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%).