City-by-city price comps
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Space City has seen homes filling undeveloped spaces, but a significant drop-off in residential construction is expected this year. Houston has one of the best forecasts of the 40 markets studied. Although resale prices are slipping, they have been relatively stable compared with other large markets due to a balanced inventory, which is keeping consumer confidence steadier than in most markets, according to John Burns Real Estate Consulting. | | Median price end of 2008: | $142,100 | | Median price end of 2007: | $150,300 | | Percent change: | -5.5% | | Projected change through Q3 2009: | -0.3% | | Affordability rating: | 0.0 | Foreclosures in 2008:
(1 for every 66 households) | 31,981 | Foreclosures in 2007:
(1 for every 82 households) | 24,917 | | Change in foreclosures: | 28.4% | | Expected to hit bottom: | Q3 2009 | | Percent drop needed to reach bottom: | -0.2% |
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