You must be registered to comment and vote on comments.
Why are any new houses being built when the market is still flooded with foreclosures? Makes no sense.
My house has lost value yet again, I dont know who or where these people are getting their info from but they clearly are not getting the whole picture....
Disgusting... there's actually demand for formulaic exurban homes? And we think that's the sign of economic recovery? Look how suburbs' finances fail miserably after one lifecycle... donut development is what has made America poor.
Because banks control foreclosure process greatly. Interesting how this shows the recovery that certain candidates were in denial about a month ago.
pitythefools, have you ever looked at the condition of the average foreclosure or worked with a bank on a foreclosure/short sale/bank mediated sale? A lot of people don't want those headaches. The bulk of the foreclosures (not all obviously) are also often in less desirable neighborhoods.
See Minneapolis Federal Reserve data on foreclosures are still at all time highs. Suspect only reason for new home sales going up is the government subsidized and easy to get loan is still out there. In other words the government still has not learned the leason from 2006/2007 collapse.
I doubt there are many single family homes in this mix, the prices of homes are still below the cost of building. Yes, some people just want a new home, but it is like buying a new car, you take a 20% depreciation the moment you get the keys.
The value of my house went down... HOORAY! I have to live in something, it's the same house with the same size and doors and walls it always has been, but the property taxes dropped a bunch!... The only thing that the value of what one lives in does for anyone is feed an ego or have the kids inheritance drop... I'll take the lower property taxes, (even though I know it will only be temporary.)
They used to build 14k house each yr? Back in the good old days? A huge glut of empty house, foreclosed house, people desparate to get out of houses, people barely hanging onto their underwater houses? Yes, let's build more houses. Since there are so many buyers lining up to buy them.
I'm guessing the mega apartments popping up along the light rail make up most of the permit applications. Deceiving stats. It's not people spending money because they feel comfortable with the economic situation, it's businesses looking to make money - and my guess is that there are some sizable subsidies given to them to build these liberal pipe dream apartments in those locations, herding up the masses into confined quarters & further expanding their reliance on the government. Wake up people.
Your comment is being reviewed for inclusion on the site.
Comments will be reviewed before being published.
425 Portland Av. S.
Minneapolis, MN 55488
© 2014 StarTribune. All rights reserved.
StarTribune.com is powered by Limelight Networks