Home Sales Stubbornly Continue to Increase Through October[MAAR]
October stats are in. High points: YOY Pending sales and closed sales up 6.9% and 12.0% respectively. 40% (!!) of pendings are under $150k in price, pushing median sales price down 18% to $180k. WOW: 48% of all sales lender mediated (foreclsoure, short sale, etc.)
Minneapolis Downtown Condo Update [Jennifer Kirby]
Excellent breakdown points out that Downtown Minneapolis has more for sale listings than any other district, almost all condos. Other highlights: Avg. 108 days on market, inventory down 28%, average price UP 5.6%, only 8% of sales foreclosures/short.
Have Home Sellers Given Up? [Boardman]
Did you know that St. Paul has had 3,333 canceled listings this year? Teresa Boardman tells us what this might mean.
Foreclosures not Dwindling; Prices Still Falling [Buchta/Strib]
Read closely and you might see a quote in here from someone you know…
Strip and Steal Hurting Minneapolis [Minnpost]
When a Meth addict has taste: Architectural theft is a huge problem in vacant period homes in Minneapolis. Copper theft is SOOOO last year.
Elsewhere & Otherwise:
Appraiser Should Use Recent Comps [Matrix]
If you don't understand where appraisers fit into a real estate transaction, read this right now.
"Investing" in AIG et al [Steven Randy Waldman]
An excellent rant: "What kind of society is compatible with an economy managed by a cadre of large, politically connected firms whose operations and those of the state are intimately connected, and which cannot be permitted to fail since that would bring "chaos"?
TARP Update: Remember that $700 Billion Dollar bailout thing? The one where Treasury was to spend the money buying toxic assets from banks, and thereby save the financial system? Yeah, um, they aren't doing that anymore.