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CNBC News Associate
In this real estate market, sellers can't be choosers.
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This Mount Pleasant, S.C. home has seen a 24 percent price cut. |
High foreclosure and unemployment rates are keeping ordinary—what realtors call conventional—homes on the market longer, and with a wealth of cheap properties and a shortage of buyers, homeowners across the country are slashing the asking price for their house.
Even still, brokers in some markets say they can't move such houses.
Although there are signs of improvement—home prices rose 1.6 percent in July on a month-to-month basis—year-over-year data suggests challenging times remain. Home prices are down 13.3 percent in July compared to a year ago, according to Case-Shiller's 20-city price composite.
While prices have already seen a large reduction since their 2006 highs, some are expecting more of the same, especially in some over-built, depressed markets.
Banking analyst Meredith Whitney told CNBC earlier this month that home prices could fall another 25 percent.
"No bank underwrote a loan with 10 percent unemployment on the horizon," Whitney said. "I think there is no doubt that home prices will go down dramatically from here, it's just a question of when."
So for now, buyers around the country have a a lot of bargain from which to choose. A informal search on Trulia.com and other Web sites, yielded the following examples.
A three-bedroom, 2400-square-foot home in Mount Pleasant, S.C. (a part of Charleston) has seen its price fall 24 percent— from $890,000 to $675,000 since first being listed in October 2007.
Further South, in Sarasota, Fla., a 2,800 square-foot home with golf course views has seen its price drop 14 percent to $499,000.
Higher-end homes have not been immune. Melrose Mansion—a renovated, five-story modern home in Chicago—went on the market two years ago for $2.95 million; it is now priced at $1.95 million, a 34-percent reduction.
To look at these and other homes across the country in the 20-percent, price-cut category, click through this slideshow.
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Data is a real-time snapshot *Data is delayed at least 15 minutes