Twin Cities housing market on a hot streak

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: March 12, 2012 - 10:54 PM

But prices remained soft, and foreclosures and short sales were 60 percent of all closed sales.

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martiankingMar. 12, 1211:31 PM

I'd like the stats on how many of these homes were bought to be flipped, not as a primary long term residence.

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bgmach3Mar. 13, 12 6:16 AM

And nearly every realestate sign you see, "New Price" or "Price Reduced". At the same time homeowners are being told they need this new, or that new or "NEW GRANITE (RADON FILLED BY THE WAY) COUNTER TOPS". What a bunch of crap. Has a realtor ever actually tried to "sell" a home instead of standing back and put more demands on the seller. IN the meantime new homes are being built around the metro by the hundreds if not thousands so the buyers can have a shiny new home and the banks can write loans. Get a bulldozer and start leveling the older (anything built prior to 2005) homes. Then build everyone a nice shiny new home that can be foreclosed on in 5 years.

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momae1Mar. 13, 12 7:24 AM

I hardly call this a "housing hot streak". The article states that 60% of the sales are short sale and foreclosure, this makes it next to impossible to sell a house that is not in a distress situation. I wish we could go back to the old days where a house appreciated around 2-3% a year but with these foreclosures & short sales the values of regular homes just keeps going in the tank!

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theagonybhoMar. 13, 12 8:05 AM

As the election nears all this will be reported as steaks and upticks and rebounding. The fact of the matter as was stated is most of these are short sales and forclosures, the article should read, Housing market on a hot streak of selling houses 50-100 thousand below value.

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fwallenMar. 13, 12 8:47 AM

Location, location, location. An article like this using aggregated statistics does not provide much in the way of good information. Some areas, especially around a lot of foreclosures ,have very soft, often still declining prices. Others in areas with stable environments where people have financing and want to live prices are on the rise. The Strib's loss of good reporters has left them writing stories from their desks instead of digging.

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geckojayMar. 13, 1212:12 PM

You can't call it a "hot streak" while prices are still falling. This just means sellers have accepted the fact the market will never rebound to the old highs and they are going to have to take a bath when they sell.

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ZombiehunterMar. 13, 1212:44 PM

A buddy recently sold his house for asking price in 48 hours. The buyers initially came in with an offer $14k below price and got rejected, so they came right back with the full price.

So yeah, there are soft spots around hard foreclosure areas. But there are also hot spots if you have a good product that's been well maintained.

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member11Mar. 13, 12 1:19 PM

Prices were drastically over-inflated by the housing bubble and had to take a tumble. The market is re-stablizing at real world values. This is good news but after the enormous bubble we had this will take some time. Think 5-7 years for prices to begin steadily increasing again, and that's if the rest of the economy continues to pick up steam.

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thesupermanMar. 13, 12 3:22 PM

A bunch of numbers that mean nothing. A 26 percent increase over what time period? A lot of vague numbers used here. A 26 percent increase could mean selling 100 houses the prior year and the selling 126 houses now. Big deal. I see boarded up houses everywhere. I live in Roseville and the vacant houses are everywhere. I walked away from my house in Columbia Heights Nov 2011 and owed $160k and now Bank of America is selling it for $82K. It will probably sell for $60k. As far as 1000 people walking trough an open house. They are called gawkers. Nothing better to do than go out and waste gas looking at something they will never have. One last thing. The neighbors behind my old house are walking away from their house. He works for the United States Post Office as a mail carrier and she is a nurse. So if anyone thinks things are getting better. Get out sometime and talk to you neighbors and find out how their economy is. I find it easier to tell people the economy sucks then to sugar coat it like so many people do.

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member11Mar. 13, 1210:00 PM

I feel for your plight and that of your neighbors. When as an overpaid public union member USPS employee ($20.82-$27.27/hr)and a member of the MN Nurses Assn ($43K avg/yr for LPN) your old neighbors can't afford a house in Columbia Heights you know something is WRONG. Like none of this making any logical sense - how can they blow through over $80K a year salary and lose their house in Columbia Heights. That sure is a lot to blow through....and that's the low end estimate of what they're taking home. And "walking away" just like you did....hmmm.....

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