City-by-city price comps
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Don't send sellers to Alcatraz yet. The city on the bay has a better housing market than other parts of California, says Celia Chen, senior director of housing market research at Moody's Economy.com. "That housing market certainly has been falling but not to the same extent as some of the harder-hit areas," she says. Home prices are still 39 percent higher than equilibrium, according to Local Market Monitor. | | Median price end of 2008: | $487,100 | | Median price end of 2007: | $778,000 | | Percent change: | -37.4% | | Projected change through Q3 2009: | -20.4% | | Affordability rating: | 2.0 | Foreclosures in 2008:
(1 for every 102 households) | 7,168 | Foreclosures in 2007:
(1 for every 209 households) | 3,485 | | Change in foreclosures: | 105.7% | | Expected to hit bottom: | Q4 2009 | | Percent drop needed to reach bottom: | -27% |
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