
Until now, Seattle had been one of the only metropolitan areas out of the 20 in the indexes not to post a year-to-year price drop during the latest housing downturn. Charlotte, N.C., is now the sole area with that distinction, with an annual increase of 1.8 percent in January. Prices were down 0.5 percent, year over year, in Portland, the only other area whose prices held up better than Seattle's.
And after the metro areas come the exurbs. Real estate will continue to collapse until it reaches equilibrium and that's a hell of a long way from where it is.
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