Real Estate

Home Prices Drop Most in Areas with Long Commute

by Kathleen Schalch from NPR

Economists say home prices are nowhere near hitting bottom. But
even in regions that have taken a beating, some neighborhoods remain
practically unscathed. And a pattern is emerging as to which
neighborhoods those are.

The ones with short commutes are
faring better than places with long drives into the city. Some analysts
see a pause in what has long been inexorable — urban sprawl.

The
Washington, D.C., metropolitan area has been hit hard. Prices tumbled
an average of 11 percent in the past year. That’s the big picture. But
a look at Ashburn, Va., about 40 miles from the center of town, finds a
steeper fall.

In parts of the county, housing prices have dropped 18 percent over that same period. New construction has ground to a halt.

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