City-by-city price comps
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Some sellers in this riverfront city still need to drop their home prices. There's a 19-percent difference between the actual and equilibrium price, according to Local Market Monitor. Residential construction has halted, with a 43-percent decline in building permits from December 2007 to December 2008. An increase in sales in early 2009 is attacking high inventory levels and could be parting the waters to a rebound. | | Median price end of 2008: | $188,600 | | Median price end of 2007: | $217,200 | | Percent change: | -13.2% | | Projected change through Q3 2009: | -5.8% | | Affordability rating: | 0.1 | Foreclosures in 2008:
(1 for every 71 households) | 18,450 | Foreclosures in 2007:
(1 for every 120 households) | 10,798 | | Change in foreclosures: | 70.9% | | Expected to hit bottom: | Q1 2010 | | Percent drop needed to reach bottom: | -23.6% |
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