It’s worse out there, chapter two

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A while back I bloviated that the housing collapse was not an equal-opportunity destroyer of value and would ultimately be ‘worse out there’ -- that is, worse in remote suburbs. The enterprising folks at zillow.com have documented exactly that. The above graphic shows declining home values in concentric rings spreading out from the center of Los Angeles. Here are the numbers:

0- to 10-mile radius (Los Angeles, Glendale, Pasadena, Inglewood): -14.2%
10- to 20-mile radius (Long Beach, Los Angeles, Whittier, Torrance): -16.0%
20- to 30-mile radius (Anaheim, Huntington Beach, Garden Grove, Fullerton) -18.4%
30- to 40-mile radius (Irvine, Palmdale, Santa Ana, Ontario) -20.5%
40- to 50-mile radius (Riverside, Fontana, Lancaster, Corona) -23.5%

The percentages represent year-over-year decline in home values, as estimated by Zillow, from Q1 2007 to Q1 2008.

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