Investment Mortgage Guy

According to the Star and Tribune, median homes prices for the Twin Cities increased from $150,000 in February of 2009 to $159,000 in February of 2010. In general, I agree with the article. I think we will see the median home prices continue to rise as the foreclosures move from inner city properties to the suburban communities. This doesn’t mean that homes in your neighborhood are going to increase anytime soon. The median is the average of all homes. As larger homes start to get resold through the foreclosure process, the median home prices will also increase. It’s a healthy sign that housing is recovering. As we see signs of recovery, interest rates will rise and lending guidelines will loosen.

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Star Tribune Article on Housing