City-by-city price comps
New Orleans

The Big Easy has had anything but an easy time in its housing market the past few years. Sales prices continue to decline in hopes of spurring sales, and the drops are needed because actual prices remain higher than equilibrium, according to Local Market Monitor. Builders are holding back, too, with a 32-percent decline in residential permits from December 2007 to December 2008.

Median price end of 2008: $154,900
Median price end of 2007: $158,200
Percent change: -2.1%
Projected change through Q3 2009: -4.8%
Affordability rating: 0.1
Foreclosures in 2008:

(1 for every 102 households)
Foreclosures in 2007:

(1 for every 251 households)
Change in foreclosures: 89%
Expected to hit bottom: Q3 2011
Percent drop needed to reach bottom: -9.8%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $157,100
Q2 2008 local median price: $162,900
Q3 2008 local median price: $166,800
Q4 2008 local median price: $154,900

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