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Posted by: Prashant Gopal on March 03, 2008
The housing slump is deepening, spreading and showing little sign of letting up. But home sale transactions in December picked up a bit in Boston, Cleveland, Detroit, Sacramento and San Diego, according to the March 3 RPX Monthly Housing Report, which measures the average price per square foot for houses in the top 25 cities.
“We’re not saying the housing market is bottoming out,” said Jonathan Miller who is research director for New York City-based Radar Logic, which puts out the RPX housing report. “Transaction counts in a handful of markets we are tracking stabilized and, based on past experience, could portend price stabilization in the future.”
If you’re selling a home in any of these markets, don’t get too excited. Miller says that if he’s right, home prices in these cities would only start stabilizing in about 15 months.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.