The U.S. Supreme Court has agreed to hear the case of Kelo vs. City of New London, a Connecticut property rights case that could have a broad effect on governments' ability to seize property and transfer it to another private owner. The Fifth Amendment allows governments to take private property through eminent domain.

Seven homeowners sued New London, Conn., after the city used eminent domain to condemn their properties—and many others—to make way for offices, a health club, and a hotel. The new development was intended to complement the nearby Pfizer research center. In March 2004, the Connecticut Supreme Court ruled in the city's favor. The U.S. Supreme Court will hear the case sometime in the spring and may issue a decision by the end of June.

Learn more about markets featured in this article: Norwich, CT.