Detroit, NYC, Phoenix, Portland, Minneapolis

According to this article, Detroit, NYC, Phoenix, Portland, Minneapolis are expected to see continuing housing declines for a while. Detroit is no surprise except maybe some people though things could not possibly get much cheaper. I guess I’ve always thought of New York as crazy expensive so I’m not sure I expected it to decline much. But I suppose things had to come down a little.

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2 Responses to “Detroit, NYC, Phoenix, Portland, Minneapolis”

  1. john says:

    Up here in Canada we have been waiting for housing prices to follow you down but they just keep going up! Maybe I should move back to Detroit! Big fan of your site, keep up the great posts!

  2. Charles says:

    Big overhang still out there in residential and commercial real estate. I don’t know if we’ve seen the bottom yet. A friend of mine is an agent in Phoenix, and can’t move anything priced over $150k (unless it’s in foreclosure). I was in Detroit a few months ago; it’s a ghost town. Another friend in Las Vegas says they’re nowhere near the bottom there. It’s going to remain a very soft market for some time.