City-by-city price comps
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Choices abound for buyers, from resales and new homes with bold price cuts to large numbers of foreclosures. Affordability is at its highest level in nearly three decades, according to John Burns Real Estate Consulting. Entry-level buyers are prominent. The firm expects existing home sales to begin to flatten this year, but at lower prices and not bottoming until 2011. Permit levels are less than one-quarter of construction levels in the peak years of 2004 and 2005. | | Median price end of 2008: | $129,200 | | Median price end of 2007: | $164,300 | | Percent change: | -21.4% | | Projected change through Q3 2009: | -4.5% | | Affordability rating: | 0 | Foreclosures in 2008:
(1 for every 31 households) | 67,007 | Foreclosures in 2007:
(1 for every 40 households) | 50,271 | | Change in foreclosures: | 33.3% | | Expected to hit bottom: | Q4 2009 | | Percent drop needed to reach bottom: | -14.1% |
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