City-by-city price comps
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The Queen City is about to be checkmated by the worrisome housing and employment markets. Buyers seem to be waiting for the shakeout in the financial sector, says Chris Porter with John Burns Real Estate Consulting, which expects job losses of nearly 6 percent this year. The area has a moderate amount of overbuilding and overpriced homes, says Bernard Markstein of the National Association of Home Builders, and likely will see the brunt of price declines in the resale market. | | Median price end of 2008: | $186,300 | | Median price end of 2007: | $204,700 | | Percent change: | -9% | | Projected change through Q3 2009: | -2.6% | | Affordability rating: | 0.1 | Foreclosures in 2008:
(1 for every 69 households) | 9,802 | Foreclosures in 2007:
(1 for every 69 households) | 9,426 | | Change in foreclosures: | 4% | | Expected to hit bottom: | Q3 2009 | | Percent drop needed to reach bottom: | -6.0% |
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