Isn’t it always the way? In most parts of the country, folks at the bottom are seeing the biggest declines in home prices, according to a new analysis by Zillow.com. People with more expensive homes are faring a little better. The pattern is particularly obvious in California.
Here are some examples of how prices in the bottom fifth and the top fifth of homes in various markets have done over the past year.
There are a few important exceptions to the pattern, where the houses at the top lost more value:
Ironically, for the country as a whole, the top has done worse than the bottom:
But that statistic is misleading. It reflects the fact that the housing bubble was most inflated in expensive states like California, and least problematic in cheap states like Texas.
For more data, click here and then click on home value bands.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.