From Fox 9 News on November 8th....
Recently released housing numbers have showed that sales prices are down 7 percent in the seven-county metro, despite predictions from real estate experts that rock bottom had already been hit. FOX 9 News spoke with Chris Galler, CEO of the Minnesota Association of Realtors, about the metro housing market's health.
The numbers for September show that median sales dropped from $172,000 to $160,000 in the Twin Cities -- and new building is expected in 2012. Though values are going down, Builders magazine's annual ranking of housing market health put the Twin Cities at number one.
The list was based on projected price appreciation, population growth, income growth, and improving employment picture. According to the numbers, in the Twin Cities, home prices here are expected to rise 8 percent next year, the highest growth projected in the 100 cities analyzed.
A lot of analysts have predicted that 2012 will be the year banks catch up with all the foreclosures that have been hampering the market, but it's still unclear how long it will take for the market to stabilize.
Read more: Realtor Talks Metro Housing Market Health http://www.myfoxtwincities.com/dpp/money/realtor-talks-metro-housing-market-health-nov-8-2011?CMP=201111_emailshare#ixzz1dhFkUGgT
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