Twin Cities home sales are up, but prices are down

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: January 11, 2012 - 11:03 PM

2011 shows Twin Cities market still a long way from recovery.

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dakuiriJan. 12, 1210:57 AM

Do not believe it. The National Association of Realtors recently adjusted home sales numbers significantly downward since 2007 as they had double counted many sold properties.

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ss5521Jan. 12, 12 2:41 PM

The core problem is still JOBS! Fifty percent of the home on the market are foreclosures and distressed sales? If thiose home owners still had jobs their homes wouldn't be for sale. Home prices are tied to family income. You can't get a home loan for more than 3 times your annual income. As incomes fall home prices have to fall to. The solution to falling home prices is jobs.

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bts8q8Jan. 12, 12 3:27 PM

dakuiri: according the article the data come from St. Paul Area Association of Realtors and the Minneapolis Area Association of Realtors--would these local associations be unaware of the market? ss5521: the problem is not jobs, necessarily. It was the 8 trillion dollar housing bubble. It's collapse caused the recession and unemployment. You can expect the housing market to continue to slide until it hits the bottom of pre-bubble years, adjusted for inflation. F

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