Pockets of recovery
Wednesday, August 3, 2011
Brett and Heather Edelson aren't looking for anything out of the ordinary: a four-bedroom house in Edina with a big yard and a finished basement. They've been shopping since March and still no deal.
"We thought it would be a buyers' market," said Brett. "We're surprised at how few houses there are to look at."
He had reason to think he'd be in the driver's seat. Since the housing crash began in 2005, home prices appeared to hit bottom just before the $8,000 federal home buyer's tax credit helped boost prices early last year. The credit expired in April 2010, causing sales to slow and prices to fall again.
Home prices in the metro area have fallen another 10.2 percent since the credit expired. Herb Tousley provides his expert opinion...
Keep reading: http://www.startribune.com/business/126408518.html
Originally published: 08/03/2011, Star Tribune