"It's not just the subprime mortgage crisis that's to blame for plummeting home prices. A flood of squalid properties on the market is helping to exaggerate the post-bubble price declines.
'Part of the reason home prices are declining is a fundamental deterioration in the housing stock,' said Glenn Kelman, CEO of the online, discount broker Redfin. 'During the boom, nine out of 10 houses for sale in many markets were in prime condition. Now, for every 10 houses, at least three are dogs.'"
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Houses in subprime shape lead price charge down
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