The Standard & Poor's/Case-Shiller Home Price Index shows home prices in Minneapolis-St. Paul fell 3.1 percent in February compared with January. The seasonally-adjusted numbers for February show a smaller dropoff of 1.3 percent
Home prices nationally were up 4.8 percent in the second quarter compared with the first quarter. Seventeen cities showed price gains on a monthly basis. The biggest monthly price increases were in Chicago, Detroit and Minneapolis.
Home sales in the Grand Cities appear to be on the rebound after dropping off the past two years. “We’re definitely on track to do the type of sales we did in 2006 and 2007,” said Mavis Winkels, president of the Grand Forks Association of Realtors.
The Commerce Department said that new home sales rose 27 percent in March, rebounding from the previous month’s record low and blowing past expectations as better weather and government incentives boosted sales.
The news gave the Dow Jones Industrial Average and energy prices a lift, with the Dow up about 10 points in morning trading.
Amid nationwide ups and downs, ‘we’ve been consistent’ “Back in the mid-2000s, when the East Coast and West Coast were going crazy, our sales rates just rose at a nice steady pace. Even during the gloom and doom of the housing crisis, our market has always been good.”
The tax credit of up to $8,000 for first-time owners was originally set to run out on Nov. 30, but Congress renewed it earlier this month and broadened its reach. People who have owned their current homes for at least five years can now claim a tax credit of up to $6,500 for a home purchase. To qualify, buyers must sign a purchase agreement by April 30.
The National Association of Realtors said today that sales dropped 2.7 percent to a seasonally adjusted annual rate of 5.1 million in August, from a pace of 5.24 million in July. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters.
The National Association of Realtors said today its seasonally adjusted index of sales contracts signed in July for previously occupied homes rose 3.2 percent to 97.6. It was the sixth straight increase and 12 percent above the same month last year.
A St. Charles man has been sentenced to 21 days in jail and four years probation for killed a young girl’s cat with a bow and arrow. Ajalon Thomas Corcoran, 24, was earlier convicted of felony mistreatment of animals. Corcoran said the cat was eating birds and messing in his garden. Defense attorney J.P. Plachecki said Corcoran didn’t know the cat was someone’s pet.
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