8 Cities Where Home Prices Are Falling Dangerously

Home prices fell in 18 of 20 metro areas in September; in 13 of them the decline was 1% or more. The trend in some housing markets is starting to look downright dangerous.

Cleveland
The nation’s most worrisome housing market saw prices drop a scary 3% in September alone, according to the S&P/Case-Shiller data. Like much of the rest of Ohio, Cleveland hasn’t found replacements for the manufacturing jobs lost over the past decade starting from the 2001 recession. The unemployment rate in Cuyahoga County, which includes Cleveland, was 9.2% in April. These days it’s at 9.7%.

Minneapolis
Home prices have retreated here for three straight months, most recently declining by 2.1% in the month of September alone. The unemployment rate in the Minneapolis area is a pretty decent 6.7%, but it has increased from just 6.1% in May.

Portland
In Portland housing prices fell by 1.9% in September, and home prices are down 3.6% in the last year.

Dallas
The town’s football team isn’t the only thing sinking this fall. Home prices fell 1.6% in September after sliding 1.2% in August.

Phoenix
The residential real estate market in Phoenix has cause for concern, trending downward by 1.5% in September and 1.3% in August.

Chicago
After a nice run of five straight months of housing prices gains, things were looking up in Chicago. Then came a 1.5% decline in September.

Boston
Home prices have inched up 0.4% over the last year, but Boston may not be able to stay in the positive column after declines of 1.3% in September and 0.3% in August.

Atlanta
Home prices in Atlanta tumbled 1% in September and 1% in August. The residential real estate market is down 3.1% in the last year.