The data used to make the chart is gathered from the MLS. The data in the MLS is deemed reliable but not guaranteed. This data is for September 2008 for single family homes which includes condos, in the city of St. Paul, MN. Homes that are pending have had offers made on them, and those offers have been accepted by the seller but the sale and has not yet closed.
The prices are the actual sales prices of all homes that closed during the month of September, all 262 of them. The areas of the city that have the most foreclosures also have the lowest average sale prices.
For numbers from previous months see Local Market Conditions and Home Prices For Local Mortgage News go to Behind The Mortgage by Alex Stenback
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The price for the Central area is alarming. I want to believe that the bulk of these sales are foreclosure and short sales. But with 90 pendings, second-most only to another foreclosure-ravaged district, I have to wonder if regular, move-in-now homes are really going for this low of a price. If so, eek. The disparity between the haves (Mac-Groveland) and have-nots (Phalen, for example) is growing exponentially. This can’t be good for the city. Unfortunately, we seem to be matching a national trend. At what point does the word “revolution” enter the political rhetoric?
Are you suggesting that the people who live in the less desired neighborhoods may turn violent?
The global banking crisis will eventually pull most neighborhoods down fairly evenly.
But depreciation will occur at different rates, even though all ares will decline substantially.
The lower income areas fail first, as did subprime. This sector of the market has the least margin for error. The wealthier neighborhoods will catch up, we can be certain.
If Manhattan and San Francisco are falling (the so-called ‘immune’ markets), there is not way our wealthier parts will escape.
Subprime was never the problem, by the way. It was simply the first (least stable) domino in this credit bubble.
PB – have you bought a house yet?
Not yet, renting is still cheaper that buying in my target neighborhood, but I’m looking more.
Houses are dirt cheap in this awful economy. First time buyers will be pleased.
I have dislike for apartments because they usually make you sign a contract which might be longer than you want it to be.
Foreclosed homes, along with sublet apartments can be a great deal.