When it comes to home values, Minneapolis has apparently surpassed even Detroit as the nation’s economic basket case.
The Minneapolis area had the worst one-month drop in the resale price of homes (seasonally unadjusted) from December to January of 20 major metropolitan areas. The Case Shiller Index, released this morning, measures the resale values of homes. It showed Minneapolis’ home values dropped 3.4% in a month. It’s the biggest one-month drop in the Twin Cities values since July of 2009, in the thick of the economic meltdown. It’s the sixth straight month of declines.