Anatomy of a Real Estate Recovery: Minneapolis
The chart above illustrates the significant recovery in the Minneapolis Area real estate market based on data through March:1. New listings, pending sales, and closed sales have all increased compared to both March last year and March 2008.
2. The dollar volume of closed sales increased in March from last year.
3. The median sales price increased by 7% from March last year, and the average sales price by 6%.
4. The sales price as a percent of list price increased to 94% in March 2010, up from 91.5% last year and 91% in 2008.
5. Total listings available for sale have fallen by 17% since 2008, and the months supply of inventory has fallen by 32 percent since 2008.
Bottom Line: Although not presented here, the year-to-date data through March show the same strong gains as the March-only data. By every important measure (price, unit sales, inventory, etc.), the real estate market in the Minneapolis Area has experienced a full and broad-based recovery this year.
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Anatomy of a Continuing Financial Crisis:
Prinsbank, Prinsburg, Minnesota, Assumes All of the Deposits of Access Bank, Champlin, Minnesota
Access Bank, Champlin, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with PrinsBank, Prinsburg, Minnesota, to assume all of the deposits of Access Bank.
As of March 31, 2010, Access Bank had approximately $32.0 million in total assets and $32.0 million in total deposits. PrinsBank will pay the FDIC a premium of 0.02 percent to assume all of the deposits of Access Bank. In addition to assuming all of the deposits of the failed bank, PrinsBank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.5 million. PrinsBank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. Access Bank is the 66th FDIC-insured institution to fail in the nation this year, and the fifth in Minnesota. The last FDIC-insured institution closed in the state was State Bank of Aurora, Aurora, on March 19, 2010.
wow! can't believe that budget.. too bulky..
Kick-ass. This chart illustrates the significant increase in foreclosures in the Minnesota real estate market based on data through March.
Source.
Keep in mind the tax incentive the Feds were giving out. Lets wait to see what May brings.
How would you have liked to have lived through the Great Depression where there was little government intervention and assistance for average people.
Would those people if they were alive today be impressed by the almost never ending unfolding of adverse events that just seem to roll out in a continuous stream.
People today seem to be totally un feeling to the crashing economy and just move forward in a caviler manner without any human feeling towards other men.
Another dead bank no worries throw it on the pile with the rest of them.
http://www.doctorhousingbubble.com/
"Housing never really improved – 10 charts showing the United States housing market is entering the second wave of problems. 1 out of 4 people with no mortgage payment in the last year are still not in the foreclosure process."
Always worth a read.
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