The bottom continues to drop deeper and deeper in the housing market. According to the National Association of Realtors, median home prices in the U.S. fell on average 7.6% in the second quarter of 2008. I, however, believe this figure to be a little deceiving. I believe this because the figure that the National Association of Realtors is using takes into account both recent foreclosed properties and properties sold by individuals. Foreclosed or bank owned properties typically sell between 10-20% less than that of an individual seller. According to the Minneapolis Association of Realtors, home prices of individual sellers in Minnesota has only declined by a modest 3%, rather than 7.2% listed on CNN Money for the Minneapolis-St. Paul surrounding areas.
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