2008 assessments
From:
Carol Becker
Date:
Mar 13 13:01 UTC
Short link
14.7% decrease for me in Longfellow neighborhood. I'm still ahead of what I
paid, when adjusted for inflation and also still ahead of what I paid for half
of my house in 2001.
For folks who have not seen it, there is a great chart at the beginning of
this report which shows what is going on in the market.
http://www.mplsrealtor.com/downloads/market/RREAR/RREAR_2007.pdf
Basically, people can't sell for what they want so more and more houses are
piling up on the market. At the same time, loans have tightened up
significantly, so it is harder for people to buy. For people motivated to
sell, they have to accept less and less for their houses, driving down prices
overall further. It seems to be a pretty bad spiral. The other thing that
happens, as prices fall, people are defaulting, reducing the amount of money
available to loan, making it harder to get loans, making things worse.
Clearly things are going to get worse before they get better.
The one thing that should be a silver lining is that there should be some
shift in property values away from homeowners to commercial/industrial
property. That is one of the things that has really hit Minneapolis
homeowners hard. It should also resolve the limited market value problem.
Carol Becker
Longfellow
.