The Skinny Blog

Insight

As many have noted, one of the biggest changes to the Twin Cities and national housing markets was the sudden influx and subsequent absorption of distressed properties.  “Distressed” simply refers to any new listing, active listing or closed sale where the lender either owns the property (foreclosure) or the property was sold for less than
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Although 2010 included sales gains driven by a springtime tax credit, it also endured an extended decline after it expired. The year is summed up by a boom-and-bust tax credit, 55-year-low mortgage rates, record high affordability levels and a sluggish economic recovery. 2010 BY THE NUMBERS • 82,127 new homes introduced to the marketplace, down
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Pending sales in the Twin Cities housing market have showed a year-over-year increase for two straight months—a notable and positive achievement that we’ve pointed out in a few spots before. The question for today is whether or not this is going to continue through the remainder of 2008. Will sales remain robust, fall a bit,
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I went to a Twins game the other night. Shocking but true. It just so happened to be the game where Joe Mauer got two balls thrown at his head, Gardy got ejected, and the Twins blew a three run lead in the late innings. So needless to say, the game could’ve gone better. The
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Winter is an omen of change, both positive and negative, in Minnesota. Dying leaves, falling snow, stalled cars and chapped lips on the negative side. Holiday spirit, the Super Bowl, skiing and ice fishing on the positive side. It’s also a sign of seasonal change in the Twin Cities housing market. Market activity slows down
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Yesterday, I wrote about "Policy and a Pint," a refreshing and unique format for learning about and discussing important topics that should matter to everyone. The day before discussing mortgage issues at Policy and a Pint, I was in Brooklyn Center at LD4, the Land Development Conference. I generally dig the events put on by
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There’s been a lot of talk—quite understandably so—about the picture being painted by national and local data on housing prices in recent months. For potential home sellers, the numbers haven’t been pretty. Numbers from the National Association of Realtors showed a March median sales price decline of 7.7 percent from a year ago. The Standard
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With both the local and national housing markets experiencing prolonged, downward pressure on home values for the first time since The Great Depression, everyone and their mother is understandably curious about just how much less their home is worth this year, if at all. So the dataheads and number-crunchers and economists who make it their
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A compelling and mostly unanswered question: why are home sales sluggish? There’s a myriad of potential explanations to this question, many of which have already been talked about at length by others, including us. Most of these explanations are at least somewhat valid and salient, and the true culprit is likely an amalgamation of factors
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The run up in home prices during the boom years was fast and extreme, like an Andrew W.K. record. But the downward correction in prices—at least until recently—has been relatively slow and mild, like a Low record. In other words, the drop in home values we’ve seen so far is just a drop in the
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Call me crazy, but the tension between the media and the real estate industry is 100% fascinating. In case you missed it, there have been approximately 984,412 articles in the Twin Cities newsmedia the past two weeks on the local housing market. One on suburban foreclosures. One on the role of the credit crunch. Another
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REALTOR® associations have it rough. I know, I know…hearing us whine is not exactly what you come to this blog for. But hear me out. By some, we’re expected to be cheerleaders of sorts—shouting positive platitudes from the hilltops for all to hear, even in the darkest of times. Shining light on the silver lining
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By Jeff Allen (MAAR Research Manager), Mark Allen (MAAR CEO) and Greg Sax (MAAR Communications Manager) "What goes up, must come down" — Blood, Sweat and Tears, pioneering jazz-rock combo and noted housing economists It’s there. Creeping among the facts in our Market Indicators tool. Impossible to ignore. Uncomfortable to accept. The Twin Cities median
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Mark it, dude. 2007 will go down as one of the most interesting years in the history of residential real estate. It was a year of frustration for many, as too many sellers were competing for too few buyers, consumers watched financing options disappear, at-risk borrowers were being smothered by resetting mortgage rates, and brokers
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