Yes, we all know median home prices are down, nobody is buying or selling anything, 30 year mortgages are the cheapest they have ever been but nobody can get one, yada yada... However, this is all for California, Nevada and Detroit, right? Wrong.
In Prudential's most recent real estate analysis of the market in Ponziville aka Greenwich, CT, we can see some very shocking numbers: there is a roughly 40% drop in the total dollar value of houses sold in 2008 vs. 2007. More (or less) surprisingly the transaction dollar value of houses over $5 million has dropped by almost 50%. Curiously, and probably for the first time in a long while, there was a sub $400,000 house sold in 2008. In 2005 you couldn't buy a rusty outhouse by the railroad underpass for that amount.
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