13 Cities Where Home Prices Are Dropping

source: Forbes

The folks at Local Market Monitor compiled a list of the 13 cities that suffered relatively big home price hits this year with more projected through the next 12 months. LMM sifted through market data for more than 300 Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions (MSADs), as defined by the U.S. Office of Management and Budget. The company crunched home prices from October 2010 through September 2011 and calculated price projections through September of next year, taking into account job growth, population growth, sales and rental prices. Checkout full list after the jump.

The housing market has been taking a hit since 2007, with most home owners losing value. Check out these 13 cities across the country where you can get a some nice real estate for a low price. Experts say these prices should stay low for the next few years in this buyers market.

13. Stockton, Calif.

M.S.A.: Stockton, CA
Home Price Drop from Oct. 2010 to Sept. 2011: -8.2%
Projected Home Price Drop through 2012: -8%
Average Home Price: $152,400

12. Bakersfield, Calif.

M.S.A.: Bakersfield-Delano, CA
Home Price Drop from Oct. 2010 to Sept. 2011: -8.5%
Projected Home Price Drop through 2012: -6.8%
Average Home Price: $129,700

11. Atlanta, Ga.

M.S.A.: Atlanta-Sandy Springs-Marietta, GA
Home Price Drop from Oct. 2010 to Sept. 2011: -8.5%
Projected Home Price Drop through 2012: -8.3%
Average Home Price: $170,800

10. West Palm Beach, Fla.

M.S.A.D.: West Palm Beach-Boca Raton-Boynton Beach, FL
Home Price Drop from Oct. 2010 to Sept. 2011: -8.5%
Projected Home Price Drop through 2012: -8.7%
Average Home Price: $211,000

9. Tacoma, Wash.

M.S.A.D.: Tacoma, WA
Home Price Drop from Oct. 2010 to Sept. 2011: -8.8%

Projected Home Price Drop through 2012: -7.4%
Average Home Price: $220,400

8. Jacksonville, Fla.

M.S.A.: Jacksonville, FL
Home Price Drop from Oct. 2010 to Sept. 2011: -8.9%
Projected Home Price Drop through 2012: -7.7%
Average Home Price: $179,900

7. Sacramento, Calif.

M.S.A.: Sacramento-Arden-Arcade-Roseville, CA
Home Price Drop from Oct. 2010 to Sept. 2011: -9.3%
Projected Home Price Drop through 2012: -8.5% Average Home Price: $195,900

6. Orlando, Fla.

M.S.A.: Orlando-Kissimee-Sanford, FL
Home Price Drop from Oct. 2010 to Sept. 2011: -10.9%
Projected Home Price Drop through 2012: -9.4%
Average Home Price: $159,700

5. Fresno, Calif.

M.S.A.: Fresno, CA
Home Price Drop from Oct. 2010 to Sept. 2011: -11%
Projected Home Price Drop through 2012: -9.9%
Average Home Price: $154,200

4. Tucson, Ariz.

M.S.A.: Tucson, AZ
Home Price Drop from Oct. 2010 to Sept. 2011: -11.9%
Projected Home Price Drop through 2012: -11.1%
Average Home Price: $169,900

3. Phoenix, Ariz.

M.S.A.: Phoenix-Mesa-Scottsdale, AZ
Home Price Drop from Oct. 2010 to Sept. 2011: -13%
Projected Home Price Drop through 2012: -3.3%
Average Home Price: $152,000