Hello out there! I am completely fresh at blogging, so a little patience while I learn please.
What you have undoubtedly heard through the media is that the real estate market is in the tank and nothing is selling. This is not true in our market.
The Twin Ports never really had the hot hot hot appreciation that some markets like MPLS-St. Paul, east and west coast, etc. So, when the market goes through a change, it hits those overheated markets hard, and they grab the headlines. I have been through market cycles a few times before (since 1986 - old guy here!) and the Twin Ports of Duluth MN and Superior WI have not been felt the same downturns, just like we don't feel the heavy increases. So, while we may have some adjusting going on in our market, rest assured that houses are still selling locally and we will all be fine.
Something that is making a difference locally is that some of the loose lending practices of the recent past have come home to roost and there has been an increase in foreclosures. This does have an impact on values - but this too should pass.
I will add some stats to this blog within a week to back up this point.
Thanks! Jim Ronding