City-by-city price comps
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As American manufacturers struggle to stay afloat, Detroit continues to feel the brunt in terms of job losses and low home demand. Even with a decline in foreclosures, it still posted the 10th-highest metro foreclosure rate in 2008, according to RealtyTrac. It's one of the few markets, though, where home prices are 17 percent lower than equilibrium, according to Local Market Monitor. | | Median price end of 2008: | $63,267 | | Median price end of 2007: | $112,700 | | Percent change: | -43.9% | | Projected change through Q3 2009: | -7.4% | | Affordability rating: | 0.0 | Foreclosures in 2008:
(1 for every 22 households) | 38,106 | Foreclosures in 2007:
(1 for every 20 households) | 41,273 | | Change in foreclosures: | -7.7% | | Expected to hit bottom: | Q1 2010 | | Percent drop needed to reach bottom: | -36.3% | | Note: median price data from Realcomp II, the Detroit metro area’s multiple listing service company. |
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