Wednesday, August 20, 2008

Minneapolis housing market woes 

The Twin Cities real estate market continues to be flooded with "lender-mediated" sales. Here's the report. Lowlights from the press release:
The mix of traditional and lender-mediated has changed so much that the net price decline overall has fallen 11.9% over the last two years. Over that same period, traditional home sales have fallen more than 43%, while foreclosures and short sales have risen by a factor of more than five.

Data on the right (from Calculated Risk) shows that the overbuilding of 2004-06 has yet to be worked out nationally. The same appears to be true for the Twin Cities.

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