City-by-city price comps
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Foreclosures have risen, due to the subprime mortgage fiasco and overall economic crisis, and are bringing down the median price. There's also been a 59-percent drop in single-family home permits and a 68-percent plunge in multifamily permits from December 2007 to December 2008. But some forecasters believe a price bottom could be reached this year. | | Median price end of 2008: | $100,200 | | Median price end of 2007: | $124,300 | | Percent change: | -19.4% | | Projected change through Q3 2009: | -2.8% | | Affordability rating: | 0.0 | Foreclosures in 2008:
(1 for every 31 households) | 17,245 | Foreclosures in 2007:
(1 for every 47 households) | 11,291 | | Change in foreclosures: | 52.7% | | Expected to hit bottom: | Q3 2009 | | Percent drop needed to reach bottom: | -14.9% |
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