“15% of the real estate in Minneapolis is currently on the market.”
Probably would be higher, but people might owe more than the house/condo is worth.
Well, if things get bad enough (as I observed studying the collapse of Chicago’s West Side in the 1950s and 60s), when things get bad enough, you’ll be forced to cut your losses. (Preferably sooner rather than later.)
One of the more heartbreaking stories I read was of an Italian-American couple, that made a retirement investment of a three-flat in Chicago’s west side North Lawndale neighborhood, for about $15,000, around 1948...a decade later, when the neighborhood was in freefall, the widow didn’t even get $1000 for it.