The Top 5 Cities Where Prices Are Being Slashed

 

The top 5 cities where prices are being slashed

A large percentage of houses in these towns are offered at deep discounts. For the lucky few who are buying homes, this may be good news: The latest data show that people selling homes are increasingly abandoning their original asking price and offering their listings for a discount.

 The housing recovery has stalled and sellers are slashing asking prices. In some cities, half the listings on a block have been reduced, according to Trulia.com. See which metros--and which neighborhoods or suburbs--have the highest proportions of discounted homes.

Metro: Minneapolis

Percentage of for-sale homes marked down: 43%
High concentrations of discounted homes: Lynnhurst, Ericsson, Audubon Park
Low concentrations of discounted homes: Downtown East, Near North, North Loop
Example: 4528 Fremont Ave. S
Price: $1.3 million
Markdown: $500,000

Metro: Milwaukee

Percentage of for-sale homes marked down: 40%
High concentrations of discounted homes: West Allis, Wauwatosa, Donner Woods
Low concentrations of discounted homes: Kilbourn Town, Historic Mitchell Street
Example: 3220 North Lake Drive
Price: $1.4 million
Markdown: $100,000

Metro: Phoenix

Percentage of for-sale homes marked down: 39%
High concentrations of discounted homes: North Mountain, Camelback East
Low concentrations of discounted homes: Central City, North Gateway, Desert View
Example: 4908 East Calle Del Medio
Price: $2.5 million
Markdown: $450,000

Metro: Mesa, Ariz.

Percentage of for-sale homes marked down: 37%
High concentrations of discounted homes: Liesure World, Dobson Ranch
Low concentrations of discounted homes: Las Palmas Grand
Example: 3615 East Quenton Dr.
Price: $2.3 million
Markdown: $456,000

Metro: Albuquerque

Percentage of for-sale homes marked down: 35%
High concentrations of discounted homes: Wildflower Area, Uptown, Tanoan East
Low concentrations of discounted homes: Los Poblanos, University Heights
Example: 11505 Sky Valley Way NE
Price: $550,000
Markdown: $29,000

Metro: Memphis

Percentage of for-sale homes marked down: 35%
High concentrations of discounted homes: Midtown, Jackson-University Area
Low concentrations of discounted homes: South Memphis
Example: 460 Woodmere Lane
Price: $729,000
Markdown: $63,000

Metro: Boston

Percentage of for-sale homes marked down: 35%
High concentrations of discounted homes: Roslindale, West Roxbury, Dorchester
Low concentrations of discounted homes: Beacon Hill, South End, Back Bay
Example: 128 Commonwealth Ave.
Price: $9.5 million
Markdown: $1 million

Metro: Tucson

Percentage of for-sale homes marked down: 34%
High concentrations of discounted homes: Prince Tucson, Rosemont West, Glenn Heights,
Low concentrations of discounted homes: Los Ranchitos, Santa Cruz Southwest
Example: 2900 North Spirit Dancer Trail
Price: $
Markdown: $

Metro: Baltimore

Percentage of for-sale homes marked down: 34%
High concentrations of discounted homes: Loch Raven, Cedmont, Guildford
Low concentrations of discounted homes: Downtown, Orangeville, Union Square
Example: 4313 Saint Paul St.
Price: $995,000
Markdown: $100,000

Metro: Dallas

Percentage of for-sale homes marked down: 34%
High concentrations of discounted homes: Lakewood, Highland Park, Preston Hollow
Low concentrations of discounted homes: Oak Lawn, Cedar Crest, South Dallas
Example: 4300 Saint Johns Dr.
Price: $5.5 million
Markdown: $760,000

The Best And Worst States For Drivers

Cheap gas and insurance make South Carolina the best. California, with high costs and bad infrastructure, is the worst.
With its politicians hiking the Appalachian Trail or facing sex charges, South Carolina draws more than its share of bad publicity nationally. So here's some good news about South Carolina: By our reckoning, the heart of the Old South is the best state to drive in, by far. The country's lowest average gas price, plus cheap insurance, good legal protections and the sixth-best rating for infrastructure/safety, make the Palmetto State a dreamland for motorists.

The 10 Worst States For Drivers

Driving You Mad

Using recently published studies on gas prices and insurance rates, infrastructure, safety and legal rights, Forbes determined the 10 worst states for motorists. Our list makes for painful reading.

No. 1 California

Despite its reputation as a car-culture haven, the Golden State is by far the worst of the 50, with low rankings in each of the four categories. From highway congestion and poor legal protections to the high cost of gasoline and insurance, the nation's most populous state has it all.

No. 2 Illinois

The Land of Lincoln is also a Disaster for Drivers, garnering low marks, like California's, in all four categories. The lowest grade is in legal rights for motorists.

No. 3 New York

The Empire State fares a lot better than California and Illinois in insurance rates, which were pretty close to the national average. But that is more than canceled out by rock-bottom expenditures on road maintenance and sketchy legal motorist protections.

No. 4 Michigan

Ironically the center of America's remaining auto manufacturing is none too friendly to end-use customers. The Wolverine State really chews up motorists on insurance, with the country's second-highest average rates.

No. 5 Alaska

Despite all that oil production, Alaska has the nation's second highest gas prices, as well as the next-to-worst rating for infrastructure/safety. But the self-styled Last Frontier does rank in the top one-third in legal protections for drivers.

No. 6 Maryland

In the Chesapeake State gas prices are below the national average. But that's canceled out by the third-worst ranking for driver legal protections, and the eighth-worst for infrastructure/safety.

No. 7 (tie) Connecticut

Tiny Connecticut ranks in the bottom fifth on three of the four criteria: infrastructure/safety, gas prices and insurance rates. But as befitting the self-anointed Constitution State, Connecticut affords above-average legal protections to drivers.

No. 7 (tie) Rhode Island

Even smaller Rhode Island is tied with Connecticut for motorist misery, giving lie to the state's official motto, "Hope." The Ocean State gets the absolute bottom spot for infrastructure/safety and is ranked below average in each of the other categories.

No. 9 Louisiana

The flooding and oil spill are bad enough, but Louisiana doesn't treat motorists too well, either. The Pelican State has the nation's highest insurance rates and fourth-worst legal environment for drivers. One bright spot: the sixth-lowest gas prices.

No. 10 Washington

High gas prices and low legal protections ensure a spot for the Evergreen State. Below-average insurance rates aren't low enough to make up for the state's other problems.

The 10 Best States For Drivers

Car Crazy

Using recently published studies on infrastructure/safety, legal rights, gas prices and insurance rates, Forbes determined the 10 best states for motorists. Our list makes for pleasant reading.

No. 1 South Carolina

Motorists in South Carolina enjoy the nation's lowest gas prices and an excellent track record on infrastructure/safety. The Palmetto State ranks much better than the others in low insurance rates and motorist legal protections too.

No. 2 Nebraska

With high rankings for infrastructure/safety and motorist legal rights, the Cornhusker State fares better than its Midwest neighbors. One downside is higher than average gas prices.

No. 3 Missouri

The Show Me State really does. Missouri scores above-average ratings in all four categories, including the third-lowest average gas prices.

No. 4 North Dakota

Maybe it's due to low population and its reputation as the state least visited by tourists, but North Dakota grabs the top ranking in infrastructure/safety. The Peace Garden State gets marked down only for higher-than-average gas prices.

No. 5 Mississippi

The state's lingering reputation as a haven for sketchy plaintiff lawyers might be a reason for its higher-than-average insurance rates. But the Magnolia State fares well in other categories, including the eighth-lowest gas prices.

No. 6 Texas

The nation's fourth-lowest gas prices---all those oil wells, all those refineries--helps make the Lone Star State a Mecca for motorists. The only offsetting note is higher than average insurance rates.

No. 7 Kansas

Except for high insurance rates, the Sunflower State fares well in all the categories. This includes a No. 3 showing for infrastructure/safety.

No. 8 (tie) New Hampshire

The Granite State has the nation's fifth-lowest insurance rates. This augments average and above-average showings in the other three categories.

No. 9 (tie) Wyoming

With "Equal Rights" as Wyoming's official motto, it's not surprising the state ranks No. 1 in legal protections for motorists. It earns seventh place for infrastructure/safety and ties overall with New Hampshire.

No. 10 Tennessee and Arizona

The two states tied for 10th place on this list feature the same strengths: Lower than average gas prices and insurance rates. The Volunteer State is light on legal protections for motorists while the Grand Canyon State is just average for that and infrastructure/safety.

The Fastest-Growing Cities In The U.S.

The U.S.' emerging cities are not experiencing the kind of super-charged growth one sees in the developing world, notably in China and India. Unlike Europe, North America's population is slated to expand by well over 100 million people by 2050, much of it in the U.S. and much of it driven by continued immigration.
In the course of the next 40 years, the biggest gainers won't be existing behemoths like New York, Chicago and Los Angeles, but less populous, easier-to-manage cities that are both affordable and economically vibrant.

Raleigh-Durham, N.C.

Even in hard times this low-density, wide-ranging urban area has repeatedly performed well on Forbes' list of the best cities for jobs. The area is a magnet for technology firms fleeing the more expensive, congested and highly regulated northeast corridor. One big problem obstructing the region's ascendancy has been air connections. But Delta recently announced a large-scale expansion of flights there from around the country. Population growth will likely be lead by educated millennials seeking affordable housing and employment opportunities. Today the region has 1.7 million residents; the State of North Carolina projects it will grow to 2.4 million by 2025.

Austin, Texas

Austonites tend to be smug, but they have good reason. The central Texas city ranked as the No. 1 large urban area for jobs in our last Forbes survey. Along with Raleigh-Durham, Austin is an emerging challenger for high-tech supremacy with Silicon Valley. The current area's population is 1.7 million and is expected to grow rapidly in the coming decades. Austin owes much both to its public sector institutions (the state government and the main Campus of the University of Texas) and its expanding ranks of private companies--including foreign ones--swarming into the city's surrounding suburban belt.

Salt Lake City, Utah

Once seen as a Mormon enclave, the greater Salt Lake urban area--with roughly 1 million people--has every sign of emerging as a major world player with a wider appeal. The church still plays a critical role, in part by financing a massive redevelopment of the city's now rather dowdy city core. The area's population has doubled since the early 1970s and will grow another 100,000 by 2025 to well over 1.1 million. New companies are flocking to this business-friendly region, particularly from self-imploding California. Increasing national and global connections through Delta's hub will tie this once isolated city closer with the wider world economy.

San Antonio, Texas

Last year this historic Texas metropolis--home to the Alamo--ranked second on our list "best cities for jobs" among larger cities. The region has been growing rapidly to well over 2.1 million. As the economy, particularly in Texas, recovers, an already strong health care sector will be joined by an expanding industrial base. One key factor in San Antonio's favor: stable house prices--even by Texas standards. PMI Mortgage Insurance Co.'s most recent risk index, which is a two-year measure, lists San Antonio as having the lowest risk from falling prices among large Texas cities.

Oklahoma City, Okla.

Oklahoma City--with its business-friendly environment and abundant oil and natural gas reserves--ranked No. 11 in Forbes' list of the best big cities for jobs. A KPMG study named it the least costly metro area to do business among U.S. cities with populations between 1 million and 2 million, and according to the Census Bureau Community Survey, it has the third-shortest commute time among the 52 largest cities. Such factors--plus its exciting new basketball star, Kevin Durant--have definitely attracted plenty of new residents. An article in the Sacramento Bee reported that many Californians were migrating to the former Dust Bowl town in search of jobs and more stable housing prices, and its population, at 1.2 million, is expected to grow 9.8% in the next 10 years, according to the Greater Oklahoma City Partnership.

Omaha, Neb.

The Omaha metro area has a population of 838,875, making it the 60th largest metropolitan area in the country. And it's growing, thanks to high in-migration and a recent baby boom that added about 4,600 children between 2008 and 2009. The population has grown 9.4% to from 2000 to 2009, and it is expected to grow another 2.3% by 2014. Why are so many people flocking to Omaha? One reason is the low cost of living, including stable housing prices (like many of the Great Plains cities). Another reason: jobs. Omaha ranked ninth in our most recent best big cities for job list, with its healthy agriculture and civil engineering industries. Its friendly attitude toward business and innovation--as well as the strong universities in the area--has made it a leader in biotechnology. More than 20 bioscience companies are headquartered there--including Streck Laboratories and ConAgra Foods.

Northern Virginia

Formerly considered a suburb of Washington, D.C., Northern Virginia--which comprises Arlington, Fairfax, Loudon and Prince William counties, as well as other independent cities--has become a metro area of its own. The expanding federal government no doubt plays a large part in the area's growth; the CIA and the Department of Defense are headquartered there, and it is home to many other government agencies. The area also has one of the largest technology industries outside Silicon Valley. Northern Virginia has one of the most affluent, as well as the most educated, populations in the country; an astonishing 35% of Arlington County's population, for example, holds a graduate or professional degree.

Nashville, Tenn.

A high quality of life, a vibrant cultural and music scene and a diverse population make Nashville a desirable place to live. The Nashville Area Metropolitan Planning Organization expects the 10-county greater Nashville area, home to 1.3 million people, to add close to another million by the year 2035. Low housing costs contribute to a cost of living that is lower than other affordable cities, like Raleigh, Austin, Dallas or Indianapolis. Nashville is also home to a growing health care industry: More than 250 health care companies have operations in Nashville, and 56 are headquartered there.

Columbus, Ohio

While the recession has taken a huge toll on the rest of Ohio, Columbus has been thriving, thanks to strong population growth, a booming startup culture and the largest college campus in the country--Ohio State University, a major employer and information center. Forbes named the Columbus metropolitan area--home to 1.8 million residents-- one of America's best housing markets, as well as one of the best places for businesses and careers. The city enjoys below-average unemployment and a strong tech presence that includes Battelle Memorial Institute, which oversees laboratories for several federal agencies.

Indianapolis, Ind.

Thanks to a business-friendly attitude, inexpensive housing and a strong cultural community, Indianopolis' population--now at 1.7 million--has increased at a rate that is 50% higher than the national average. That's faster than hot spots Washington, D.C., and Seattle, and nearly as fast as urban-planner darlings Portland or Denver. But while Portland and Denver may attract more young singles, Indianapolis boasts a growing population of educated, young married couples--many coming from cities like Chicago for the shorter commutes and lower cost of living--an arguably more attractive demographic since they will most likely stay, raise families and invest in the communities, boosting the area's growth even more.

Nobel Prize Winners

The Nobel Foundation has given out this many prizes since 1901. A record number of names were submitted for the 2010 Nobel Peace Prize. Each winner receives a diploma, a medal (pictures) and a pretty big cash award. The last prize was added in 1968. In honor of the prizes that will be handed out this week, (which one will be awarded at a later date?) we take a look at the award's namesake and some memorable winners.

Alfred Nobel

The pacifist inventor - sometimes known by this nickname - established the Nobel Prizes in his will in 1895. (What did he invent?) He died a year later.

Curie family

Marie Curie who holds this esteemed distinction, her husband, their daughter and even their son-in-law each won a Nobel Prize in physics and/or chemistry.

Lawrence Bragg

The Australian scientist became the youngest winner in 1915 when he won this Nobel Prize along with this relative for their work in this field.

Albert Einstein

The German-born physicist finally won the 1921 Nobel Prize in physics for this research, not his most popular work.

Sir Winston Churchill

Many think the British prime minister won the 1953 Nobel Peace Prize (who won it?), but he actually was awarded this prize.

Martin Luther King. Jr.

The civil rights leader had given his most powerful speech the year before he won the Nobel Peace Prize in 1964.

Henry A. Kissinger and Le Duc Tho

The U.S. Secretary of State and the North Vietnamese politician were awarded the 1973 Peace Prize for their roles in this agreement. Le Duc Tho declined his prize.

Mother Teresa

The Catholic nun won the Nobel Peace Prize in 1979 for her work with impoverished people in the slums of this city.

Toni Morrison

The "Beloved" author became the first black woman to win the Nobel Prize in literature in 1993.

President Jimmy Carter

The former president - who was recently hospitalized - won the 2002 Nobel Peace Prize for these efforts since leaving the White House.

Leonid Hurwicz

The then 90-year-old Russian-born economist earned this distinction when he was awarded the 2007 Nobel Prize in economic sciences for his work in this field

President Barack Obama

The first African-American president - who had been in office less than a year - won the 2009 Nobel Peace Prize and it caused some controversy.