Here in the Great Northwest housing prices have dipped about 4% in the past year. This is according to the Case-Shiller Housing Index which tracks housing prices in 20 cities around the country. That is the smallest drop in the country; Las Vegas, San Diego, and Miami housing markets have dropped over 20% in the same period.
But wait, you say, those markets are just giving back some of the big gains over the past five years, right? Kinda. But, over the past five years Portland and Seattle are still the biggest winners at over 50% appreciation.
Pity the rust belt. Cleveland and Detroit houses have lost value over the past five years—and are still losing.