A Ray of Economic Hope from Across the Border - Minnesota Jobless Rate Drops in October
The Minneapolis Star Tribune reported Thursday that the jobless rate in Minnesota fell .5% in October, from 6.9% to 6.4%.
Why is this good news for home sellers on Madeline Island?
Because over three-fourths of prospective buyers in our zip code (54850) come from the State of Minnesota. A significant majority of Madeline Island second home owners come from the Minneapolis - Saint Paul metro area.
It won't bring immediate relief, but good economic news from a neighboring state can mean more buyers, particularly in a market that is largely recreational and second homes. And at a time when second home inventory is stagnant, lending is almost nonexistent and buyers are on the sidelines, news like this could mean an improvement in the number of buyer prospects for recreational property in the La Pointe, Wisconsin area during 2012.