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Sep 30, 2008 6:17 pm US/Central
Small Signs Of Hope In Twin Cities Housing Market
(WCCO)
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The Minneapolis Area Association of Realtors said that in the last seven weeks, 1,500 more homes were sold than the same period last year and there are eight percent fewer homes on the market than a year ago.
AP
For the first time in a long time there are small signs of hope on the home front. The local housing market shows signs of improving.
The Minneapolis Area Association of Realtors said that in the last seven weeks, 1,500 more homes were sold than the same period last year and there are eight percent fewer homes on the market than a year ago.
The translation: the bulk of homes for sale -- which have been forcing home values down -- is beginning to ease.
"We're seeing some buyer entry into the marketplace, and that is really good news for our Twin Cities marketplace," said Kevin Knudsen, President of Minneapolis Area Association of Realtors.
However, many homeowners haven't seen evidence of the recovery because most of the movement has been taking place with homes priced under $200,000 -- and many of those were homes that have been foreclosed.
The big question is how the events of this past week will affect what appears to be the beginning of a housing recovery in the Twin Cities.
Some experts say that depends on Congress passing a federal bailout which is widely expected to make home loans easier to get.
Eric Good is trying to sell his home in South Minneapolis. He said he would have liked to see the bailout pass.
"From a selfish standpoint, I kind of wish that it had gone through (Monday) because people hopefully would be able to get credit and buy my house," Good said.
The values of people's homes remain lower than it was at the peak of the market a few years ago. Estimates of how much value your home has lost range from four to 10 percent.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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