Comments for Twin Cities Real Estate Blog

Comment on The Twin Cities Housing Market Has Bottomed by Shadow Inventory - The Housing Market's Boogieman - Twin Cities Real Estate Blog

Shadow Inventory - The Housing Market's Boogieman - Twin Cities Real Estate Blog — Tue, 07 Feb 2012 17:03:27 +0000

[...] Sheriff Sales Are Also Down Dramatically [...]

Comment on Minnesota Pre-Foreclosure Notices Drop to New Lows by The Twin Cities Housing Market Has Bottomed - Twin Cities Real Estate Blog

The Twin Cities Housing Market Has Bottomed - Twin Cities Real Estate Blog — Tue, 07 Feb 2012 17:02:46 +0000

[...] (Quarter 4, 2011 data is now available) [...]

Comment on Shadow Inventory – The Housing Market’s Boogieman by EdNelson

EdNelson — Tue, 07 Feb 2012 13:24:30 +0000

That’s good! I know of other markets where they’re holding a SIGNIFICANT number (hard-hit states, CA, NV, FL, etc.).

Comment on Shadow Inventory – The Housing Market’s Boogieman by Aaron Dickinson

Aaron Dickinson — Mon, 06 Feb 2012 21:59:24 +0000

From what I have seen and heard from other agents, the banks are not holding a lot of vacant foreclosed properties – for the most part once they get it into inventory they are listing it for sale in a few weeks/months. This isn’t 100% universal, but it seems like that’s the majority of them based on what I’m hearing.

Comment on Shadow Inventory – The Housing Market’s Boogieman by EdNelson

EdNelson — Mon, 06 Feb 2012 21:21:19 +0000

Do we know how many properties the banks have taken back that HAVEN’T hit the market yet? I’d be more afraid of past foreclosures hitting the market all at once (or banks trying to ‘leak them’ slowly over the next 12 months) than NEW foreclosures hitting the market. Just a thought.

Comment on Minnesota Pre-Foreclosure Notices Drop to New Lows by Shadow Inventory - The Housing Market's Boogieman - Twin Cities Real Estate Blog

Shadow Inventory - The Housing Market's Boogieman - Twin Cities Real Estate Blog — Wed, 01 Feb 2012 21:11:33 +0000

[...] Pre-Foreclosure Notices Are Down Dramatically [...]

Comment on The Twin Cities Housing Market Has Bottomed by Mike Woods

Mike Woods — Wed, 01 Feb 2012 01:59:29 +0000

Aaron, I think we’ve bottomed in Indianapolis, Indiana too. However, I don’t expect to see much appreciation for another 5 years.

Comment on Missed Showing = Missed Sale by Don Shurts

Don Shurts — Thu, 26 Jan 2012 02:58:22 +0000

In an environment when there are so many homes for sale, sellers truly miss on tremendous opportunity when the reject a showing. Just this last week, we had 4 out of 10 showing request in Dayton, Ohio rejected. Our buyers were relocation buyers and were only in town for two days house shopping. So those four sellers missed a possible sale. Aaron, good reminder for sellers to do all they can to remain prepared for home showings.

Comment on The Twin Cities Housing Market Has Bottomed by Stanley

Stanley — Thu, 19 Jan 2012 02:48:40 +0000

The prediction that the housing market has bottomed in Minneapolis plucks ancillary supporting data for sake of convenience and ignores the statistics that people with serious skin in the game (read: Wall Street) know to be true. Based on predictions of tepid growth in the local economy, and no real progress in local wages or unemployment, 2012 is too soon for a recovery, and the economic cycle hasn’t fully run its course. There will be layoffs yet at several Twin Cities Fortune 500 corporations. Late 2013/early 2014 has always been the turnaround point which means the bottom will come during the Summer of 2013.

Comment on The Twin Cities Housing Market Has Bottomed by ryan l

ryan l — Wed, 18 Jan 2012 16:25:35 +0000

I agree for the most part, I think there are a few chinks in the armor. Vacancy rates in rentals might not hold quite as much water because many renters may be victims of the housing market and not qualified for home ownership, as such rental rates may also be artificially high due to essentially inelastic demand.

While it looks like the lower end of the market may be on the uptick I think that 1st time buyers who in the past would have bought a 200K house will now be effectively frozen out of the market due to lack of supply, tighter lending requirements and general risk aversion.

I agree that the days of buyers finding steals are gone, but I still am not sold on the market being healthy yet?

Will buyers move upmarket, will sellers move down market? Maybe townhomes and condos will finally start to turnover again? Only time will tell.

BTW great analysis again.

Comment on The Twin Cities Housing Market Has Bottomed by Jack Vilett

Jack Vilett — Tue, 17 Jan 2012 15:14:07 +0000

Thanks for all the great information and pointing out the block by block, type by type and price point by price point angle. I think your assessment of a bottom is most certainly correct for the low end of the market. Under $150,000 in many areas we can’t find our buyers home. The opportunities were there last year but we can’t find them now. Aaron, you rock, and thanks again for keeping us informed.

Comment on Foreclosures and Short Sales Now Worth the Same by Aaron Dickinson

Aaron Dickinson — Fri, 13 Jan 2012 14:38:15 +0000

I think that as foreclosure and short sale inventory continues to drop dramatically that we will see prices stabilize. If banks don’t get their act together however, we’ll see foreclosures worth more than short sales, which is just a shame.

Comment on Twin Cities Home Buyers Forget to Take a Holiday by Bethany

Bethany — Thu, 12 Jan 2012 16:53:07 +0000

I have thought about this in the past! Home sales usually drop during the winter months, but with a mild winter, there is no need!

Comment on Foreclosures and Short Sales Now Worth the Same by Bethany

Bethany — Thu, 12 Jan 2012 16:51:44 +0000

What do you think this means for the long term forecast?

Comment on Twin Cities Home Buyers Forget to Take a Holiday by EdNelson

EdNelson — Mon, 09 Jan 2012 14:27:29 +0000

Great post Aaron… I would be afraid that we’re “pulling demand forward” from people who may have been planning to purchase in the spring, but got an early start due to the weather. As always… time will tell. Let’s hope it really is the start of a true increase.

Thanks for your insight!