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Archive for June, 2009
Twin Cities Real Estate Market Makes the News
June 8, 2009Twin Cities Real Estate Market Makes the News.
There’s been lots of press about the Twin Cities Real Estate Market and falling home prices. Even the New York Times had something to say. Check out these links:
- New York Times: Home Prices Continued Their Decline in March.
- Star Tribune: Twin Cities-area home price drop was nation’s largest.
- MinnPost: Case-Shiller drop reflects glut of distressed sales. MAAR CEO Mark Allen drops science.
- Finance and Commerce: The big Twin Cities foreclosure flood.
- Pioneer Press: Home prices dive — with an asterisk.
Things to keep in mind about these reports:
1) They’re talking about a month-over-month change, not a year-over-year. Real estate is highly seasonal and median sales prices go up and down from month to month with regularity. There’s too much statistical noise in that kind of monthly comparison to get bent out of shape over a 6.1 percent drop.
2) It’s not that shocking when you consider that almost half of the homes selling are foreclosures and short sales.
The big takeaway…yes, Twin Cities home prices are down, but this is due in large part to heavy sales of discounted lender-mediated properties.
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