Home prices across globe hit records, prompting worries of bubble
No region was spared from the U.S. housing collapse, but some had it worse than others. The Wall Street Journal and Zillow mapped out housing price declines from 2006 to the present by different zip codes in six major markets, Seattle, San Francisco, Los Angeles, Washington, D.C., Chicago and New York, and found that housing prices slumped worse in poorer center-city neighborhoods and distant suburbs, while upscale areas retained much of their value. Zillow said because subprime loans were handed out more frequently in lower-priced neighborhoods, and because those areas developed excess supply during the boom, they were hit harder by the recession. An example of the New York map is shown below. [WSJ]
