Post by dgriffin on Jun 11, 2009 14:26:38 GMT -5
In a real estate newsletter recently emailed to me was some interesting information. (I don't know why I'm on their list, except I've been thinking of possibly selling the manor.)
"1 in 4 homes currently for sale have had their price cut at least once – for a shocking total of $27.4 billion off original list prices (that’s more than the GDP of El Salvador)! "
That is astounding. Think of the the lost wealth. Of course, when prices shot up it created "wealth" too. I guess what goes around, comes around, but still .... that's a lot of money. And that figure is JUST the homes on the market, and NOT US homes in total.
Here are the price reductions by area of the country:
Percent of current listings with price reductions
1) Jacksonville, FL – 36 percent
2) Tucson, AZ – 32 percent
3) Boston, MA – 32 percent
4) Los Angeles, CA – 32 percent
5) Columbus, OH – 31 percent
6) Dallas, TX – 31 percent
7) Honolulu, HI – 31 percent
8) Minneapolis, MN – 31 percent
9) Austin, TX – 30 percent
10) Washington, DC – 30 percent
11) Baltimore, MD – 30 percent
12) Las Vegas, NV – 30 percent
Don't know why NY area isn't on the list.