conclusion of economists who have been reducing their estimates for home prices as the outlook for the economic recovery has darkened. The number of homes for sale or headed for foreclosure is so high that they think prices will be even lower by next July.

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