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5 Worst Housing Markets for 2013

No. 5 worst market: New York City
Projected price change: 0.5%

Big Apple homeowners should expect only small price gains in 2013.

Humphries says that's partly because Gotham had a relatively mild housing downturn in recent years, with median prices falling 15.6% peak-to-trough vs. 23.4% for America as a whole.

He also says the New York Metropolitan Statistical Area -- which officially runs as far south as the Jersey Shore -- includes struggling locales such as Newark, N.J.

"It's an extremely mixed market," Humphries says. "Manhattan is doing fantastic, but there are places in New Jersey that have not done very well."

Add in the fact that New York and New Jersey are judicial-foreclosure states and attract few retirees or second-home buyers and you get a market that Zillow expects will see paltry 2013 gains.

The site predicts median New York-area home values will rise only about $1,600 this year from $345,700 as of Dec. 31

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