City-by-city price comps
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Prices -- and sales activity -- have plummeted as if someone dropped them from the top of the Grand Canyon. John Burns Real Estate Consulting reports that the 2009 selling season has been nonexistent, and foreclosures -- fifth most in 2008, according to RealtyTrac -- seem to be the only properties selling. That's helped resale sales activity rise, at the expense of prices, the consulting firm's Chris Porter says. It expects the median resale price to decline into 2012. The good news? Affordability is excellent. | | Median price end of 2008: | $155,900 | | Median price end of 2007: | $241,700 | | Percent change: | -35.5% | | Projected change through Q3 2009: | -26.5% | | Affordability rating: | 0.1 | Foreclosures in 2008:
(1 for every 17 households) | 97,684 | Foreclosures in 2007:
(1 for every 52 households) | 30,453 | | Change in foreclosures: | 220.8% | | Expected to hit bottom: | Q2 2010 | | Percent drop needed to reach bottom: | -57.9% |
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