Homeowners in ten cities across America have seen the value of their properties drop by up to 69 per cent in just five years as prices continue to plummet. The news comes just days after real estate data firm Zillow announced home values fell by three per cent in the last quarter, the biggest decline since the recession.
Prices were hardest hit in Merced, California, where the average value of a home has fallen from $343, 740 to $105,110 – a drop of 69.4 per cent – since the height of the real estate bubble in 2005.
All but one of the cities in the top ten, compiled by Zillow for ABC News, are in California and Florida, where housing prices soared the most at the height of the real estate bubble.
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