The real estate industry’s worst recession since the Great Depression is about to hit.
The U.S. has seen its home prices fall by about half, and now the national debt is approaching $20 trillion.
Here’s a look at which states have experienced the worst downturn in the real estate sector, and which are poised to have it worse in the future.
New York State The New York metropolitan area saw its home sales and prices decline by 4.6% in August, according to the New York Department of Financial Services.
The state’s home price index fell 3.4%, according to data released Tuesday by the New Yorker.
Home sales are down 8.4% from August 2016.
The median price in New York is $425,000.
The number of listings in New Yorkers’ homes has declined more than 9% in the past year.
The city is also on pace to record its worst real estate market collapse since 2008, when a housing bubble burst.
New Jersey The state has experienced the most expensive real estate collapse since the 1930s.
The total price of homes sold declined 6.5% in July from the same month last year.
In the five months ending in July, there were more than 10,000 empty homes, according the New Jersey Department of Housing and Community Development.
The average home sale price for a home in the state is now $717,000, the lowest since April 2020, according a Bloomberg analysis.
The worst price declines for all but two of New Jersey’s counties in the region have occurred in the last year, the state said in a report last month.
The Northeast and Midwest The Northeast saw the biggest decline in home prices during the downturn.
In New Jersey, the number of homes with mortgages declined 7.5%, according the state.
The rate of home sales in the New England region fell 8.3%, according a survey by real estate firm Apartment Listings.
Prices for single-family homes have dropped 6.4%.
The Northeast has been hit especially hard by the state’s job losses and its slow recovery from the 2008 recession.
In January, the unemployment rate stood at 6.9%, according an Associated Press survey of 10,500 Americans.
In 2016, the average monthly salary for full-time workers was $27,717 in New England, down 7.1% from the year before.
In 2017, the median salary was $32,834, down 6.8%.
The region saw its unemployment rate fall to 3.6%, the lowest in the country, in January.
The jobless rate in the Northeast was 6.1%, the second lowest in January, according Apartment Lists.
In Pennsylvania, the home prices declined 2.5%.
The average price of a home dropped 6% in September, according Tojo Realty Inc. in Pennsylvania.
Pennsylvania was one of the most distressed states in the U.K. in the early years of the recession.
According to data compiled by realtor website Zillow, the foreclosure rate in Pennsylvania dropped by nearly one-third from the previous year to 1.4.4 per 1,000 residents.
Pennsylvania has had the third-highest foreclosure rate of all 50 states.
The Great Recession and the aftermath has impacted many states.
In Georgia, home prices dropped 9.5%; in Virginia, it dropped 4%; in Kentucky, it fell 5.4%; in Florida, it declined 8%; in Maryland, it decreased 6%; in North Carolina, it dipped 7%; and in South Carolina, the price of houses fell 3%.
According to a report by the U-M College of Business, many of the states where home prices are down are also among the least educated.
According, to a 2016 report by Harvard University, home buyers and sellers in 10 states are nearly equally likely to be white and college graduates, and in a dozen states, they are equally likely.
According the report, there are about 40% more college graduates than home buyers in 10 of those states, and more than 30% more home buyers than home sellers in 12 states.
Some states have seen a sharp drop in home sales.
Florida’s home sales are off by 6.6%.
The median sale price in the Sunshine State was $229,800 in May, down 8% from June of last year and the lowest level since 2007.
The price of condos in Miami-Dade County is now below $300,000 per square foot, the highest level since 2011.
In West Palm Beach, the market dropped 12.5%), while in Orlando, the sales of condos dropped by 3.5%).
Florida’s median income is down $11,000 from 2016, according an analysis by the National Association of Realtors.
New Hampshire In New Hampshire, home sales dropped 8.1%.
The New Hampshire Department of Consumer Protection reported that the number and price of residential properties sold dropped by 7.4 percent from August to