State home to worst markets
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U.S. home prices marked nine straight months of depreciation in October, according to statistics released last week from First American CoreLogic, for a 10.4% decline from October 2007.
But the headline for Californians: The state is home to nine of the 10 worst-performing markets. The statistical areas are Salinas, -29.06%; Merced, -28.97%; Stockton, -28.86%; Riverside-San Bernardino-Ontario, -28.79%; Vallejo-Fairfield, -28.65%; Oakland-Fremont-Hayward, -28.55%; Modesto, -28.41%; Bakersfield, -28.01%; Miami-Miami Beach-Kendall, Fla., -27.34%; Sacramento-Arden-Arcade-Roseville, -26.95%.
California was the decline leader, down 28.3% annually. Nevada dropped 25.4%, Arizona fell 20.1% and Florida decreased 17.8%. The only states showing what number crunchers considered “meaningful price increases” were West Virginia, up 5.9%; South Dakota, up 2.9%; and Texas, up 2.7%.
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