It’s well known that some cities weather tough economic times better than others (Hello, Detroit? Are you still standing?). A recent Standard and Poor survey revealed that housing prices nationwide have fallen to their lowest levels since the beginning of the great recession.
If you’re a homeowner, this probably doesn’t come as a surprise to you. Many American homeowners find themselves upside down on their mortgage loans, owing more than they could sell the home for in the current marketplace.
But if you don’t own a home, now might be a great time to buy real estate – especially if you live in one of the following cities, where the real estate markets have been hit the hardest.
1. Cape Coral – Fort Myers, Florida
The Cape Coral – Fort Myers area, on the Gulf Coast of Florida experienced the single largest decline in home values since the beginning of the recession. Home values in Cape Coral and Fort Myers have fallen 59.1% to a current median price of $87,300.
2. Saginaw – Saginaw Township North, Michigan
Located near Grand Rapids, Michigan, the Saginaw Township area of Michigan was the number two hardest hit area in the United States in terms of real estate values, with an estimated decline of 53.7% since 2008. A single family home in Saginaw Township currently costs an average of $30,300.