Buyers can find plenty of deals in housing across the country. CNNMoney.com recently offered a list of a few cities that have had the steepest price drops over the past six months. Here are four cities that are offering some of the biggest discounts on housing.
Rising foreclosures have hit the Atlanta housing market hard: Foreclosure filings in 2010 rose 22 percent after jumping more than 40 percent the year before. The last six months of 2010 housing prices dropped about 6 percent. Homes in Atlanta typically average 65 days on the market before getting a price cut, according to Trulia.
Seattle’s housing market at first seemed immune to the housing slump compared to other West coast cities. But after hitting a price high in May 2007, prices started headed down and have dropped 5.2 percent in the past six months alone. Seattle housing prices are 28 percent off their peak. Homes in Seattle spend an average of 54 days on the market before getting the first price cut, which is about 6 percent, according to Trulia. With hiring picking up at some of Seattle’s major companies, like Boeing and Amazon, analysts are forecasting a rebound in the Seattle real estate market.
Despite only seeing moderate gains during the housing boom, Minneapolis has still felt the housing slump like other markets. Since peaking in April 2006, housing values in Minneapolis have dropped 34 percent–8 percent of that loss alone has come over the last six months. Homes in Minneapolis spend an average of 45 days on the market before getting the first price cut, which averages about 9 percent, according to Trulia.
With a population drop in the last decade of 25 percent, Detroit’s economic and housing woes are nothing new. However, the auto industry has stabilized, which is offering a hopeful sign to the city’s housing market.
“Consumer confidence is up and conditions are great for buying a home,” says real estate broker John North with Coldwell Banker in Birmingham, Mich. “We’ve probably reached the bottom and things should take off during the spring buying season – but not like a rocket.”
See more cities with falling home prices.