Twin Cities home prices up; traditional sales strengthen

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: April 16, 2012 - 9:22 AM

The number of foreclosure and short sales dropped, raising hopes of a local housing market recovery along with sale prices.

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wecandoitApr. 11, 1211:23 PM

This is only a weather related increase, don't expect it to continue into the summer. Plus there is a flood of pending foreclosures coming that will push prices down further, the negative job market will only make it worse. Maybe the White House will come out with another tax incentive to help the housing market.

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rle1962Apr. 12, 12 6:07 AM

Hard to believe anything the "National Association of Realtors" tells us. Before the collapse they were saying that it was not a bubble and that Minnesota's values were just catching up to the rest of the country. Anyone recall hearing that?

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minneg56Apr. 12, 12 6:24 AM

If there's a nickel's more perceived value on your city property ... can a 50% property tax hike be far behind? City properties have already lost value during the Great Depression II ... but the 'dollars out the door' property taxes haven't really decreased at all. How can something that is worth 35% less than it was valued 3-4 years ago be taxed the same amount of dollars or MORE today?

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isbjornmydogApr. 12, 12 7:27 AM

This is great news! I had a person reach out to me to buy my home, it is in Minnetonka-and it's not on the market. The market is getting better, it really is! The best part, I gave them my price and they came back!

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grumpy42Apr. 12, 12 7:47 AM

Can you imagine what are taxes are going to be if we recover what we have lost in home values?

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talltomApr. 12, 12 8:44 AM

Believe this and it will cost you big money. Realtors have nothing to lose by exaggerating. Housing prices will be going down for a decade yet as all the excess inventory, including millions of Baby Boomers downsizing with retirement, cannot be absorbed with so many jobless.

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editor25Apr. 12, 12 9:36 AM

These perma-bull stories are quite tiring. There is a tsunami of foreclosures about to hit the market.

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swmnguyApr. 12, 1211:02 AM

The fact is, the seller-with-equity to fully-qualified-buyer market never fell all that much. I sold my house a little over 2 years ago for bubble-peak price, and bought the house we live in now for only a small discount off the bubble peak. I had a lot of equity, and my buyer had a lot of money. After the dust settled, I have way over half ownership of my new house, little more than 2 years in. That part of the market works, as it always has.

Many homes can't sell because the owner over-leveraged and owes more than the house would have sold for at the top of the bubble. People didn't realize that when they went for a second mortgage or a HELOC on top of their first, and go the assessment to back it up; that wasn't the realistic sale price of their home. That was an assessment of their likelihood to pay their debts. So now they're seriously underwater, and can't sell at current market price because they'd still owe all the above-and-beyond debt they took out. That's not a real estate market issue. That's a finance issue. Not the same thing.

There are a lot more foreclosures that the realtors admit. They will force house prices down, maybe even another 20%. Again, that will only hurt those who got into debt-finance trouble, not those who viewed their house as a home only, and have equity.

And it's a fact that the increase in the Federal Deficit since President Obama came into office is almost dollar-for-dollar the amount spent bailing out the Finance Industry. The "Robosigning" settlement is only the latest mechanism to bail out Finance. So is all the Fannie and Freddie red ink.

If all you wanted to do is buy a house and live in it, and never profit off it until you sell it someday; you're fine and you will be fine into the future. Go ahead and buy. Everyone who bought the snake oil and thought it was free money is going to go bust.

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