City-by-city price comps
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Sales prices need to experience the same type of exhilarating drops that skiers flock to the region to enjoy. Home prices remain too high -- 34 percent above equilibrium -- according to Local Market Monitor. New home construction has fallen with a 57-percent decline in single-family permits from December 2007 to December 2008. Look for another down year before prices hit bottom. | | Median price end of 2008: | $225,400 | | Median price end of 2007: | $229,100 | | Percent change: | -1.6% | | Projected change through Q3 2009: | -15.1% | | Affordability rating: | 5.1 | Foreclosures in 2008:
(1 for every 58 households) | 6,628 | Foreclosures in 2007:
(1 for every 102 households) | 3,692 | | Change in foreclosures: | 79.5% | | Expected to hit bottom: | Q2 2010 | | Percent drop needed to reach bottom: | -20.4% |
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