Very often, the new owner will change the name just enough so that people can pronounce it with less difficulty while still keeping most letters. Also, as time goes by, names tend to get shorter. The original name had a meaning but after some iterations, it can lose the original signification for those who live there.

People don't like generic name in fantasy but most places start with generic names. They evolve overtime but most names are actually pretty bland if you do a bit of research on them.
This is what I mean : http://www.omnimap.com/catalog/int/kalimedia.htm