Minneapolis Foreclosures Bring Down Market Values
Wednesday, February 25th, 2009Worst, No. 4: Minneapolis, Minn.
Index score: 127
Prices were last this low: April 2002
Month-to-month drop: -4.6%
Year-over-year drop: -18.45%
Deceleration rank: No. 20
Forbes.com just released data from S&P/Case-Shiller home-price index, released Feb. 24, 2009.
They state that Minneapolis, MN is the #4 worst housing market in their “10 Best And 10 Worst U.S. Housing Markets”. Although our real estate market has gone through tremendous stresses in the last year, there is no way we should have even made this list. We have seen values drop 5-50+% depending on which area of Minneapolis you focus on. The SW Minneapolis and Lakes area have been able to hold their values much better that North Minneapolis, Phillips and Powderhorn neighborhoods. The silver lining to declining market values is affordable housing. First time buyers now have the opportunity to own homes that they can actually afford. If you are thinking of purchasing a home in Minneapolis or St. Paul or in the Twin Cities metropolitain area, now may be the time. It is very important to find an agent that know foreclosures / REO properties and regulations in Minneapolis, St. Paul or the municipality in which that home resides.
