The monthly survey of the resale price of a home in the Twin Cities was nothing to write home about. The price of a home increased only .8 percent in Minneapolis in July, the Case-Shiller Survey said today. The survey tracks the resale price of a home.
"Home prices may be finding a bottom," David Blitzer, who heads the Standard & Poor's survey, told CNBC. That's pretty much what he's said each month for the last year and a half.
The housing situation always comes down to the banks. "It's harder to qualify for a loan," Blitzer said. "You need better credit scores than you needed two or three years ago. There's probably some refinance activity, but I suspect it's being drowned out by the foreclosure activity."
Minneapolis has mostly been at the top of the list each month. This month's surprise, however, was that last year's basket case -- Detroit -- now has the biggest gain in home prices. It couldn't have gotten much worse.
Change from June
Source: Case Shiller Survey
The survey showed the fourth straight month of increased home resale price increases for Minneapolis, though July was much slower than the previous three months. That happened a year ago, too. The prices are back to where they were in November 2008.
The prices are up 6.4% from a year ago. It appears the "bottom" of the housing market here was reached in April 2009.
One of the top stories in the nation today is the shooting in the library at the University of Texas. NPR is following the essential details, but it's a clip of tape in the 10 a.m. news on NPR that caught my attention. It was from a student who also works for the public radio station there.
The hardest-working people in showbiz this week are the TV reporters covering the potential of flooding in downtown St. Paul. They have to do "stand-ups" in front of a river that isn't behaving badly yet.
Today, the National Weather Service raised the prediction of the crest level of the Mississippi River in St. Paul to 18.5 feet Saturday morning.
Since we have four days to wait, let's build a photo chart showing the various river levels. It'll come in handy in the future.
Wabasha St. Bridge
I'll be collecting screenshots of reporters who need to stand in the water to tell their flood stories. Send yours to me if you want it included in the scrapbook.
The Online News Association today announced its finalists for its annual awards, and that video, from MPR's Curtis Gilbert and Molly Bloom is a finalist in the category: Online video journalism-small site.
The Economist has unveiled the global debt clock, a country-by-country look at which countries are tapped out. In the image above, the darkest countries are the ones most in debt.
You can manipulate the data for the last decade. Did you know, for example, China's public debt is increasing at a 15% rate for 2011? That's lower than the United States' anticipated 12.7% increase. But the U.S. debt is about $27,000 per capita. It's about $800 per capita in China.