BusinessWeek just published this story entitled, “Signs of Life from the Real Estate Market.”  They discuss that in a number of parts of the country, prices have gotten so low that buyers are out en masse actively pursuing foreclosures and short sales.   The markets across the country have been in a major resetting mode.  Whether or not the prices in the Twin Cities have dropped enough to get the buyers out is still to be confirmed.  We won’t really know that until more time goes by.

This article points out something I’ve been saying for a long time now and that is we need to continue to see transaction activity improve first and then we’ll eventually see home prices firm.

Congratulations to Woodbury, MN.  They made BusinessWeek’s list of 25 zip codes that are showing significant improvements in transaction activity.