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Interesting take on the Pasadena market here from local real estate agent Doug Willis. He sees a ‘mixed market’ in April, with the number of sales down 23% vs April 2006, but sales fairly stable in higher-priced neighborhoods.

It appears the weakness is coming from first-time buyers; Willis writes that the weakest part of that market is the cheapest part: Homes priced under $600,000 in Northwest Pasadena and Altadena. Speaking of this price range, he says, ‘Homes are staying on the market longer and home sellers have been reluctant to lower the price of the home to get it sold.’

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