Zillow data shows a geographic clustering among markets on the list
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Editor's note: This article is based on data compiled by Zillow, using the Zillow Home Value Index.
The
top 10 U.S. metro areas with the greatest year-over-year median
home-value declines, by percentage, from October 2010 to October 2011,
were conspicuously clustered in two regions, according to data from
online real estate site Zillow.
The 10 metro areas, clumped in the
Southeast and the far West, declined an average of 13.4 percent, from
No. 1 Gainesville, Fla.'s 17.2 percent drop to an 11.8 percent decline
for No. 10 Reno, Nev.
The chart-topping Gainesville, Fla., metro
area's 17.2 percent decline settled the area's median home value to
$111,300 in that timespan.
Just 40 miles away, the Ocala, Fla.,
metro area, No. 7 on the top 10 list, showed a 12.7 percent decline in
median home value, to $85,200. Nearby, Atlanta and Mobile, Ala., rounded
out the Southeast metros on the list at No. 2 and No. 5, respectively.
The
far West portion of the top 10 features six metros in a Pacific-leaning
band that curves from No. 3 Medford, Ore., in the Northwest to No. 6
Tucson, Ariz., in the Southeast.
The Mobile, Ala., metro area,
at No. 5, has the lowest median home value on the list at $78,200, and
is counterbalanced by No. 9 Santa Barbara, Calif.'s highest median home
value of $371,200. After Santa Barbara, Calif., the next highest median
home value on the list takes a steep drop to No. 4 Chico, Calif., metro
area's $169,300.
U.S. metro areas clustered in the Southeast and
in the far West experienced the greatest 2011 year-over-year declines in
median home value, by percentage, according to Zillow data.
Metro: Gainesville, Fla.
| Median Home Value | $111,300 |
| Year-over-year Change | -17.2% |
Alligator at Ben Hill Griffen Stadium, aka "The Swamp," in Gainesville, Fla. Flickr/jrgatormogo
Metro: Atlanta, Ga.
| Median Home Value | $109,700 |
| Year-over-year Change | -14.7% |
View of Buckhead, a district in downtown Atlanta. Flickr/Brokentaco
Metro: Medford, Ore.
| Median Home Value | $158,200 |
| Year-over-year Change | -14.2% |
View of Medford, Ore. Flickr/as737700
Metro: Chico, Calif.
| Median Home Value | $169,300 |
| Year-over-year Change | -14.0% |
Municipal Park in Chico, Calif. Image via Shutterstock.
Metro: Mobile, Ala.
| Median Home Value | $78,200 |
| Year-over-year Change | -12.8% |
Mobile, Ala., Bay.
Image via Shutterstock.
Metro: Tucson, Ariz.
| Median Home Value | $130,500 |
| Year-over-year Change | -12.7% |
Saguaro Cactus near Tucson, Ariz. Image via Shutterstock.
Metro: Ocala, Fla.
| Median Home Value | $85,200 |
| Year-over-year Change | -12.7% |
An Ocala, Fla., farm. Flickr/Bruce Bouley
Metro: Madera, Calif.
| Median Home Value | $123,600 |
| Year-over-year Change | -12.3% |
Downtown Madera, Calif. Flickr/gflinch
Metro: Santa Barbara, Calif.
| Median Home Value | $371,200 |
| Year-over-year Change | -12% |
Santa Barbara, Calif., mission. Flickr/Randy Pertiet
Metro: Reno, Nev.
| Median Home Value | $149,700 |
| Year-over-year Change | -11.8% |
Reno, Nev., sign. Flickr/Zack Sheppard
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