Price reductions increase year over year in December

by on January 14, 2011

One of the properties listed

As I mentioned earlier this week, home prices have crept down in recent months. This was further confirmed in the below referenced post by Trulia.com.

The number of listings nationwide with at least one price reduction increased 4 percentage points in December 2010 compared with December 2009, Trulia.com recently reported.  Meanwhile, average reductions remained flat at 11 percent in a year-over-year comparison, although they have risen by 10 percent since last month.

Among the 50 largest U.S. cities, 32 experienced price reduction levels at 30 percent or higher in December compared with 14 cities a year earlier.

The 10 cities with the highest percentage change in price reductions between December 2009 and December 2010 are all in the western and southwestern states of California, New Mexico, Nevada, Arizona, and Texas. At the top of the list, Fresno more than doubled its year-over-year price reductions by 117 percent while Mesa and Phoenix – which have two of the highest price reduction levels this month – increased by 54 percent and 50 percent, respectively.

Just to give you an idea, I plugged in the search term ‘Price Reduction’ and came up with 25 listings just in San Jose that are advertising a price reduction in the public remarks.

Another one of the properties listed

This is good news for home buyers!

As you can see, these properties are not always completely run down or in areas that you would not want to live in.

I would be delighted to show you some of these properties. Just give me a call or drop me an email and we will get something scheduled.

If you are looking for a lender,  I highly recommend Stephanie Brown, one of my lender partners who, with 24+ years of experience in the lending field, is fantastic to work with, whether you are a first time home buyer or an experienced pro! She works with Prospect Mortgage, one of the most respected lenders in the business.

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