Why would Minneapolis be least affected? They’ve got housing bubble trouble too.
Let’s compare foreclosure.com information. Minneapolis (San Diego) has 590 (613) foreclosures and 2 (4083) preforeclosures, 1101 (1784) bankruptcies, and 9 (15,508) tax liens.
In August, Inman News listed Minnesota has one of 7 states with the highest month over month increase in foreclosures, at 31%.
If you google “housing bubble minneapolis”, you get plenty of hits, including the one I read from the Federal Reserve, showing Mpls. had the highest bubblicious appreciation in the 9th district.
vrudny, land speculators are in as much denial as anyone else. Ask your brother for hard data on inventory and sales, months on market. I would guess the outlying land he is buying now is cheaper than a few months ago, so he thinks it’s a bargain, not realizing the reduced prices are due to the bubble popping. My sister’s boyfriend is building a McMansion on a lake in North Dakota bordering Canada, and he still believes that Californians will pay him top dollar when construction is complete. After all, Californians have been buying up homes all over the lake. He also insists his car dealerships will continue doing well, since there is no way a recession is coming; the economy is too strong. So much for people in the business having clear vision.
