California and Florida are on track with what I expected, but Boston/NY are behind. I guess it will take a while for Wall St. bonuses to get hammered and all of the VC money in Boston’s biotech corridor to dry up.
I live in Michigan, and think we’ve seen the worst of it. Values might continue to decline in some areas – especially in some of the higher end suburbs of Detroit like the Grosse Pointes, and West Bloomfield.
We have been “the economic bellweather of the nation” for nearly a century and our decline started in 2002. The price/square foot values in my local area (Ann Arbor)have crept up about 1 1/2% over the last month and a half. Perhaps, it’s just noise in the system, but I’m hopeful. The higher end here will continue to get hammered as might the condo market, but the median detached homes are steadying out.
Of course, you can do the math. It’s 2007. Our decline has been going on for five years. We aren’t going up; we’re just starting to level out.
