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LOOK WHO’S #1 & #2!

Daily Real Estate News  |  May 9, 2011  |  

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Where to Snag the Best Housing Deals
With rising foreclosures and drop in housing prices across the country, buyers can find plenty of deals in real estate. For example, in Phoenix alone, housing prices are down nearly 45 percent from its 2006 peak.

Recent data from Trulia.com’s quarterly Home Offer Report pinpoints where the best housing deals can often be found. Trulia’s report takes into account the average number of days on the market before the first price reduction, average discount during the price-cut period, probability of a second price cut, and the total percentage of for-sale properties that have had prices reduces at least once.

Here are the cities currently offering the biggest home price discounts.

1. Phoenix
Average number of days on market before first reduction: 48
Average discount in first reduction: 8 percent
Percentage of for-sale homes with price cuts: 35 percent

2. Mesa, Ariz.
Average number of days on market before first reduction: 55
Average discount in first reduction: 8 percent
Percentage of for-sale homes with price cuts: 38 percent

3. Minneapolis, Minn.
Average number of days on market before first reduction: 45
Average discount in first reduction: 9 percent
Percentage of for-sale homes with price cuts: 28 percent

4. Long Beach, Calif.
Average number of days on market before first reduction: 58
Average discount in first reduction: 7 percent
Percentage of for-sale homes with price cuts: 33 percent

5. Baltimore, Maryland
Average number of days on market before first reduction: 62
Average discount in first reduction: 10 percent
Percentage of for-sale homes with price cuts: 30 percent

See more cities that made the list at Forbes.com.

Source: “The Cities With the Biggest Home Price Discounts,” Forbes (May 8, 2011)

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