| Since 2007, foreclosures and short sales have | | | | According to the most recent Clear Capitol |
| littered the real estate market and drove down | | | | market report, the River City was noted with the |
| the price of property and home values. The | | | | most sales in the nation of foreclosed property |
| upside to the down housing market is that | | | | by lenders in the first quarter of 2010. It resulted |
| homebuyers and investors can find sweet deals in | | | | in an 18.1 percent drop in Memphis home values |
| some of the nation's most sought after cities. | | | | from year-end 2009. Baltimore and Jacksonville tie |
| If cities like Milwaukee, Memphis, Baltimore and the | | | | for having a 30 percent reduction in the listing |
| Big D interest you, then you'll find a honey of a | | | | price. The median listing prices are $250,000 and |
| home in any of these metro areas. Though the | | | | $189,900, respectively. |
| initial listing price may begin at what properties are | | | | In earlier 2010, foreclosures were still climbing in |
| currently valued, they are often reduced from 26 | | | | Dallas; although, at a slower pace than in the |
| to 33 percent. The top ten U.S. cities with the | | | | recent past. By May, foreclosure filings dropped |
| listings discounted the most include the following: | | | | for the second straight month. That's good news |
| * Milwaukee, WI - 33 percent | | | | for Dallas real estate value and could indicate the |
| * Phoenix, AZ - 31 percent | | | | beginning of a recovery. Minneapolis showed a |
| * Mesa, AZ - 31 percent | | | | 24.7 decrease in inventory compared to the same |
| * Memphis, TN - 31 percent | | | | time in mid-April 2009. It looks like the housing |
| * Baltimore, MD - 30 percent | | | | market in the Twin City might be leveling out, |
| * Jacksonville, FL - 30 percent | | | | since new listings are still on the decline. What that |
| * Dallas, TX - 29 percent | | | | means for buyers is that home listing prices could |
| * Minneapolis, MN - 29 percent | | | | soon be on the rise, so now would be the time to |
| * Tucson, AZ - 27 percent | | | | buy. |
| * Columbus, OH - 26 percent | | | | Median home values for Tucson continue to |
| Falling in the first quarter by 4.3 percent, | | | | decline and currently sit at around $192,000. |
| Milwaukee home values continue to lose ground, | | | | That's almost a 4 percent drop since January |
| but the number of home listings is huge. In fact, | | | | 2010. Housing inventory is about the same as it |
| Milwaukee has the most real estate listings of any | | | | was this time the previous year. Columbus |
| city in the state. As of April 2010, the average | | | | appears to be leveling out somewhat in median |
| home in Milwaukee was valued at $144,609, which | | | | home values staying steady at $159,900 since the |
| is making buying real estate in this city much | | | | beginning of year. That's still a decline of 5.9 |
| more affordable. Add to it a 31 percent reduction | | | | percent from the same time last year, but the |
| on the listing, and you could buy a home there for | | | | inventory is decreasing, so these may be |
| only $99,780. | | | | indicators that the market is beginning to level off. |
| Phoenix was on a top ten list in 2008 for being | | | | The dream of buying a quality, affordable home |
| one of the cities hardest hit by the real estate | | | | has become much more attainable. Falling home |
| bust. In the first quarter of 2009, property values | | | | values, along with reductions in listing prices, |
| were still going down, tumbling by almost 20 | | | | lowers the cost to a more manageable price point. |
| percent. Economists predict that the city has a | | | | Meanwhile, there are four other markets that did |
| looming shadow inventory getting ready to hit the | | | | not experience a decline in home values in 2010 |
| market soon and will drive values down even | | | | that were among those hardest hit nationwide by |
| further. Standard & Poor's Case Schiller | | | | the housing bust. San Diego and Detroit both |
| Study showed Mesa home values were on the | | | | showed an increase, along with Los Angeles and |
| ever-so-slight rise by last quarter 2009 and into | | | | San Diego. These cities, along with previously |
| first quarter of 2010. As of April, the average | | | | mentioned Phoenix, are now at the top of the list |
| estimated value of Mesa homes is around | | | | for cities recovering in the housing market. |
| $133,664. | | | | |