Both pieces (worth a read for much more than my quotes, for my non-relative readers) recapped the year that was in Twin Cities Real Estate 09, which was a very mixed bag, depending on which slice of the market you look at.
In fact, the Pi-Press ran an excellent graphic that says all that needs to be said about the direction of home prices, and how meaningless this market has rendered the terms ”average” and “median” as yardsticks for metro-wide price action:
Which is all that needs to be said, really, on 2009.
For 2010, I’d expect more of the same – a mixed bag, with incremental improvement in some segments of the market, while others continue to struggle, all against a backdrop of rates that will probably rise and another wave of price-eroding bank-owned real estate (foreclosures et al) that everyone – including this writer – seems to be predicting.
• Median Metro Home Price: $166,000[Chris Snowbeck, Pioneer Press]
• Foreclosures, Short Sales, Fuel 2009… [Scott Carlson, Finance & Commerce]