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Some Home Prices Down 65% from 1st Asking Price

The prolonged, pronounced housing price slump has sent asking prices for some homes down as much as two-thirds from what would-be sellers first said they wanted, experts say.

The buyers' market has resulted in some bargains beyond belief.

On "The Early Show," CBS News Business and Economics Correspondent Rebecca Jarvis told viewers about some of the best deals in the land, as pinpointed by ZipRealty:

NEWCASTLE AVENUE, Westchester, Ill.

3 BR, 1 Bath
On the market: 417 days
Original list price: $216,000
Current list price: $74,900
Reduction: 65 percent (($141,100)

When we tend to think of places like the Sunbelt states when we think of places where houses are on clearance sales. But Illinois is an untold story. In a region hit really hard with job losses, there are many great deals there.

LISTING OF WHEN THE PRICES WENT DOWN

Price Reduced: 08/14/09 -- $216,000 to $180,000
Price Reduced: 08/25/09 -- $180,000 to $170,000
Price Reduced: 09/09/09 -- $170,000 to $159,900
Price Reduced: 10/11/09 -- $159,900 to $139,900
Price Reduced: 10/17/09 -- $139,900 to $129,900
Price Reduced: 12/04/09 -- $129,900 to $119,900
Price Reduced: 07/20/10 -- $119,900 to $101,500
Price Reduced: 08/10/10 -- $101,500 to $89,900
Price Reduced: 08/24/10 -- $89,900 to $79,900
Price Reduced: 09/09/10 -- $79,900 to $74,900

CONNECTICUT RIVER ROAD., E Haddam, Conn.

3 BR, 2.5 bath
On the market: 848 days
Original list price: $1,200,000
Current list price: $429,000
Reduction: 64 percent

This house started at over $1 million, and is now down to under half-a-million. It has views of the water, and is in a perfect spot in scenic Connecticut.

Price Reduced: 04/01/09 -- $1,200,000 to $995,000
Price Increased: 04/23/09 -- $995,000 to $1,200,000
Price Reduced: 05/28/09 -- $1,200,000 to $549,000
Price Reduced: 04/25/10 -- $549,000 to $449,000
Price Reduced: 04/25/10 -- $449,000 to $429,000

PINEVILLE DRIVE, Lake Worth, Fla.

5 BR, 4 BATH
On the market: 1221 days
Original list price: $994,000
Current list price: $345,000
Reduction: 65 percent ($649,000)

This house was built in 2006 and has pretty much been on the market ever since. It's in pre-foreclosure and is available for short sale, subject to bank approval. If you're in stable financial condition, this isn't necessarily something to shy away from! And Lake Worth is a great place to live.

5 BR, 4 BATH
On the market: 1218 days
Original list price: $994,000
Current list price: $345,000
Percentage reduced: 65 percent ($649,000)

Price Reduced: 07/21/07 -- $994,000 to $949,000
Price Reduced: 07/30/07 -- $949,000 to $939,000
Price Reduced: 08/13/07 -- $939,000 to $924,000
Price Reduced: 08/27/07 -- $924,000 to $904,000
Price Reduced: 09/04/07 -- $904,000 to $884,000
Price Reduced: 09/11/07 -- $884,000 to $864,000
Price Reduced: 09/19/07 -- $864,000 to $844,000
Price Reduced: 10/05/07 -- $844,000 to $840,000
Price Reduced: 11/08/07 -- $840,000 to $830,000
Price Reduced: 12/07/07 -- $830,000 to $810,000
Price Reduced: 01/09/08 -- $810,000 to $790,000
Price Reduced: 01/15/08 -- $790,000 to $630,000
Price Reduced: 02/01/08 -- $630,000 to $610,000
Price Reduced: 04/29/08 -- $610,000 to $570,000
Price Reduced: 06/16/08 -- $570,000 to $530,000
Price Reduced: 09/03/08 -- $530,000 to $510,000
Price Reduced: 10/16/08 -- $510,000 to $450,000
Price Reduced: 01/14/09 -- $450,000 to $390,000
Price Increased: 03/04/09 -- $390,000 to $430,000
Price Reduced: 03/23/09 -- $430,000 to $400,000
Price Reduced: 08/30/10 -- $400,000 to $345,000

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