From yahoo real estate...
"Merced, Calif., is a quiet, residential city an easy drive from Yosemite National and Pacific Coast beaches. It's also a perfect case study for the aftermath of the housing crisis. Homes at the median level in Merced have lost 62% of their value from the second quarter of 2006, when they peaked at $336,743, the biggest drop anywhere in the country, according to data provided to Forbes by Local Market Monitor, a Cary, North Carolina-based real estate research firm. Earlier, home building and buying grew exponentially in Merced, but the metro now suffers from a whopping 16.4% unemployment rate, according to the Bureau of Labor Statistics, reflecting a drop-off in building industry jobs and a grim housing market."
http://realestate.yahoo.com/promo/cities-where-homes-are-losing-most-value
Poor Merced. Poor us. Will it ever recover???
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2 comments:
Ugh- I hope so!
I am sure it WILL but probably never be the way it WAS at the height. At least we all hope so. I keep thinking it will never recover but how could it NOT? We have a huge university that is bound to grow, and with growth comes people who need to buy homes. I am thinking our median income is going to be low another decade though. We have ALOT of 30somethings who are uneducated and have grown up with those mediocre low paying jobs we have in Merced... they will just keep working those jobs, and the trickle of new people will come here from out of the area for higher paying jobs. I think we are stuck this way awhile.
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