Housing Prices Drop in Major Citites

We are all constantly wondering what is really happening in the real estate market. We keep asking where is the bottom? Are we there? Are we getting close? Noone really knows and what's interesting and as we have discussed on www.InvestSmarter.com is that the bottom is a relative term. A bank has a different bottom than an individual. Everyone's motiviation is also different. The bottom line is what is actually going on in the market? Take a look below at what is happening in a few markets and it's an interesting turn of events. Luckily Richmond Kentucky Real Estate didn't make the list!


Housing Inventories Fall in Major Cities The supply of homes dipped 2.4 percent in a year-over-year change in 12 of 18 cities where ZipRealty Inc. does business, the brokerage says. The data covers listings of single-family homes, condos, and town houses for sale on local multiple-listing services. This is the first decline since the firm began keeping tabs in mid-2006.

The data doesn’t include New York City, but Miller Samuel Inc., an appraisal firm, says the city’s inventory was up 31 percent compared to June of 2007 because Wall Street firms have cut jobs.

Cities and their percentage of iventory decline:
Boston: -10%
Dallas: -10.6%
Houston: -2.4%
Las Vegas: -18.5%
Los Angeles: -7.4%
Minneapolis: -4.8%
Orange County, Calif.: -15%
Orlando: -3.1%
Phoenix: -2.6%
Sacramento: -22.4%
San Diego: -6.7%
Tampa, Fla.: -7%

Source: The Wall Street Journal, James R. Hagerty (07/10/2008)

Luckily we are not seeing much in the Richmond Kentucky Real Estate market and additionally the Richmond Kentucky Commercial Real Estate market continues to boom and be a great success!

Stay tuned and bookmark our pages to find out more exciting information surrounding the Richmond Kentucky Real Estate area!