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Guy and Kay Baker, together with their three sons, built this beautiful Alabama home almost entirely from reclaimed materials.
PHOTO: MICHAEL SHOPENN
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In Wedowee, Ala., Guy and Kay Baker live in a cozy cabin they built with their three sons using almost entirely reclaimed materials. Under the guidance of Guy, a professional builder, the family spent about five years on the project, lovingly and painstakingly building a sustainable home using centuries-old materials. The family so loves their hand-built home — initially planned as a vacation cottage — that they ended up moving in full time. Every day, Kay and Guy enjoy the personal connection they have with every detail of the 1,100-square-foot space.
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In 2001, Guy was feeling overwhelmed at work, and Kay was working on her bachelor’s degree in psychology. The couple’s three young sons were becoming increasingly busy with school and their personal lives. When Guy’s mother unexpectedly fell ill and passed away, Guy became acutely aware of the sensation that life was passing him by. For years, Kay and Guy had owned land on which they planned to build — a piece of property formerly owned by Guy’s grandfather — but they’d never gotten around to starting the project. After his mother’s death, Guy felt driven to make good on a longtime dream of building a getaway in the woods for himself and his family. “We just needed some peace and serenity,” he says.
Building With Reclaimed Materials

Guy had long had a fascination with the antique building materials he saw while working on tear-down buildings in the area. He was impressed with the materials’ quality and durability. He saw the antiques he’d collected as heirlooms of a bygone era that valued craftsmanship over speed.

“It amazed me that I could work on houses that were 150 years old, and the damages to these homes were minute be­cause of the materials and the quality of the studs and the lumber,” he says. “A year later, you work on a home that’s only 20 years old, and you see all this termite and water damage.”

For years, Guy had been collecting items — bits of the region’s architectural history — gathered from projects in the area. Though he hadn’t been sure at the time what he would do with them, he knew they were too wonderful to throw away. When it came time to start construc­tion on his family cabin, Guy realized he had collected nearly enough reclaimed materials to build the whole cabin.

Having spent 20 years building in Randolph County, Ala., Guy had a vast knowledge of the area’s best sources of re­claimed and antique building materials. “All these materials were readily available. They were everywhere,” he says. People in the area who were tearing down old structures often didn’t have another des­tination for them, so Guy took them off their hands. “Being in the construction in­dustry, I saw it everywhere — say we were tearing down an old barn with great old wood. If you ask them if you can have it, nine out of 10 people say, ‘Sure!’”
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The goal: to identify opportunities for Miami and Peruvian real estate companies, contractors, and others in the industry to do business with one another. It was a timely meeting, with Latin American investors still flooding the Miami market with cash.

GlobeSt.com caught up with Navarro, president and founder of Benworth Capital and the current president of the Latin Builders Association, to discuss what he learned in Peru, whether he sees a recovery underway in Miami’s construction industry, and his perspectives on the alternative lending space.  Read More>

bloomberg.com – Prices for single-family homes rose in about half of U.S. cities in the first quarter as property markets stabilized.

Fannie Mae: More Americans Expressing Confidence in Economy and Home Values

dsnews.com – The expectation for home prices and the percentage of those who think the U.S. economy is on the right path reached record all-time highs in Fannie Mae’s April 2012 National Housing Survey. Americans continue to expect home…

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rismedia.com – With so many distractions, it’s a wonder real estate agents are productive at all. Working to become a highly productive real estate agent is an ongoing process. Creating habits that produce consistent results allows you to…

Five Musts Before You List Your Home

realtytimes.com – Deciding to list your home for sale is a momentous time. It means you will be moving on to a new stage of life, no matter if you’re moving up or sizing down. Take a moment to look over these tips for what every seller should do…

Fannie Mae Profit Signals a Stabilizing Housing Market

nytimes.com – Fannie Mae, the government-backed mortgage financier, said on Wednesday that it made a profit in the first quarter and that it did not need additional bailout money – a first since the federal government took it…

We hear that question over and over… and I’m going to give you the answer here today.

But before I do, I want to be clear: Just because you can live in a place for less than $1,000 a month…that’s not reason enough to settle there.

You’ll only be happy somewhere you enjoy. In a place where you’re treated well—with dignity, respect and compassion.

Great savings, alone, will not provide benefit enough to overcome your frustrations in a place that’s too hot, too loud, too far away from home, or too underdeveloped.

Instead, what you should consider, really, is “value.”

And value to us means having a very high quality of life—even a diplomat’s lifestyle—at a low, reasonable cost.

And that’s what we help you find in our newest report, which I’d like to send you—free of charge.

It’s called: Where to Retire on the Cheap: 5 Great-Value Towns Where You Can Live Like a Diplomat (regular price: $29.99).

If you’re looking overseas for a low-cost alternative to an uncertain retirement at home, you can find it in this report.

In any of these places, you can live like a diplomat on a Social Security income. In other words, they’re not just “cheap,” they offer you incredible lifestyle advantages.

Value for money. A whole basketful of benefits—preferred treatment from the government, high-quality housing, low taxes, and more— beyond just the bottom-line savings…

These are places where a mild spring climate is yours year-round… beaches have powder-white sand… snow-capped mountains soar above colonial towns…

And your costs could be as low as $600 a month.

On $2,000 a month budget—including American-style healthcare, a maid, organic groceries, medication, a chauffeur to drop you off at fabulous dinners and drinks on the town—you could live a rich, diplomat’s lifestyle…

In this new report, we take you from specific towns in Latin America… all the way to Southeast Asia…and even to a country in the heart of Western Europe.

We know nobody’s retirement dream is exactly like anybody else’s. That’s why we’ve included something for every taste in Where to Retire on the Cheap.

Take one haven we recommend…

$600 a Month in Ecuador’s “Shangri-La”

“You’re out of your mind!” This was one of the milder things people said when Patrick Robinson announced that after living 30 years in Maui, Hawaii, he was moving to South America.

And at 80 years old. Alone. And without speaking a word of Spanish.

But it wasn’t as if he woke up one morning and said: “I think I’ll move to Ecuador and live happily ever after.”

Actually, he’d spent the previous four years traveling to 12 different countries to find his retirement “Shangri-La.”

So what was he looking for in that multi-country exploration?

An entrepreneurial haven without undue governmental intrusion in his life, where taxes and the cost of living were not as bad as in Hawaii…

Somewhere where he could go about his business in peace… without worrying about life’s petty distractions…

Perhaps most important of all, somewhere with a healthy environment that would nurture his mind, body, and soul.

These were the factors that ended up making him ignore most of the world—and head to one of the towns we tell you about in Where to Retire on the Cheap.

While clean air and constant sunshine are abundant in this lush valley, so is fresh, organic food. The healthy lifestyle is just one reason expats are drawn to this “Shangri-La.”

Many residents live to be 100 years old or more. That may be thanks to clean water, clean, stress-free living, or the near-perfect climate.

Just shy of the equator and at an elevation of 5,000 feet, temperatures average between 65 and 81F, everyday.

This place is among the lowest-priced retirement havens in the world—where a modest pension or a small nest egg allow you to live like royalty.

We’ll tell you all about it in Where to Retire on the Cheap.

But that’s just the beginning…

A Bohemian Haven—You Probably Haven’t Heard Of…

In another community you’ve likely never considered—this one in Panama—a handful of North Americans are beginning to establish a fun, bohemian community.

Where you’ll find pines and flowering shrubs, beautifully paved roads and neatly painted houses.

Where no one locks their doors and everyone has reliable Internet. The climate here is wonderful—cool all year round.

And just $5 will get you a sack of fruit and vegetables…and two chicken breasts for dinner…

No question you could live lavishly on $1500 a month—in fact, it might be hard to spend that much. Because a couple on a budget can live very comfortably on $800 a month here, easy.

Expat residents Erica and Kevin Moore retired here to live the good life for less. (Though they got so excited about the beautiful landscapes, they ended up opening a boutique inn.)

“Even the cost of healthcare here is impressive…and the care is excellent,” they say. Kevin had gone to various dentists in the U.S. for a problem he was told would cost up to $1,000 to fix.

When he moved to this good-value haven, he approached a dentist who worked in the neighboring town.

“There’s a new technology we can use to fix this problem quickly,” he said. “But you’ll have to think about it, as it’s expensive—as much as $180.” Done. Kevin reports that the care was top notch.

Kevin and Erica are very clear about one thing though: While the cost of living here is great, it’s not the only reason they’ve chosen it for their “quasi-retirement.”

They love it because of the incredible quality of life.

From its rural, rugged mountain-scape… to the mild sunny days and cool evenings… to the welcoming locals and the small expat community, this place has it all.

In Where to Retire on the Cheap we’ll tell you where it is, why we recommend it, and show you how to take advantage of the opportunities there today.

And there’s more, too…

A Good Value Destination for a Low-Stress, Low-Cost “Diplomat’s” Lifestyle

If it’s the virgin, powder sand beaches of Southeast Asia calling your name, then maybe you’ll like this island paradise we show you in Where to Retire on the Cheap.

On the terrace of the grand, British-colonial E & O Hotel, evening light flickers through the coconut grove as a warm breeze drifts in from the Straits of Malacca.

Expat Keith Hockton sips a gin and tonic, watching the sun go down.

This has become one of his regular habits since moving to this island paradise, off the west coast of mainland Malaysia, three years ago.

Like other retired and working expats, he and his wife Lisa love it there.

The cost of living is low, Malaysians are friendly and hospitable.

And this island get-away is the country’s number-one tourist destination, filled with amazing restaurants, bars, and historic mansions.

The climate is tropical year-round. On the breathtaking jungle trails, large groups of butterflies and monkeys are common.

And you’ll find plenty of sandy beaches if you just want to relax—with a drink in hand.

For around $1,700 a month you can live here… and that’s in a beautiful apartment with an ocean view. And eating out regularly in the island’s delicious restaurants.

There are plenty of sandy beaches to stroll on, jungle trails to explore, and the historic colonial architecture is unique, seen nowhere else in the world.

Plus everyone here speaks English and there’s a friendly and open expat community.

But one of the best parts of this island paradise is the health care, which is among the world’s best—and cheapest. There’s a reason four planeloads of medical tourists land there every day.

A visit to the doctor or the dentist for an annual checkup is—believe it or not—an enjoyable experience here.

The staff is friendly, professional, and genuinely happy to see you. Medical professionals are often trained in the U.S and the U.K.

And prices are low. For example, a dental checkup costs $9, and if you include a cleaning, $15. In the U.S. this would set you back around $180.

Prescriptions cost a fifth of what you’d pay at home. But it’s not just the cost that’s attractive; it’s the service.

The pharmacists, like the rest of the medical staff in Malaysia, are well trained and informed.

Malaysians are a friendly people. But it’s the genuine interest that they take in you; no matter how small or large the issue that makes all the difference.

It takes you back to a time when service meant something. When bank managers used to have a coffee with you and actually cared about your well being.

We give you all the details about new under-the-radar retirement haven—all in your new, free report. And that’s not all…

Restored Spanish Colonial Mansions
for Just $150,000

You’ll also discover a place where you can laze the day away in a hammock with the sun shining brightly overhead, a cool breeze touching your cheeks.

Where you can have a lush garden full of blooming hibiscus and ginger plants.

And beautiful, restored Spanish colonial mansions with a center courtyard—start at around $150,000.

The courtyard is the oasis of the home, often providing greenery and lush plant life… as well as allowing sunshine and fresh air into the house.

But best of all, these homes are in a town that’s simply a great place to live. They sit in one of the Americas’ oldest cities, it’s completely walkable, with everything close at hand.

There’s a well-established and upbeat expat community, which has brought a wide array of amenities to town, including boutique hotels, great restaurants, shops, cafes and bars.

And since this town is on the banks of a shimmering blue lake, the boating, swimming and sunning enthusiasts are not left out, either.

The international airport is only 45 minutes away, where you’ll find convenient—and inexpensive—nonstop flights to Miami, Houston and Atlanta.

So if you find the old Spanish-colonial lifestyle appealing, I’d head to this paradise sooner rather than later.

With the renewed attention that this place is getting these days, homes here will be bought up quickly, after which you’ll see prices start to climb…

One Perk of the Great Recession:
Spain Is Cheap Again!

In Where to Retire on the Cheap, we’ll also show you where to find a grand European lifestyle at bargain prices—thanks to the Great Recession.

One Spanish town in our new report is a jewel of an art-and-culture university city.

Once a Moorish stronghold, its old town is a warren of narrow lanes and little plazas shaded by orange trees, palms, jacarandas and magnolias.

This place is also a byword for gastro-tapas.

Small dishes of hot and cold food—tapas—are served throughout Spain, but this retirement haven takes the experience to new levels.

If you’ve never sampled saffron-scented seafood paella, you don’t realize what you’re missing.

This town ups the dining ante with delights such as roast suckling pig, herb-crusted lamb, sea bass cooked in mint and crunchy baby squid fresh from the Mar Menor.

Here you can find you markets laden with inexpensive fresh fruits and vegetables—even vegans would be hard-pressed to get through $15 worth of produce a week.

Private health care insurance costs are also very reasonable.

Sanitas is Spain’s largest provider. For a 55-year-old man in good health, the Classic Sanitas plan costs just $87 monthly. For a woman the same age, it’s $93.

In this little undiscovered gem we reveal in Where to Retire on the Cheap… you find narrow streets, sunny squares and 3,000 years of history. It’s a lovely baroque city to stroll around.

Here a two-bedroom detached villa-style property with its own pool could be yours for a reasonable $152,000.

But that’s the asking price, not selling price. An agent we spoke to said an offer of $120,000 would probably be accepted!

Small terraced bungalows (around 645 square feet) are on the market for just $65,000. That’s as much as a down payment on most houses in the states!

These are real bargains to be had… but you need to know where to look.

And that’s exactly what we tell you in your new free report…

Retire on the Cheap is Yours Today
– No Charge, No Risk

Where to Retire on the Cheap: Five Great-Value Towns Where You Can Live Like a Diplomat is yours today free, with my compliments.

All I ask in exchange is that you take a risk-free look at our monthly magazine, International Living.

You already know about International Living since you get our free Postcards.

But what you may not know is that these emails are just the beginning. There’s always a lot more to every story.

In fact, there’s a whole world of information and benefits that we reserve exclusively for subscribers.

And I’d like to ensure you’re among them.

So you get full access to all of the extraordinary secrets International Living reveals to its readers—including good-value ways and places to live, retire, invest, profit, and enjoy life for less overseas.

International Living Gives You Access to Opportunities
Nobody Else Talks About

While the mainstream press devotes an untold number of pages and on-air hours to unemployment numbers, effects of the recession, skyrocketing health-care costs…

At International Living, we tell you what to DO about it. International Living is about solutions. For instance, we show you…

? How to Get an Irish Passport: “We are all Irish today.” That’s a ritual saying U.S. politicians repeat each St Patrick’s Day. But did you know that you might have been “born” with an Irish passport you just haven’t claimed yet? In International Living, we give you all the details on how to get one this year.

?How to Find a New Life in Belize on $60/day (Per Couple): Can you afford to live beside the glorious Caribbean Sea, where the sun is always hot and the water as clear as the gin or tonic in your glass? Where your nightly lullaby is the whisper of waves against the sand and palm leaves rustling in the cool evening breeze? Oh yes, you can. We show you how.

?Where to Rent an Apartment in Ecuador for $100 per Month. In this sweet Andean artisan village, a one-bedroom place costs a fraction of what’d you pay back home. Of course, this is for an unfurnished apartment. That means you’ll need to buy furniture. But still, an apartment with a monthly price tag that’s the cost of a fancy meal back home? Not a bad deal.

?How to Find Fun, English Teaching Jobs in Thailand. Years ago, it was possible for a native English speaker to walk straight into a school in Thailand without any qualifications and come out with a job—but things have changed. It’s still very easy, but you need to get certified first. We show you how and where to do it—quickly and easily .

?Where to Find Killer Real Estate Deals for $50,000 or Less! Global economic problems mean that today there are real estate opportunities… opportunities that didn’t exist one, two, or three years ago. If you think you can no longer afford the retirement you planned or the second home you dreamed of, you’re wrong. As financial markets have fallen, the deals have got better. Don’t miss these deals for $50,000 or less …

?How to Avoid Paying $500 Per Month for Health Insurance: When you open your eyes to the world of possibilities outside the U.S., you’ll see that are real ways to save thousands on health insurance—every year. If you’re fed up with the way the healthcare system treats you, you’ll find some of the low cost options in International Living very appealing …

?How to Buy a Caribbean Hideaway for $70,000: Imagine your own beach bungalow just a stone’s throw from a warm, crystal beach. It’s possible. And readers are doing it right now. You just need to know where to look .

?How to Stay – Free of Charge – Anywhere in the World. Chances are you’ve never heard of this great “travel bonus.” It’s something anybody can take advantage of. It’s like a mini foreign-exchange program. The ideal way to connect with locals all over the world and learn a new place from the inside out with a resident as your guide .

?How to Get Paid to Play with Dolphins: There is something magical about encountering dolphins. Who knew that you could get paid to play with them? We let you in on a very fun secret to do just that … even if you have no experience!

?How to Move to Costa Rica and Reduce Expenses by 65%: Did you know you can live in beautiful Costa Rica for just $2,500 per month? And that includes their health insurance and health care costs! How do you do it? International Living explains everything .

? And lots, lots more…

When you take me up on this offer today, not only will you gain instant access to the current issue of International Living – chock full of actionable ideas and solutions just like those…

But we’ll also send you your own copy of Where to Retire on the Cheap: 5 Great-Value Towns Where You Can Live Like a Diplomat (regular price: $29.99).

Plus something else, too…

Easy, Fun, Portable Ways to Get Paid Overseas. We’ll
Show You How!

Give International Living a try today, and you’ll also get a FREE copy of a second unique – and invaluable – report called Easy, Fun, Portable Ways to Get Paid Overseas (regular price $19.95 – yours FREE).

In it you’ll find out about great ways you can get paid—once you make the move overseas. That’s of course, if you decide you want to keep yourself busy with these fun, easy fund-your-life options.

You don’t need special qualifications. You don’t ever have to punch a time clock.

If you’re looking for a portable income – this report shows you the way. And it’ll introduce you to all sorts of folks already doing it…

Recommendations Worth Thousands,
Yours for Pennies

The opportunities, solutions, and secrets we show you in International Living every month could be worth thousands of dollars for you. Both in savings… and in potential gains.

They’ve proven their worth many times over for millions of readers in the last 31 years. People just like you who, today, have their nest eggs tucked away in a beachfront home… or in a cosmopolitan escape in a now booming market…

They’re everyday people enjoying the kind of diplomat lifestyle perks they simply couldn’t afford back home, like employing a maid to clean or a personal chef to cook, traveling, loving an adventure-filled life… and not worrying any more.

Just one good-value recommendation in International Living could save you – or make you – hundreds, even thousands of dollars. But it won’t cost you nearly that much today…

At International Living we’re committed to value. And that’s why I’m taking $20 off the regular cover price. So you’ll pay not $69, but just $49 for 12 opportunity-packed issues.

Plus, of course, we’ll also email you your Special Reports today, at no charge. So you’ll receive:

• SPECIAL REPORT # 1: Where to Retire on the Cheap: 5 Great-Value Towns Where You Can Live Like a Diplomat (regular price: $29.95—yours FREE)

• SPECIAL REPORT # 2: Easy, Fun, Portable Ways to Get Paid Overseas (regular price: $19.95—yours FREE)

• PLUS you’ll also gain instant access to 10 years of searchable issue archives on-line, which means you can find the details, recommendations, and our on-the-ground contacts for just about any country on earth. ($690 worth of issues: yours FREE)

That adds up to more than $700 worth of resources – all for just $49 for you today with this special deal.

The Risk is All Ours

Give International Living a try. You’ve got nothing to lose.

If you decide – anytime during the life of your subscription – that the opportunities International Living delivers to your doorstep each month aren’t for you after all.

Just shoot us a quick e-mail or give our friendly customer service team a call.

We’ll send you a refund on all your un-mailed issues. No questions asked. No hassle and no problem at all.

The free reports are yours to keep—no matter what you decide.

The risk really is all ours. And I have to tell you: I take it on with confidence.

Because once you sit down with Where to Retire on the Cheap: 5 Great-Value Towns Where You Can Live Like a Diplomat and Easy, Fun, Portable Ways to Get Paid Overseas and have an opportunity to poke around our website, you’ll see that what we’re offering is worth much more than the modest investment we ask on your part.

And Here’s an Even Better Deal…

Now, in case you’re still on the fence, let me sweeten the pot a little. Here’s an even better-value deal. (And that no-risk guarantee still applies – always.)

I’ll send you 2 years of International Living risk-free for just $138 $89. That means you can have 24 issues of International Living delivered to your mailbox for less than 12 cents a day.

And when you take me up on this best-value deal now, I’ll also send you one more Special Report, too.

So that means you’ll receive…

• SPECIAL REPORT # 1: Where to Retire on the Cheap: 5 Great-Value Towns Where You Can Live Like a Diplomat (regular price: $29.95 — yours FREE)

• SPECIAL REPORT # 2: Easy, Fun, Portable Ways to Get Paid Overseas (regular price: $19.95 – yours FREE)

  PLUS

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It’s a whole new world out there when it comes to travel and price. Farebeating techniques that worked last year are obsolete today.

But we’ve “road tested” the latest tips, techniques, and expert secrets we share in How to Get the Best Deal Every Time You Travel. And they can shave hundreds—even thousands—off every trip you take.

Find out the single most important money-saver for any trip (we knocked $2,100 off a flight to Madrid this way)…

A neat trick to use when flying to South Florida that can save you hundreds of dollars…

The newest money-saving travel websites…

How to have an online flight assistant find you the best deals…

How to get into VIP airport lounges for free… and lots, lots more…

How to Get the Best Deal Every Time You Travel (retail price: $19.95) is yours FREE when you choose two years of International Living now.

Six Months from Now, You Could Be Living Like a
Diplomat for a Lot Less than Life Costs You Now

If you’re like many folks these days – not entirely sure your retirement savings will go the distance… or simply not sure where to put what’s left of your nest egg so it’s safe and growing for you and for generations to come…

Then I encourage you to give International Living a try right now. There’s no risk for you.

And wouldn’t it be nice to know that while most Americans are feeling pinched, you could relax and breathe easy—living a diplomat’s lifestyle in paradise? We’d like to show you how fun and easy it really can be.

The truth of the matter is: An international lifestyle isn’t just for the rich and famous.

It’s for anybody willing to take advantage of the best-value opportunities in welcoming communities around the globe.

And it’s our mission at International Living to help you do just that. To help you find the place that makes the most sense given your own personal priorities… the place that just feels right for you.

I hope you’ll take me up on this offer. I’d like to get your copy of those Special Reports out to you via e-mail today.

Make this year the year YOU begin living the good life overseas. There’s no more affordable or more efficient way to get started.

Sincerely,

Jackie Flynn
Publisher, International Living

P.S. Seeking out your own dream retirement in a place where you can live like a diplomat on a shoestring budget… investing ahead of the crowds and profiting from the upswing…

What those ideas have in common is good value. Nobody wants to pay more than they have to – for anything.

I know I don’t. And that’s why I’ve designed this special welcome for International Living this way.

Get your copy of Where to Retire on the Cheap: 5 Great-Value Towns Where You Can Live Like a Diplomat today – and gain access to all the subscriber benefits of International Living starting immediately.

We’ll put you on the path to the good life in a place that feels right… and makes smart sense for you, too. Sooner than you imagine, you could be enjoying a comfortable life overseas in one of the world’s cheapest places to retire. We’ll show you how.

The problem was there was no regulation of the banks for the bailout money that was lent.

The banks were supposed to increase lending and then use the money to offset loan losses for providing loan workouts to stem foreclosures.

NEVER HAPPENED

Instead just like the government program banks instead made loan guidelines they know 90 plus percent wouldn’t qualify for.

So they weren’t making loans,only doing trial loan mods,and what they were and are still REALLY doing is taking the bailout money and buying distressed notes and properties from other banks.

This way they offset there losses by the upside in their purchases against their books.The problem is the funds were never intended for this purchase.

I wish someone would give me billions of dollars and I could do with it what I pleased.

Most servicing companies do not want to foreclose as they stop making servicing fees on the loan.

The reason most early loan mods failed is because the mods were something that worked for the banks and not the owners of the homes.

Nationally, home prices are projected to decline 4% by the end of this year, according to Fiserv Case-Shiller’s latest report. Most of the country’s largest metropolitan areas will not escape this fate. In fact, in all but 50 of the 384 metropolitan areas examined, home prices are projected to decline for at least another 12 months before they start improving.

Among the regions where home prices are expected to decrease, only 10 a
re projected to drop by 7.5% or more, with the largest decrease estimated at 12.2%. 24/7 Wall St. reviewed these 10 areas to identify the reasons behind their falling prices.

In most cases, housing prices in these areas are projected to decrease because the areas are not yet considered good investments. This could be because buyers either do not believe home values have fallen far enough, because of relatively weak local economies, or a combination of the two.

Many of the collapsing housing markets already have experienced significant slumps in home prices. In all 10 of the metropolitan areas, housing prices fell by more than 25% since their prerecession peak. Home prices in seven of the 10 metro areas have plummeted more than 50% since their peak.

Home prices in most of these markets will continue dropping next year too. David Stiff, chief economist at Fiserv Case-Shiller, told 24/7 Wall St. that the nation’s housing recovery is not expected to reach full swing until the end of next year — even in the areas that are currently leading the country in recovery. Nationally, home prices are expected to increase much more in 2013 than in 2012, but not for many of the cities on this list.

In addition to large declines in home prices during the recession, most of the cities with the worst housing markets have unemployment rates higher than the national average. Seven of the cities have unemployment rates above the national rate of 8.3% in February 2012. Half of the cities have unemployment rates above 10%.

Finally, foreclosure processing is another factor that appears to be affecting the recovery in these 10 metros. Housing markets that have been able to resell foreclosed homes have done better than those that have not, Stiff explained. “In California, foreclosures are nonjudicial. They don’t go through the courts, so California is further along in liquidating their foreclosure inventory, whereas foreclosures in Florida,” which are further behind in liquidating foreclosures, “are judicial.” Florida has three housing markets that are on this list.

24/7 Wall St.’s Cities Where Home Prices Are Collapsing is based on Fiserv Case-Shiller’s forecast of changes in home prices from the fourth quarter of 2011 to the fourth quarter of 2012. 24/7 Wall St. also included each metropolitan area’s February 2012 unemployment rate and change in home prices from the fourth quarter of 2010 to the fourth quarter of 2011 — both of which were provided by Fiserv Case-Shiller.

Today’s priciest new listing

2332 South Ocean Boulevard

The most expensive home to hit the market today in South Florida is a single-family home at 2332 South Ocean Boulevard in Highland Beach that’s asking $7.95 million, according to Condo Vultures. The 7,579-square-foot home has five bedrooms, six and two half bathrooms, a wet bar, an elevator and a fireplace and was built in 2002. [more]

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