5. Las Vegas: Listing prices in Las Vegas have been reduced by nearly $158 million over the past year. "The issue here is all about foreclosures," says Steve Bottfeld, the principal of Las Vegas-based Marketing Solutions, which specializes in real estate economics. "You had an essential change in housing dynamics in 2004, and that was that housing was no longer looked at as someplace to live; it became to be a commodity." As a result, speculators began scooping up properties in growing numbers. After the market turned, many such properties ended up in foreclosure. Bottfeld says that a title company allowed him to examine its list of foreclosed homes last year. "I found one guy's name on 40—that's four-zero—foreclosures," he said. "Now, you want to talk about greed? That is greed with a capital G."
Here is the combined reduction in listing prices for each given market from June 9, 2008, to June 9, 2009. All of these homes are still on the market.
- Manhattan: $1 billion
- Miami: $257 million
- Los Angeles: $236 million
- Chicago: $212 million
- Las Vegas: $158 million
- Atlanta: $157 million
- Jacksonville, Fla.: $120 million
- Austin: $105 million
- San Francisco: $98 million
- Charlotte, N.C.: $81 million
Vank of FL @ Aug 13, 2009 10:54:59 AM
Paul of NJ @ Aug 04, 2009 11:01:32 AM
Dr. Gary W. Hartman of VA @ Aug 04, 2009 10:15:44 AM