City-by-city price comps
|
You can bet on declining home prices in this shore destination for gamblers. The region enjoyed a surge in home prices during the housing boom because investors hoped to take their beach bungalow, improve it and sell it for a large profit, says Celia Chen, senior director of housing market research at Moody's Economy.com. Local Market Monitor reports a whopping 68-percent difference between the actual and equilibrium price. | | Median price end of 2008: | $229,100 | | Median price end of 2007: | $278,800 | | Percent change: | -17.8% | | Projected change through Q3 2009: | -19.4% | | Affordability rating: | 4.4 | Foreclosures in 2008:
(1 for every 55 households) | 2,285 | Foreclosures in 2007:
(1 for every 95 households) | 1,301 | | Change in foreclosures: | 75.6% | | Expected to hit bottom: | Q4 2010 | | Percent drop needed to reach bottom: | -37% |
|
|
| |
Back to the 40-city chart overview.