Property values have dipped in more than 80 percent of Massachusetts' cities and towns, according to a new report by the state Department of Revenue.
Many analysts attribute the drop in value to a glut of foreclosed properties hitting the real estate market at low prices, said Vincent Valvo, editor of Banker & Tradesman newspaper, which tracks the real estate market.
"When you've got foreclosures on the market and lots of them, they're going to bring down the value of everyone's property," Valvo said. "That's what Brockton is seeing right now."
Brockton stands out in the report as the city with the biggest drop in property values. Home prices slipped nearly 18 percent from last year.
"Smaller cities or mid-sized cities are going to be having this kind of a problem," Valvo said. "Perhaps not as hard as Brockton, but Worcester and Springfield both have significant foreclosure issues. You're going to see those values go down there, just like you're seeing them here."
This program aired on August 18, 2010. The audio for this program is not available.