Twin Cities housing market climbs again

  • Article by: JANET MOORE , Star Tribune
  • Updated: October 10, 2012 - 11:10 PM

Homes sold faster and nearer to asking prices than a year ago, while foreclosure sales and short sales were at lowest level since '08.

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tnelsonyOct. 10, 12 9:02 PM

4% over last year and last year was horrible. Nothing to crow about.

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infowarsOct. 10, 12 9:03 PM

Pure propaganda article. The Fed's Ben Bernanke believes in the "wealth effect". Meaning that when people feel/think they're wealthy, they're more apt to SPEND. Ben wants SPENDING to increase badly so they fudge (lie) about data to get people to buy into the new and improved housing bubble. Too bad you can NEVER re-inflate a bubble once it bursts. Ben is trying though. Watch the price of Gold continue to rise as these bankers (mobsters) and politicians (hired thieves) continue to debase the currency via QE to infinity.

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jessy03Oct. 10, 12 9:25 PM

We would rather have it decline and complain about it.

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dtmonkeyboyOct. 10, 12 9:38 PM

It amazes me how no matter what the news is, some will bend it, twist it an manipulate it to fit their crazy notion of the world....Qand if they can't do that they blame the media. Sales are up. Inventory is down. Prices are rising. This trend has been having for months. The sky is blue. Grass is green.

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tunesmithOct. 11, 12 7:23 AM

The median home sales price is now at $174,000. The median household income in the Twin Cities is $65,000. The traditional rule of thumb for home affordability is 2.5 - 3 times average income. Therefore, in a normal market, the median home sales price in the Twin Cities should be somewhere between $162,000 and $195,000. Conclusion: yes, the Twin Cities housing market has recovered.

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thatisright1Oct. 11, 12 9:26 AM

I think it's a good sign of continued recovery in the housing market. Tunesmith gave some good supporting numbers.

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FrankLOct. 11, 1210:03 AM

My neighbor just listed his house with an asking price that it was sold at in 1995. Where have prices come back? I had lunch with a business colleague and after looking at the market analysis prepared by the real estate agent, he passed. The closing prices of various homes didn't seem to follow any logical pattern.

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stevefurlongOct. 11, 1210:19 AM

Our market is better than most areas of the country. It is all about jobs and unemployment. The more people working here the more homeowners we will have. I'm looking for the tipping point when conventional sellers are able to list their home for a reasonable (defined by their own expectations) price. Fact is: inventory is short right now. That in itself will drive prices up.

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dlzabzOct. 11, 12 2:26 PM

I've been following a lot of houses on zillow as I'm looking to upgrade. Seems like there are a lot of houses that have been listed 2 years or more. Homes priced right are selling, I have a rental house that is worth less than it was in 2002 still. Market is really weird right now, listing prices are probably 10% than sales prices.

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dodger27Oct. 11, 12 3:22 PM

I work for a real estate company in MN and our numbers agree with what Janet is stating. Inventory is down, which is what helps and also people have gotten better at pricing their house. Most sellers are getting close to their asking price. For the reader checking Zillow, that website is not what we would consider accurate. Zillow is not updated accurately and the estimated values are not even close. Personally, I have a number of friends who put their house on the market only to have it sell before they had a chance to find a home that they wanted to purchase. The homeowners in the deepest hole are are those who bought townhomes and owe more than $120k, most townhomes aren't going for more than $100k.

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