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Where housing hasn’t hit bottom yet — and probably won’t all year

Jennifer Karmon
Spaces
March 14, 2013

We've been hearing lots of good news about the housing market lately. Nationally, we hit a bottom in October 2011, Zillow says, and home values ended 2012 up another 5.9 percent over year-end 2011. The current national median is $158,100.

Of 260 metro areas, 239 have already hit bottom and are climbing out. But that still leaves 21 metro areas that haven't seen their low point yet.

And Zillow predicts that nine of those areas aren't going to hit bottom anytime this year.

Whether that's bad news is somewhat a matter of perspective: If you're a prospective home buyer in one of these markets, there's a very good chance that you have time to get a property for the cheapest it's been in years (or will be again). But homeowners in those areas who are underwater and/or hoping to sell are likely to continue suffering for some time.

Below are the nine metropolitan areas that Zillow doesn't expect to hit bottom before 2014.

9. Hartford, Connecticut
Metro-area median: $206,800
Forecast through Jan. 2014: -0.3%, for a projected median of $206,282
Projected median: $206,282

Home values in the Hartford metro area are already down 18.2% from the market's 2006 peak, $252,800.

Click here to see homes for sale in Hartford.

8. Asheville, North Carolina
Metro-area median: $160,100
Forecast through Jan. 2014: -0.9%, for a projected median of $158,716

Home values in the Asheville metro area are already down 15.6% from the market's 2008 peak, $189,600.

Click here to see homes for sale in Asheville.

7. Pittsfield, Massachusetts
Metro-area median: $183,200
Forecast through Jan. 2014: -0.9%, for a projected median of $181,589

Home values in the Pittsfield metro area are already down 15.7% from the market's 2008 peak, $217,200.

Click here to see homes for sale in Pittsfield.

6. Wilmington, North Carolina
Metro-area median: $165,800
Forecast through Jan. 2014: -1.6%, for a projected median of $163,154

Home values in the Wilmington metro area are already down 34% from the market's 2008 peak, $251,300.

Click here to see homes for sale in Wilmington.

5. Stamford, Connecticut
Metro-area median: $352,200
Forecast through Jan. 2014: -1.7%, for a projected median of $346,329

Home values in the Stamford area are already down 27.1% from the market's 2006 peak, $483,200.

Click here to see homes for sale in Stamford.

4. Manchester, New Hampshire
Metro-area median: $185,200
Forecast through Jan. 2014: -1.8%, for a projected median of $181,781

Home values in the Manchester area are already down 29.3% from the market's 2005 peak, $262,000.

Click here to see homes for sale in Manchester.

3. Bremerton, Washington
Metro-area median: $230,400
Forecast through Jan. 2014: -2.1%, for a projected median of $225,615

Home values in the Bremerton area are already down 26.5% from the market's 2007 peak, $313,600.

Click here to see homes for sale in Bremerton.

2. New London, Connecticut
Metro-area median: $196,100
Forecast through Jan. 2014: -2.9%, for a projected median of $190,351

Home values in the New London area are already down 26.6% from the market's 2006 peak, $267,000.

Click here to see homes for sale in New London.

1. Salisbury, Maryland
Metro-area median: $117,900
Forecast through Jan. 2014: -3.3%, for a projected median of $114,061

Home values in the Salisbury area are already down 30% from the market's 2007 peak, $168,500.

Click here to see homes for sale in Salisbury.