Four Cities with Falling Home Prices

by on Foreclosures

If you are looking for prime deals in real estate and want to pick up a home on the cheap, all you have to do these days is take a look around. Almost everywhere you turn, prices continue to fall – especially in the big cities, where falling prices are a routine occurrence.

Some of the hardest-hit cities in the country have witnessed enormous price drops over the past six months, to the point where buying opportunities are stronger now than they have ever been. We’ve reviewed four of these cities to examine how prime they are for a bold move into a buyer’s market.

Atlanta, Georgia

Here, prices have fallen by as much as 9% on average over the last six months, as 2010 foreclosure filings rose by 22%. Most leading experts in the area do not expect much improvement – maybe 1-2% gains in the near term.

Minneapolis, Minnesota

Long thought to have avoided the pricing collapse, Minneapolis has plenty of properties ripe for picking. The city has witnessed an 8% drop in prices on average over the last 6 months, especially in the city core. Prices are not expected to pick up any time soon.

Phoenix, Arizona

Many western cities have been hit, but few have had more volatile ups and downs than Phoenix. Here, prices are around 2000 levels, with an average price drop of 8%. Most homes will go through two price reductions, so be sure to investigate each opportunity to see if it is ripe for another plummet.

Tampa, Florida

Florida as a whole has taken a hit, with Tampa helping to lead the way. Lots of high-risk mortgages have led to a plethora of foreclosures, and prices are down as much as 9-10% on average. You can find terrific properties for solid discounts – and they’re not that hard to find.

Check your listings in these and other areas for great discounts on your next property and save.