epa homesale1 Minneapolis Tops in Home Price Drops

More than 40% of homes for sale in Minneapolis area have had price reduction

Not much good news in a real estate report that’s been issued. If you’re trying to selling a home, and have had to cut the price , join the group.  A report from Trulia.com shows that 42-percent of all homes currently for sale in the Minneapolis area have undergone a price reduction. That’s the highest figure in the country according to the website. A separate report, from the Minneapolis Association of Realtors, revealed that home sales dropped 38% in July.

  1. Lila Rekedal says:

    Why does no one see the whole picture?

    When I was first married, we had a home loan (for our home) at 11%! Then when we bought a car, we had to get a separate loan to buy that! Then if we bought appliances or furniture, we had to get a separate loan for that! Now everyone gets a home loan and then buy cars, appliances, & furniture, and they add that to their home loan. Then all of a sudden, they owe more than their home is worth, but they have no other loans! If they had separate loans for everything, their home loan would be no more than their home is worth.

    There is a business owner that I know, who wanted to sell his large home with lots of acreage and a large shop, but could not sell it because of the price. So this person borrowed against his home and built a large commercial building and sold that. Then he let the bank have his unsaleable home and he had the cash from the sale of the commercial building and built a new home, mortgage free. How about that!

    We recently took out a home equity loan, and the banker stated that we could put all our other bills on this loan. No wonder the banks and mortgage companies are in trouble.

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