City-by-city price comps
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The city's high rate of foreclosures -- seven times higher than the national average -- was No. 2 in RealtyTrac's 2008 report, behind Stockton, Calif., with nearly 40 percent of the foreclosure activity in the $100,000 to $300,000 price range, according to John Burns Real Estate Consulting. Annual resale volume is up by 36 percent year-over-year, the consulting firm reports. New home sales activity is expected to continue to decline through 2010. Local Market Monitor places Las Vegas in the top 10 markets to expect the worst performance in home prices this year. | | Median price end of 2008: | $181,700 | | Median price end of 2007: | $273,500 | | Percent change: | -23.7% | | Projected change through Q3 2009: | -0.6% | | Affordability rating: | 0.0 | Foreclosures in 2008:
(1 for every 11 households) | 67,223 | Foreclosures in 2007:
(1 for every 24 households) | 30,375 | | Change in foreclosures: | 121.3% | | Expected to hit bottom: | Q2 2010 | | Percent drop needed to reach bottom: | -55.7% |
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