Weekend Economists Out on an Idle Idol Idyll November 15-17, 2013

[Demeter]

6. 5 states where homeowners lost the most money / Home values plummeted by $100,000 in many areas

http://www.marketwatch.com/story/5-states-where-homeowners-lost-the-most-money-2013-11-15?siteid=YAHOOB

...New data released on Thursday by the U.S. Census Bureau shows the dramatic effects that the recession had on real estate values. Nationally, homes lost 9% of their median values from what the Census describes as the three-year recession period (2007-09) through the three-year post-recession period (2010-12), according to the report, dropping from $191,900 to $174,600....In many markets, including Las Vegas, Miami and Phoenix — where median prices have risen 21% to 32% in one year — investors account for about 30% to 40% of home purchases over the past three years, says Jack McCabe, an independent housing analyst in Deerfield Beach, Fla. These are mostly hedge funds and high-net-worth individuals who have been buying homes at rock-bottom prices and mostly renting them out. Buyers from abroad who are purchasing vacation homes and pied-a-terre’s are also fueling purchases...

Here are five states where homeowners lost the most wealth:

California
Nevada
Arizona
Florida
Maryland