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This just in, the housing bubble has been bursting in some major cities since 2003. This chart from Forbes Magazine shows that real estate is local. There are macro trends for sure, and those point to a trend that overall lends itself to slower or neutral growth. However, we have to recognize that these trends can not be applied to all homes and all instances. In almost every city listed in this list, the overall trend in real estate was sharply higher.

But for these neighborhoods, the property values dropped severely. I am sure they were looking at their  realtors saying we are in a housing boom, and the real estate  agents were explaining that all real estate is hyper local.

1. St. Louis, Mo. ZIP Code: 63143 Neighborhood: Maplewood/Richmond Heights
2005 Median Sales Price: $133,100 Total Price Appreciation 2003 to 2005: -28.1%

2. Phoenix, Ariz. ZIP Code: 85054 Neighborhood: Desert Ridge/Montage
2005 Median Sales Price: $289,950 Total Price Appreciation 2003 to 2005: -22.3% 

3. Chicago, Ill. ZIP Code: 60611 Neighborhood: Near North Side/Gold Coast
2005 Median Sales Price: $350,000 Total Price Appreciation 2003 to 2005: -20.5%

4. Houston, Texas ZIP Code: 77056 Neighborhood: Tanglewood
2005 Median Sales Price: $335,160 Total Price Appreciation 2003 to 2005: -16.8%

5. Minneapolis-St. Paul, Minn. ZIP Code: 55129 Neighborhood/Area: Woodbury
2005 Median Sales Price: $274,900 Total Price Appreciation 2003 to 2005: -16.2%

6. Dallas, Texas ZIP Code: 75212 Neighborhood: Oak Cliff
2005 Median Sales Price: $96,093 Total Price Appreciation 2003 to 2005: -14.6%

7. Boston, Mass. ZIP Code: 02120 Neighborhood: Mission Hill
2005 Median Sales Price: $412,750 Total Price Appreciation 2003 to 2005: -14%

8. Atlanta, Georgia ZIP Code: 30305 Neighborhood: Buckhead/Tuxedo Park
2005 Median Sales Price: $274,650 Total Price Appreciation 2003 to 2005: -13.6% 

9. New York, N.Y. ZIP Code: 10069 Neighborhood: Upper West Side
2005 Median Sales Price: $980,000 Total Price Appreciation 2003 to 2005: -11.3%

10. Philadelphia, Penn.  ZIP Code: 19133 Neighborhood: Kensington/North Central
2005 Median Sales Price: $34,500 Total Price Appreciation 2003 to 2005: -9.7%
Via Forbes

Related posts:

1. Case Shiller November 2008 Report Shows Consistent Declines in Major Cities
2. Greenspan – Housing Bubble Not My Fault!
3. MacroShares’ Major Metro Housing Home Trading Concept Flawed
4. Top 10 Worst Foreclosure Cities For 2008
5. Housing Market Shows Stronger June Sales