The recovery in the resale price of homes in the Twin Cities last year apparently was a mirage.
The Case Shiller Index from Standard & Poors, which measures the resale price of a home, has fallen for a fifth consecutive month in the Minneapolis area. It dropped 1.4% in November. It’s the longest slide in prices since the index showed almost two consecutive years of declining home prices (month-to-month), which started in 2007.
Prices dropped 4.5% from a year earlier. After a near 18% decline in 2008, prices recovered slightly in 2009 (up a little over 1%).
About the blogger
Bob Collins has been with Minnesota Public Radio since 1992, emigrating to Minnesota from Massachusetts. He was senior editor of news in the ’90s, ran MPR’s political unit, created the MPR News regional website, invented the popular Select A Candidate, started several blogs, and every day laments that his Minnesota Fantasy Legislature project never caught on.
NewsCut is a blog featuring observations about the news. It provides a forum for an online discussion and debate about events that might not typically make the front page. NewsCut posts are not news stories.