While the overall housing market appears to be on the mend, there are some Metropolitan Statistical Areas where prices are still falling.
Forbes magazine asked Local Market Monitor, a real estate research firm, to examine all 315 MSAs and identify those where home prices are still at least 10 percent above the point where home prices should be based on economic fundamentals.
Many of these locales have higher than average home prices because they are relatively small and their economies are dependent on a few businesses or a single industry. When those businesses run into trouble, the communities feel the pain.
Here are the top 10 places that Local Market Monitor identifies as most vulnerable to continued price declines:
- Atlantic City/Hammonton, N.J.
- Provo, Utah
- Portland, Vancouver, Oregon, Ore.
- Glen Falls, N.Y.
- Bellingham, Wash.
- Flagstaff, Ariz.
- Charleston/Sommerfield, S.C.
- Eugene/Springfield, Ore.
- Salisbury, Md.
- Salt Lake City, Utah