City-by-city price comps
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A shift in power has arrived along with increases in resale sales activity and positive job growth. John Burns Real Estate Consulting says foot traffic through new home communities in the area seems to be up, but many folks aren’t ready to commit to a purchase. Expect to see continued double-digit price declines as the market adjusts to a more normal state. Home prices are 29 percent above equilibrium, according to Local Market Monitor. | | Median price end of 2008: | $295,100 | | Median price end of 2007: | $400,100 | | Percent change: | -26.2% | | Projected change through Q3 2009: | -13.4% | | Affordability rating: | 0.5 | Foreclosures in 2008:
(1 for every 34 households) | 51,148 | Foreclosures in 2007:
(1 for every 86 households) | 19,229 | | Change in foreclosures: | 166% | | Expected to hit bottom: | Q1 2010 | | Percent drop needed to reach bottom: | -38.3% |
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