City-by-city price comps
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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) | 4,382 | Foreclosures in 2007:
(1 for every 251 households) | 2,318 | | Change in foreclosures: | 89% | | Expected to hit bottom: | Q3 2011 | | Percent drop needed to reach bottom: | -9.8% |
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