Ten cities may continue struggling regardless of national market

Home prices up, some cities may still struggle

Standard and Poor’s reported yesterday that while the Case-Shiller Home Price Indices are up over last year, several cities are still struggling.

Today, Forbes forecasts ten cities where the housing crisis will continue, regardless of the national recovery.

By analyzing Local Market Monitor data of 315 Metropolitan Statistical Areas (MSAs) for area rankings and determined that

Ten worst real estate “trouble spot” MSAs

According to Forbes.com:

1. Atlantic City – Hammonton, NJ– overpriced homes 54%, 12 month price forecast -9%
2. Provo-Orem, UT– overpriced homes 44%, 12 month price forecast -12%
3. Portland-Vancouver-Beaverton, OR/WA– overpriced homes 31%, 12 month price forecast -9%
4. Glens Falls, NY– overpriced homes 22%, 12 month price forecast -11%
5. Bellingham, WA– overpriced homes 22%, 12 month price forecast -9%
6. Flagstaff, AZ– overpriced homes 21%, 12 month price forecast -13%
7. Salt Lake City, UT– overpriced homes 21%, 12 month price forecast -10%
8. Charleston-North Charleston-Summerville, SC– overpriced homes 21%, 12 month price forecast -9%
9. Eugene-Springfield, OR– overpriced homes 21%, 12 month price forecast -8%
10. Salisbury, MD– overpriced homes 21%, 12 month price forecast -8%

If your city is in the top 10, are there reasons other than home prices that may impact a continued decline or a possible recovery? What do you think of the top 10?

CC Licensed image courtesy of isaks via Flickr.com.

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