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Pending home sales rose in May to the highest level in eight years
I wish they'd provide some details in these snippets. Where are these sales and price increases? Who's doing the buying? My guess is that it's lower end housing, purchased by wealthy investors who will rent them out. Bounce around Zillow in the Twin Cities and they show forecasts of less than 2% increase in price for 2013, and houses still aren't selling for what they sold for 10 or more years ago. One day the 1% will own all the housing, and we'll all rent from them. More trickle up economics.
pity, the enemy paper had a nice chart of price increases by neighborhood. Some of the most desirable neighborhoods such as Highland and Mac Groveland had very little appreciation. Appreciation was highest in the lowest cost (<100K) neighborhoods. Dellwood was down -18%. They made the excuse about high gas prices, but I doubt someone in Dellwood is concerned about gas prices.
Zillow is extremely inaccurate. Look at "The Thing" on the Minneapolis Area Association of Realtors as they have a fantastic database with all the stats you could ever want.
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