According to 3rd quarter Zillow market reports released this month, Minneapolis-St. Paul home values were down 28.2% from their 2006 peak… and 36.8% of home mortgage holders have negative equity in their homes.
If you are feeling trapped because you cannot sell your home without bringing money to the closing table you are not alone… 27.3% of homes nationwide sold for a loss in the 3rd quarter 2010. With home values declining for 17 straight quarters nationwide, the length and severity of current declines are rivaling that of the Great Depression.
Of course the flip side is that if you can afford to sell your home at a loss with the intent of buying another home, the price of the home you buy will also have a depressed price and you may be able to move up to a home you could only dream about in 2006.
Buyers with no home to sell have a golden opportunity to take advantage of the 'home sale of the century' with not only depressed prices but also record-breaking low interest rates !
Sharlene Hensrud, RE/MAX Results - Email – Minneapolis-St. Paul Realtor
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