City-by-city price comps
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Give this city an Oscar -- for affordability. That's happened as unemployment has topped 10 percent and construction levels have dwindled. John Burns Real Estate Consulting reports a four-year supply of lots and an eight-month supply of homes. East of Los Angeles, Riverside/San Bernardino is among the 10 markets where Local Market Monitor expects the worst performance in home price this year, and it's home to the third-highest number of foreclosures in the United States last year. | | Median price end of 2008: | $354,300 | | Median price end of 2007: | $516,600 | | Percent change: | -31.4% | | Projected change through Q3 2009: | -32.1% | | Affordability rating: | 1.5 | Foreclosures in 2008:
(1 for every 35 households) | 96,974 | Foreclosures in 2007:
(1 for every 74 households) | 45,415 | | Change in foreclosures: | 113.5% | | Expected to hit bottom: | Q3 2010 | | Percent drop needed to reach bottom: | -53% |
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