Memphis, Tenn.

Memphis is singing the blues — home prices dropped and foreclosures rose in 2007. The Southern city was No. 13 among the top 20 metro areas, with 2.14 percent of households entering some stage of foreclosure.
Median price end of 2007: $124,300
Median price end of 2006: $141,900
% change: – 12.4%
Projected change through Q3 2008: + 1.1%
Affordability rating: 4.1
Foreclosures in 2007:
(1 for every 47 households)
11,291
Foreclosures in 2006:
(1 for every 61 households)
8,662
Change in foreclosures: + 30.4%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $141,900
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $124,300
* Median prices for existing single-family homes