Looks Like Slashed Expectations Are Finally Being Reflected In To The Real Estate Market……

Posted By on August 14, 2009

U.S. Homeowners Cut Asking Prices $27.8 Billion, Led by Nevada

By Dan Levy

Aug. 14, 2009 

(Bloomberg) — U.S. homeowners cut their asking prices by $27.8 billion with some of the biggest reductions in Nevada and Florida, states hardest hit by the property slump, Trulia Inc. said.

Owners slashed prices by 15 percent in Nevada and by 13 percent in Florida and Arizona in the year through Aug. 1, the San Francisco-based real estate data provider said today. A quarter of home sellers lowered prices at least once, by an average of 10 percent.

“Sellers are resetting their expectations in line with falling prices,” Pete Flint, Trulia’s chief executive officer, said in an interview. “We’re still clearly in a downturn even though we’re coming out of it.”

The median U.S. price of an existing single-family house dropped a record 15.6 percent to $174,100 in the second quarter, according to the National Association of Realtors, whose figures date to 1979. Sales increased 11 percent for new homes and 3.6 percent for existing homes, Commerce Department and Realtors data show, as buyers took advantage of discounts.

Idaho had the second-biggest average reduction at 14 percent, while prices were trimmed 13 percent in Hawaii.

The combined value of reductions was $27.1 billion in the year through July 1, Trulia said in its previous monthly report.

Sellers of higher-priced properties in states that haven’t been hard-hit during the housing recession may be “catching up with the rest of the country,” Flint said.

Discount Centers

Connecticut, Massachusetts, Rhode Island and Illinois had the highest share of homes with price reductions at 33 percent, followed by six states at 29 percent: Oregon, Washington, New Jersey, Minnesota, New Hampshire and Maryland.

Jacksonville, Florida, had the highest rate of reductions among cities tracked as 38 percent of listings there had been cut. Portland, Oregon, followed at 35 percent. Milwaukee, Minneapolis, Boston and Seattle each had 34 percent and Albuquerque, New Mexico, and Chicago had 33 percent.

Prices were cut 22 percent in Detroit; 16 percent in Las Vegas; 15 percent in Miami; 13 percent in New York City and Phoenix; 12 percent in San Francisco and Los Angeles; and 10 percent in Washington and Honolulu, Trulia said.

The company collects data from brokers and agents, third- party providers and multiple-listing services. The closely held company’s database includes 3.5 million properties.

Trulia excluded undeveloped land as well as foreclosed properties from the survey. It looked at all homes for sale that were listed on the company’s Web site since Aug. 1, 2008. Some prices were lowered more than once.     More……….

http://www.bloomberg.com/apps/news?pid=20670001&sid=av0pts0otNRc

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