Yeah, but....what is the denominator? There was a recent entry here revealing that Baltimore prices were still at 2006 levels - essentially the lone wolf of large cities, with most others selling at 2004 or even earlier prices (Detroit at 1995 - you go girl!).

So, a "price reduction" on a overpriced home is not somethin' I get the warm fuzzies about....

Haha - who pays the statmakers for this blog? Just a day ago we read here of single digit reductions.

Amy, some of these stats are measuring different things. This one looks at how many homes FOR SALE (not sold) have dropped their asking prices, and what's the average price drop. The monthly sales statistics from MRIS often show smallish average price declines in properties that are actually sold -- and as I've mentioned many times, that's a figure easily skewed by changes in what sells this year vs. last year.

I think we need to clarify things. A price "reduction" is not when someone bought a home in 2005 for $350,000 but decided to sell the house for $650,000 and then "reduce" the cost to $639,999 because nobody wanted to buy their rowhome with granite countertops.
Again - until salaries double or triple in the area (which they won't) - home prices will continue to come down (perhaps another 50%)

Regardless of how the statistics are calculated it is disturbing to see the extent of the drop and how our area relates nationally. I agree with the prior poster as well in that we need jobs and pay increases in order to get the ball moving in the other direction.

Actually we need home prices to drop to 1999 levels such that they are in line with incomes. This is the cure for the "housing crisis".

These various statistics are getting more irritating than the "crisis" itself.

Jaime-
I am curious how much you would be willing to share regarding your readership? How many unique IP addresses are hitting your site each day/month? The reason I ask is to evaluate how much reach the opinions expressed on here have. The decisively negative posture toward home prices may just become a self fullfilling prophecy (as if gravity couldnt handle it already). When i look at listings on line, its obvious to me that the public still doesnt get it. I am still amazed that anyone buys at more than 2001 prices. Are we really just too afraid to insult people with our "lowball" offer of 300k when they are asking 485k?

Hi, elweedz -- I just checked Google Analytics, and it's showing about 20,000 unique visitors over the past month.

Very few comment on a regular basis, though. I try not to assume that the opinions I hear expressed by readers here constitute the majority sentiment. (Still, it's useful to know what you talkative few think -- keep on commenting.)

Thanks Jamie-

I suspect the silent majority wishes that pesky little elweedz (Darwin/Ironhide/Dowlut/Jaded etc) would just sush up so that they can get about selling their overpriced-cookie-cutter-mccrap-shack.

On another note, since my High Comedy Listing of the Day didn't gain traction. I am going to start posting the equally funny nauseating Realtor home descriptions. Here is one....

,i>This exquisite home offers the finest of appointments in a setting of unparalleled tranquility.At the end of a cul-de-sac, the home backs to the protected land of the Loch Raven Watershed and Gunspowder Falls State Park. With river views in winter and mature forest year round, you are literally just yards from the gloriously beautiful Loch Raven. The water and forest abound in wildlife. Awake to dawn choruses of songbirds, the stutter of Pileated Woodpeckers, owls, and the haunting calls and whistling wings of geese in the mist. Bald Eagles feed here. Ducks, deer, fox, heron...on and on in an extraordinarily private setting, yet amazingly… only a ten minute drive to Towson and thirty minutes to downtown Baltimore.The home is no less extraodinary than the setting. Enter a woodfloored foyer and face the formal Living Room with hardwood floor, wonderful marble and wood fireplace, built-in shelving and cabinetry and a bank of windows overlooking the forested river valley. The kitchen is finely appointed with granite counter tops, cherry cabinetry, planning station, china cabinet, breakfast bar, under counter lighting and ceramic floors. The adjoining family room features a charming brick fireplace, recessed lighting and skylight, with doors leading on one side to the rear deck and on another to a screened porch. That delightful screened porch also has a brick outdoor fireplace for evening relaxation in you own nature preserve.The Dining Room is particularly elegant and spacious with hardwood parquet, crown, chair and wainscott moldings.The bedroom wing features four large bedrooms all with hardwood under carpet. The Master Suite is unusually designed and spacious with an open dressing area including whirlpool bath and dressing vanity. A separate private bath has a separate shower and another vanity.The lower level of this large ranch home is almost entirely finished. A huge 25x22 recreation room has a full wall brick raised hearth wood burning fireplace, now fitted with a gas insert. The wood paneled walls, recessed lighting and beamed ceiling add charm and comfort to this wonder enterainment area. There is a anteroom/den accessed by an attractive wood staircase and an adjoining wet bar with refrigerator and two burner cooktop. This level also provides a powder room, workshop, finished laundry room and two car garage. The grounds have been delightfully landscaped with ground covers, perennials and flowering shrubs for year round beauty.