10 cities that may not make it back from the crash

  • (MoneyWatch) You can sum up the U.S. real estate market this year in one word: recovery.

    Across the nation as a whole, prices have grown by more than 10 percent, and double or even triple that rate in some regions. Some of the hardest-hit states -- California, Florida, Nevada -- are also growing the fastest. Even cities like Modesto, Calif., were real estate prices went off a cliff during the housing crisis are coming back. Although home prices in Modesto are down 49 percent from their pre-crash peak, they have grown 30 percent from this time last year.

    But not every town and city is on the comeback trail. At the other end of the spectrum, there are places like Farmington, N.M. Home prices there plunged 20 percent from their peak during the meltdown and are up only 0.03 percent this year. At that rate, it would take centuries for the city's housing market to recover. The reality is that homeowners in the city may never recoup their losses.

    And Farmington is in better shape than the communities around the country on this list, which have yet to show any signs of rebounding from the meltdown. Using data compiled for CBSNews.com by real estate analytics provider CoreLogic, we looked not only at cities where home prices have the farthest to go to climb back to their pre-bubble peak, but also where prices are still declining.

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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.