Home prices: Searching for a bottom
These families are trying to take advantage of the trends in their local real estate markets.
Miami
Goal: Sell their house in the low to middle $400,000s. That way, Shawn explains, "we can pay off our $310,000 mortgage and still have enough for a down payment" on a bigger house for their growing family.
Challenge:They listed at $459,000 last fall, then cut the price to $429,000, then $409,000 - but no bites.
Strategy: The Orells should either stay put or immediately drop their price to whatever's necessary to unload the place, say realtors - then rent, save up a bigger down payment, and wait for larger homes to become more affordable.
NEXT: Atlanta
Last updated March 31 2009: 10:06 AM ET
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