We’re holding out for less | Personal BALC #70
A recently released study shows that many Americans are still holding off on buying homes in some of the country’s most expensive cities. On average, home prices nationally have fallen 23% since the housing crisis began, but the richest cities have experienced only modest home price declines – especially relative to their high home value. As a result, home prices in these areas are forecast to decline further, and homebuyers are waiting it out until they do.
Here are the five richest metropolitan areas people least want to move to:
Bethesda, MD
Median home price: $700,000
Home value decline from peak: -28.9%
Unemployment: 5.4%
Expected change in home price through September 2012: -5.6%
Philadelphia, PA
Median home price: $265,000
Home value decline: -12.9%
Unemployment: 8.2%
Expected change: -1.7%
Washington, D.C.
Median home price: $390,000
Home value decline: -27.7%
Unemployment: 6.0%
Expected change: -3.3%
San Jose, CA
Median home price: $546,000
Home value decline: -32.5%
Unemployment: 9.8%
Expected change: -3.8%
Newark, NJ
Median home price: $400,000
Home value decline: -24.7%
Unemployment: 8.9%
Expected change: -4.8%
(SOURCE: 247wallst.com)
