Home Prices up... Good news???

Today, Case Shiller came out with the pricing index for homes sales around the country. Minneapolis was up 2.5%!

Okay-- enough rejoicing. Remember this was in the wake of the homebuyer tax credits--homes were moving more quickly, many homes were getting multiple offers. In fact, we still haven't even closed all those files yet-- buyers have until 9/30 to close on agreements they wrote on or before 4/30.

Now, we are seeing lackluster showings and very low buyer activity. I expect we will see more than a 2.5% home price decrease before the end of 4th quarter.

And, to the rumors of renewing a homebuyer tax credit--- I say government BACK OFF. We still need market correction and you meddeling in the market is only prolonging the pain we will feel sooner or later.