Not Good

The headline in the CNN Money release was “Move over, Cleveland. Make room, Detroit. Beat it, Buffalo. There are some competitors for the title of America’s most depressed real estate market.” According to Moody Analytics analyst Celia Chen,

  • Chicago won’t recover until about 2019;
  • New York by 2021;
  • Washington will return by around 2025;
  • Las Vegas home prices won’t return to their pre-recession peak until after 2032;
  • Phoenix until 2034;
  • Naples, Fla., won’t come back until sometime around 2038;
  • Nationally, we expect U.S. home prices to recover by 2021

And that’s the good news! The bad news is that the projections are based on nominal values; inflation adjusted will take a bunch longer. I’m just pleased that I didn’t see Miami on the list.

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