see how far you have sunk, and think that it is finally over...
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What we are now seeing is a shift, in all of the West, to reduced prices on homes listed for sale.
This is NOT new. Prior to the end of the Buyers Tax Credit programs, Phoenix had the larges number and the largest sized listing price drops in the nation. AFTER the last BTC program ended, Phoenix prices dropped even more.
Those who could buy a BTC buyer did so, those who could not, but still needed to sell, either withdrew from the RE market or dropped their prices to try to buy someone, anyone, to buy their homes.
What IS new, now, is that many additional areas are lowering prices, including Dallas & Austin, Tx.
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| Price Declines | Price Increases For The Prior Three Years | |
|---|---|---|
| Stockton, Calif. | -75% | 47% |
| Modesto, Calif. | -73% | 49% |
| Vallejo-Farifield, Calif. | -62% | 41% |
| Cape Coral-Fort Myers, Fla. | -60% | 55% |
| Salinas, Calif. | -60% | 47% |
| Port St. Lucie, Fla. | -58% | 54% |
| Las Vegas-Paradise, Nev. | -54% | 52% |
| Naples-Marco Island, Fla. | -54% | 58% |
| Riverside-San Bernadino-Ontario, Calif. | -54% | 56% |
| Bakersfield-Delano, Calif. | -47% | 61% |
| Ft. Lauderdale-Pompano Bch.-Boynton Beach, Fla. | -45% | 53% |
| Fresno, Calif. | -45% | 56% |
Highlights of ZipRealty's December index include:
The number of price-reduced homes on the market is up 23.4 percent over December of 2009
Price-reduced homes fell faster than total inventory, with the number of price-reduced homes plunging 7.7 percent compared to a 5.2 percent decrease in overall inventory in December as compared to November
The median list price dropped by 3.9 percent from November to $225,434, and the average percentage of price reduction amount to list price rose to 7.9 percent in December
In 9 markets, more than half of homes for sale in December included at least one price reduction, down from 11 markets in November. Those markets are Phoenix, Jacksonville, Minneapolis/St. Paul, Tucson, Orlando, Chicago, Seattle, Baltimore, and Orange County
Homes listed for sale in Florida markets were discounted by the largest percentage of original list price nationwide with Orlando leading (12.4 percent), followed by Miami/Ft. Lauderdale/Palm Beach (12.2 percent) and Jacksonville (12 percent)
Markets with the largest median price reduction in absolute dollars were:
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The Average U.S. Home Sale Has 2.15 Price Reductions Per Listing
http://www.realestatechannel.
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Will The Housing Bust Create New Rust Belts?
http://www.npr.org/2011/01/12/132868421/will-the-housing-downturn-create-new-rust-belts
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