City-by-city price comps
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Beantown still needs prices to decline, but it's faring better than other cities. There's a 30-percent difference in actual and equilibrium price, according to Local Market Monitor. The city didn't see quite as big a price bubble -- and oversupply -- during the housing boom as other spots such as Las Vegas or Phoenix, says Celia Chen, senior director of housing market research at Moody's Economy.com. | | Median price end of 2008: | $335,700 | | Median price end of 2007: | $380,700 | | Percent change: | -11.8% | | Projected change through Q3 2009: | -15.2% | | Affordability rating: | 2.0 | Foreclosures in 2008:
(1 for every 56 households) | 13,332 | Foreclosures in 2007:
(1 for every 146 households) | 5,106 | | Change in foreclosures: | 161.1% | | Expected to hit bottom: | Q2 2010 | | Percent drop needed to reach bottom: | -26.1% |
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