With each passing month, woes continue for the Twin Cities housing market. A steady stream of reports show the housing market still faces a mighty struggle, as home values continue to fall and the number of homeowners who owe more on their mortgages than their houses are worth continues to rise.
The latest data, from Zillow.com, said that by the end of 2010, 42 percent of all single-family homeowners in the Twin Cities were underwater on their mortgages, significantly more than the 27 percent figure for the nation.
During the quarter, home values fell 12 percent in the Twin Cities metro area compared to the prior year, and Zillow said it was one of the worst quarters since it started tracking real estate trends in 1996.
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