Housing market appears to be picking up

Wednesday, February 22, 2012

With both closed and pending home sales up and the median sale price beginning to stabilize, the Minnesota housing market appears to getting ready to roll this spring. In a Star Tribune article about the positive outlook, Shenehon Center for Real Estate director Herb Tousley noted that while the foreclosures that have plagued the market will "be with us for a while," the recent national mortgage settlement will alleviate some of that burden by providing "some clarity."

In related news, Tousley was cited in a separate Star Tribune story about the liquidation of the assets of the real estate development corporation Rottlund Homes. Rottlund, one of the biggest homebuilders in Minnesota, went bankrupt last year and more than 500 lots it owned are being sold by the Bloomington office of CBRE Group Inc. When asked about the selloff, Tousley noted that there will be demand for the lots, as observers are "starting to see some niche residential development if the site is right."

Originally published: 02/22/2012, Star Tribune