According to The Wall Street Journal:

Quote:

The number of homes for sale in 18 major metro areas declined in November, marking the second monthly decrease in a row. The number of listings in Minneapolis area dropped 5.8%

The decline is roughly in line with normal seasonal trends, and the supply of houses and condominiums for sale remains at unusually high levels in most of the country. Moreover, some economists expect inventories to bloat again early next year as more foreclosed homes hit the market and tight credit deters buyers. Still, the modest decline over the past two months is a positive sign for a housing market suffering from a glut of properties for sale.

Total listings of homes in the 18 metro areas at the end of November were down 2.5% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm in Emeryville, Calif. The data cover all listings of single-family homes, condos and town houses on multiple-listing services in those areas, where Zip operates.

The biggest declines were in the metro areas of Boston (down 8.2%) and San Francisco (6.4%). Inventory grew 2.8% in the Miami-Fort Lauderdale area, where there is an immense glut of condos, and was little changed in the metro areas of Phoenix, Orlando, Tampa and Los Angeles.
Nationwide, the number of detached single-family homes on the market in October was enough to last 10½ months at the current sales rate, according to the National Association of Realtors. That's more than double the level of two years ago and the highest since 1985.

The housing market's activity is linked with our winter weather. When it is too cold or too snowy, people tend to stay at home instead of go on home hunting. It will be interesting to see how the latest snow storms further affect the already slow housing marketing in Minneapolis and St Paul areas.

Have you seen a breakdown of the various price brackets and the percentage of foreclosures in each? I'm sure some people are defaulting in all ranges, but I thought that the bulk of foreclosures were in distressed areas with marginally qualified buyers. I wouldn't think that would be competitive with average qualified homeowner income areas, or really effect the supplies there. For example, I wouldn't imagine a buyer considering both North Minneapolis and Maple Grove at the same time head to head. How much of a drop in median priced home listings and sales are you seeing?

Minneapolis Realtor wrote:

The housing market's activity is linked with our winter weather. When it is too cold or too snowy, people tend to stay at home instead of go on home hunting. It will be interesting to see how the latest snow storms further affect the already slow housing marketing in Minneapolis and St Paul areas.

On a side note, a lot of mortgage brokers are folding up their tents in Minneosta

Quote:

Minnesota's corps of mortgage originators has shrunk dramatically as companies fold and merge amid an accelerating housing downturn. There are 1,202 licensed mortgage originators, the state Commerce Department said Friday - a 70 percent ker-thunk from a previous count of 4,000. Mortgage originator is a term used to cover both mortgage brokers and non-bank mortgage lenders who finance home loans. Their two-year license renewal deadline was Oct. 30.

The severe housing slump and credit-market turmoil clearly are thinning the ranks. But the Commerce Department said state laws passed last spring also are driving the drop in licensees. The laws cracked down on mortgage lending, required individual brokers to incorporate as a company, pay higher fees to renew their licenses and maintain a net worth of $250,000 or a $50,000 surety bond. They simply have more skin in the game now, said Commerce Commissioner Glenn Wilson.

Many one-person operations that had been run out of cars or basements simply have vanished, while other shops have merged with banks or other brokerages. More than 900 local brokers either have incorporated under the new regulations or gone to work for some other company that maintains one mortgage-originator license for all its brokers, Commerce said. In Minnesota, mortgage companies must be licensed, but individual brokers within the company don't have to be.

Some real estate agents, too, are throwing in the towel as closings slow but Commerce hasn't tallied the license renewals for agents yet. Sam Fudenberg, a long-time Realtor at Coldwell Banker Burnet's Roseville office, said a few of the agents in his office are quitting as his office closes to merge with other Coldwell Banker Burnet offices in the area.