Home sales in the Twin Cities housing market continue to show strong year-over-year growth, but we must continue to point out that this is mostly due to how extraordinarily quiet last year was at this time following the expiration of the federal home buyer tax credit.
For the week ending July 9, there were 788 pending sales, an increase of 40.2 percent from a year ago. The amount of signed purchase agreements seen in recent weeks is similar to the activity for the same weeks in the summer of 2008.
The good news is that fewer homes are being listed, which is helping to dampen any potential for an oversupply problem. Over the last three months, there have been roughly 1,400 fewer new listings than during the same period in 2010, and the inventory of available homes for sale is down 16.1 percent from this time last year.
As always, balance between buyers and sellers plus a healthy, sustainable market is the ultimate goal.
Lots of underwater forclosures on the way. Many in the $250,000 to $450,000 range. Thosa people are hurtin' with alla those unpaid bills on the table and jobs/incomes slippin' away.
I was just talking with a couple that hasn't made a mortgage payment on their Southwest Minneapolis home in over a year!!! Squating, and proud of it! Blamed it on the Bank. Dang bank for not working with them anyway. Who's fault was it that got them into that loan anyway? I guess it was the banks! Not the fact they spent WAY TOO MUCH on an extremely overpriced home!!!
There's a shadow inventory looming that is on the rise. Scary times are really right around the corner ::(((
Posted by: Kim | July 19, 2011 at 08:26 PM