Home prices expected to fall, forecasts for top 100 markets
April 12th, 2007 by jay
Ran across this article posted on CNN.com yesterday and thought it would be worth passing along. In it the National Association of Realtors says it expect home prices to fall for the first time in the 40 years they have been tracking sales. They also expect median home prices to drop 8.7 percent by the time the downturn ends in early 2008.
See the article for specific forecasts for the top 100 markets, there is definitely some interesting info on there. Here’s a few cities of interest that I thought I’d point out:
- Orlando (my home city) has a median home price of $269k, but expected to drop 4.4% over the next year
- Chicago where my family is originally from has a median price of $281, surprisingly that is only $12k more than Orlando
- Stamford, CT where I travel to a lot and have a lot of friends has a median home price of $545, which ironically (at least for me) is roughly double what Orlando’s price is.
- Youngstown, OH has a median home price of only $86k, and home owners only spend 10% of their income on the mortgage!
- Conversely San Francisco amazingly has a media home price of $837k, and home owners actually spend 52% of their income on their home. That’s amazing!