New News? Or Recycled Rumors? Foreclosures across the country and the Twin Cities are likely to increase in the coming months, dashing hopes that the new year will deliver a rebound in housing prices, despite record-low mortgage rates and dwindling inventory. –Jim Buchta, “Home Values Could Take New Hit From Foreclosures“; Star Tribune (Jan. 2,...Read More
Upper Bracket No Longer Immune The rich are different than you and me. –F. Scott Fitzgerald When it comes to escaping the scourge of foreclosure, the rich have three singular advantages — and one distinct disadvantage — relative to mere financial mortals. First, the advantages: One. Bigger financial cushion. More affluent home buyers frequently put down...Read More
19(!) Showings in Six Days Where: 5201 Pennsylvania Ave. North in New Hope. What: 4 BR/2BA rambler with 1,455 FSF. Who: listed by Alex Boylan and Tracy Gazett, Edina Realty. How much: $80,000 (tax assessed value = $170,000). When: 6 days on market. Since hitting the market last Wednesday (July 20), this New Hope foreclosure has...Read More
Misleading “Median” If you averaged temperatures in the Sahara and Antarctic, you’d get a mild 60 degrees or so — and a meaningless statistic. In a nutshell, that’s my reaction to the most recent Twin Cities housing statistics, showing that the median Twin Cities home sales price in January was $140,000. But that number means virtually nothing, because...Read More
