Orlando


, Fla.

The home to the “Happiest Place on Earth” isn’t so happy these days. The city has 20 months of resale home supply, according to John Burns Real Estate Consulting, and sellers are slashing prices. The city was No. 7 in RealtyTrac’s list of cities with the most foreclosure fillings in 2008. A slowdown in construction activity is expected to bring demand and supply closer to a balance over the next several years.

Median price end of 2008: $175,200

Median price end of 2007: $240,400

Percent change: -27.1

Projected percent change through Q3 2009: -34.9

Affordability rating: 3.3

Foreclosures in 2008 (one for every 18 households): 46,843

Foreclosures in 2007 (one for every 52 households): 15,834

Change in foreclosures: 195.8

Expected to hit bottom: First quarter 2011

Percent drop needed to reach bottom: -62.1


Price trends

Q1 2008 national median price: $196,100

Q2 2008 national median price: $206,400

Q3 2008 national median price: $200,400

Q4 2008 national median price: $180,100

Q1 2008 local median price: $232,000

Q2 2008 local median price: $223,500

Q3 2008 local median price: $213,400

Q4 2008 local median price: $175,200

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