Ripples

Star Tribune Wed, 07 May 2008 02:45:49 GMT
Distressed properties dragging home values down

A Realtor group's report shows the huge effect of foreclosed homes and other distressed properties on the area's median home price. Foreclosures and other distressed properties are saturating the housing market and pushing down the median sale price of houses throughout the metro area, according to a study released Tuesday by the Minneapolis Area Association of Realtors. During the first quarter of the year, properties identified in the survey as "lender-mediated listings" represented more than a fifth of all houses on the market and more than one in four home sales in the 13-county metro area. When those distressed properties are factored out, the Realtors say, the Twin Cities median price fell 3.9 percent in the past year, instead of an overall 10.4 percent decline.

[[keywords: Housing;Metro;]]