Neighborhood Market Update

We in the Minnesota are pretty conservative - ketchup is about as spicy as many of us dare to get and we don't deviate too much from the average. Because of this, the Twin Cities real estate market hasn't seen the high highs and the low lows that much of the rest of the country has seen.

While many appear to be waiting for the economy to improve and unemployment to drop, home sales have dropped by some 40% since the April 30 end of the federal home buyer tax credit. In our neighborhood, we've had three homes sell over the past 90 days, compared to five homes sold over the past 90 days in 2009.

Foreclosures have tapered off some in the past 90 days and at least two banks (GMAC and J.P. Morgan Chase & Co.) have suspended foreclosure activity while they sort through paperwork irregularities and possible improper signatures and falsified documents used in current and past foreclosures.





Click see the current neighborhood homes for sale and sold in the past 90 days