Home Prices Falling in Most Major US Cities

Interview John Hall Jr., Homebuilder: “We’re building custom homes that once had to be a million-and-a-half … we’re doing homes in the mid-6’s ($600,000) and mid-7’s”

Home prices are falling in most major U.S. cities, and the average price in four of them is at an 11-year low. Analysts expect further prices declines in most cities in the coming months.

“Banks like Chase have just ‘pulled the plug’.”

— John Hall Jr., Homebuilder (St. Charles, Illlinois)

A record number of foreclosures is keeping buyers away. The fear is that the home market is

The market peaked in 2007, and is now at about 2003 levels.

House values in Atlanta, Cleveland, Detroit and Las Vegas are among the lowest.

See also …
John Hall Homes — johnhallhomes.com