Phoenix is one of the many Sun Belt cities where housing markets have taken a big hit during the recent real estate bust, with residential prices down nearly 45 percent since 2006. That, plus high foreclosure and vacancy rates, make for a dismal market for sellers. For homebuyers, of course, it's a very different story, both in Phoenix and in the many other cities that have followed similar patterns.
We created a list of the 10 U.S. cities with the biggest home price discounts. We compiled this list using the newly launched quarterly Home Offer Report from Trulia.com, a San Francisco-based real estate listing site. Trulia evaluated price cuts in America's 50 largest cities, as defined by the U.S. Office of Management and Budget.
The Trulia folks scoured nonforeclosure residential listing data for all of these cities in the year through March 31, 2011. They tracked prices for single-family homes, townhouses, condos and apartments. The listing information itself came from real estate brokers, agents, third-party aggregators and Multiple Listing Services that participate on the Trulia.com platform.
Among all homes for sale in Phoenix, 35 percent had their prices cut at least once since going on the sale block, and 56 percent faced the likelihood of further cuts. The average Phoenix home has been sitting at the original sale price prior to that cut a short 48 days. That's a stark contrast to rebounding markets. In relatively robust New York City, for example, property prices had been cut a mere 6 percent after 80 days on the market.
"When you look at Mesa and Phoenix, there are so many foreclosures that sellers have to compete with," explains Daisy Kong, a manager at Trulia.com.
Forbes
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