July 15th, 2009 9:42 AM by AJ Gentry
No doubt, real estate has taken a hit with values being down 15% on average across the country. However, starting in 2010 median home prices will start climbing back upwards and continue to climbing to full recovery by 2012, according to Business Week magazine.
While there is still ample real estate inventory to sell off, the pictures isn't nearly as bleak as the media paints it to be if you look at the local picture. Here's a snapshot of seven local markets and how median home values (resales) have been impacted in each:
CITY 2007 Home Price 2008 Home Price
Omaha 138,930 138,000Seattle 437,920 $395,000Saratoga 208,540 $206,000Salt Lake 238,020 $230,000Nashville 159,490 $153,000Austin 182,898 $191,000Merced 230,440 $144,000Kansas City 156,634 $149,535