Home Prices Fall More Quickly In Big Cities

Home prices have been dropping more quickly than expected in San Diego and San Francisco, cities that saw a steady appreciation in home prices during the first half of 2010.

Home prices have dropped in 18 of the 20 cities surveyed.

Foreclosures cause a dramatic drop in home prices. Over two million home loans are in foreclosure. About 2.4 million home loans are more than 90 days late.

Las Vegas has the worst housing market and worst economy in America.

The Washington Post reports Nov. 30:

Foreclosed properties and other distressed sales are dominating the Tampa, Fla., market, said Stephanie LeFew, owner of Tampa Home Buy Realty. The number of homes there that received a foreclosure notice rose 7 percent in the July-September quarter from the previous quarter, according to foreclosure tracker RealtyTrac Inc.

“Buyers are getting discounts of 50 percent and more,” LeFew said.

Prices there hit their lowest point since 2003, dropping 0.8 percent in September from August, according to the Case-Shiller index. The median price in Tampa was $115,700 in the third quarter, according to Internet real estate service Zillow.

Miami and Phoenix are also being greatly affected by foreclosures. One in every 41 Miami households received a foreclosure filing in the July-September quarter. Home prices there declined 1.2 percent from August to September.

In Phoenix, the foreclosure rate was one in 44 in the July-September quarter; home prices fell 1.5 percent from August to September.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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