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Jan 14, 2009 2:44 pm US/Central
Not All Bad News For Twin Cities Housing Market
MINNEAPOLIS (WCCO) ―
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Information released at the press conference Tuesday morning suggested a bright side to the current housing crisis.
AP
Numbers released at a meeting for Realtors suggest the housing situation in the Twin Cities isn't all bad, but it definitely depends on how you spin it.
Information released at the press conference Tuesday morning suggested a bright side to the current housing crisis -- foreclosures and short sales in the Twin Cities were down 4.3 percent from the third quarter.
This marks the first time that number has gone down since 2003, which is one reason real estate agents could remain hopeful for a better market in 2009.
Members of the Real Estate Association said about 15 percent of Twin Cities' real estate agents have dropped out of the business because things have been so tough.
Still, home sales in 2008 were down 3.3 percent from the year before, and Realtors said we likely have yet to reach rock bottom.
The average home price in the area is $195,000, which includes two categories -- one for foreclosed home sales (which average about $145,000) and one for traditional home sales (averaging about $223,000).
According to lenders, you can currently get a home loan if you have a job and can put 5 percent down.
Additionally, the number of new home listings has dropped by about 10,000 from last year, which is helping the oversupply problem sellers were facing before.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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