Hot Growth Burned Census Data

The latest housing price numbers reinforce the image of relative strength among the primary global gateway markets and the continuing weakness of formerly hot growth areas, many of which showed the largest population gains in the 2010 census. Values are stable to down less in the large 24-hour, but slower-growing coastal cities. Only two markets in the just released Standard & Poors/Case-Shiller Index—Washington D.C. and Seattle–showed housing price increases—not surprisingly these both rank as important U.S. gateways.

Among the cities now at their lowest home price levels in nearly four years and suffering some of the sharpest recent declines are: Atlanta, Charlotte, Las Vegas, Miami, Phoenix, and Tampa. All have been housing hot beds over the past two decades as ballooning populations have been drawn to a combination of relatively affordable pricing and warm weather. Other hot growth meccas—Dallas and Denver among them—also show recent deterioration and may hit new post housing bust lows in coming months, according to forecasters.