Zillow released there second quarter Real Estate Market Reports yesterday. The market reports are based on a variety of statistics that bring together current data of not only homes that sold but equity loss as well. You can view 165 market areas all the way down to the local level to get a better idea of how your area is performing.
How did Minneapolis do?
Overall Minneapolis showed a 6.5% decline compared to 12.1% in St. Paul. A couple of cities posted declines greater than 15% and only one city, Carver posted a decline of less than 1%.
However, it is very important to note that some of the cities that posted large declines are due in large part because of the amount of foreclosures. These cities were part to large amount of fraud especially the outer ring suburbs.
Going back to the national scale, a couple of disturbing stats that came from the data was the amount of people that have negative equity. If you purchased you house in 2006, 45% are underwater and within the last five years about 29% owe more on their home than what it is worth.
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