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Will prices go to where they were in 1998

  • January 29 2009 - US
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Answers (1)

Pricing is so dependent on geographic location and market conditions. Here in Minneapolis there are homes that are selling for around what they sold for in in the late 1990s. Heck, I remember my mom bought her house in 1968 and she paid $20,000, which is the going rate of some very distressed properties in North Minneapolis.

Keep in mind that the serious drop in home values has been driven by the foreclosure market. In many cases those homes were purchased by people who over extended themselves at the time of purchase, and had no money left over for maintenance, never mind the damage done to the house once it's abandoned by the owners.

Properties that are well maintained (and actually livable from day one of ownership) should not have as great a drop in value. But once again, that is also determined by geographic and market conditions.
  • January 29 2009
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