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Tuesday, August 13th, 2013 at 12:31am. 209 Views, 0 Comments.
If you’ve been paying attention to the news coming out of Washington lately, you may have heard that Congress plans to shut down Fannie Mae and Freddie Mac. The plans would phase out the government-controlled mortgage guarantee giants over the course of five years.
The push to dismantle Fannie and Freddie is a result of the housing crisis the country has experienced. Freddie and Fannie teetered under a crush of massive losses on risky mortgages before being bailed out to the tune of $187 billion, about 2/3 of which has already been paid back to the government.
The House Republican bill would practically entirely privatize the mortgage market, andd limit the Federal Housing Administration to insuring loans only for first time home buyers and lower-income…
Tuesday, January 15th, 2013 at 1:51am. 1119 Views, 0 Comments.
Minneapolis real estate and other Twin Cities area communities had a good year in 2012 and it is expected that the trend will continue in 2013 for home sellers.
A few things are working in our favor here in Minnesota, as far as real estate sales are concerned.
First, Minnesota has a low unemployment rate. And we don’t just mean “relatively low,” as it’s hovering just above 5 percent right now.
Second, Minnesota, and in particular the Twin Cities area, has an incredible employment base. The state is home to huge corporations, small businesses, manufacturing, financial, creative, theaters, art. Being on the river, we even have longshoremen. Pretty much whatever you want to choose for a career, you can do here. This is leading to an influx in new residents…
Wednesday, October 31st, 2012 at 8:09pm. 682 Views, 1 Comments.
Nationwide, it seems the housing market is heating up, just as it does nearly every Spring and Summer – including in the Twin Cities area. Even with those seasons passed, the interest rates are still low with plenty of homes available on the Twin Cities real estate market. That considered, more and more Minnesotans are pondering if they are ready to buy a home yet. There are many things to consider, especially for those who may be first time home buyers.
Here are some questions and some possible answers to think of if you are considering buying a home.
· Are you planning to stay put? If the answer to this is no, you might want to reconsider buying a home. If you think you are planning on stay in an area for any less than 5…
Sunday, March 4th, 2012 at 6:05pm. 663 Views, 0 Comments.
Buying a home is now more affordable than it has been in the last twenty years.
That is, according to this CNN article. Due to declines in home prices and nearly record-low mortgage rates, the National Association of Home Builders/Wells Fargo Housing Opportunity Index now registers a record level of affordability.
According to the index, 75.9% of all new and existing homes sold during the three months ended Dec. 31 could have been comfortably purchased by families earning the national median income of $64,200.
That was the highest percentage recorded in the 20-year history of the index, and a sharp increase from just three months earlier when 72.9% of all homes sold were considered affordable.
The National Association of Realtors reported that in January, home…
Monday, May 9th, 2011 at 6:25pm. 884 Views, 0 Comments.
There are two new assistance programs available in Minneapolis for home buyers and home owners, but act fast because they are limited in availability and funds.
First, Neighborhood Housing Services of Minneapolis is offering home buyers in North Minneapolis a $5,000 forgivable loan towards the down payment of a home if a purchase agreement is signed by May 31 and the sale is closed by August 15. If the new owner lives in the home for 5 years, the interest-free loan will be forgiven. There are no income restrictions for qualifying. Loan funds for this program are limited to $100,000, so when it's gone, it's gone!
Second, homeowners and buyers in foreclosure-impacted neighborhoods of Minneapolis can apply to the City’s Rehab Support Program. It…
Friday, January 21st, 2011 at 12:42pm. 942 Views, 0 Comments.
Last year was the worst for home sales since the Minneapolis Area Association of Realtors began tracking home sales in the Twin Cities metro area nearly 10 years ago. The number of Twin Cities homes sold slipped in 2010 to 37,365, down 17% from 2009. It was even lower than 2008, which many industry experts had hoped was the bottom of the market. Median sales prices did rise a modest 2.3%.
Rob Grunewald, associate economist for the Federal Reserve Bank of Minneapolis, said that while the construction industry saw more promising numbers during the last weeks of the year, a full thaw for the housing market isn't likely during 2011. "While the overall Minnesota economy is expected to recover moderately in 2011," he said. "The housing industry faces conditions…
Monday, September 6th, 2010 at 4:32pm. 1255 Views, 0 Comments.
The Parade of Homes will mark its 62nd fall event during its run from September 11 through October 3. The Parade this year will feature about 330 Twin Cities homes in 80 metro region communities that range in price from $144,900 to $3,485,000.
The Parade of Homes is a resource for Minnesotans to see hundreds of new homes. The Parade was designed to encourage prospective home buyers to compare styles, locations, construction techniques and materials. It also helps people to find ideas and inspiration.
Parade of Homes visitors can also attend more than 40 informative events. The new Showroom Tour includes 15 stops with the latest and greatest in appliances, cabinetry, bath fixtures, flooring, stone and landscaping products. Additionally, 29 local restaurants…
Wednesday, August 18th, 2010 at 6:24pm. 904 Views, 1 Comments.
Minneapolis and St Paul Zero Down Payment Loans
No Down Payment Saved? NO Problem!
The Affordable Advantage program has arrived to Minneapolis - St Paul! We have been eagerly awaiting this zero down payment loan program for a few months. If you’re like many Minnesota first time home buyers, saving down payment is tough with everything else you have to pay for. We get it! This couldn’t come at a better time – lower rates, super low home prices and it being a “buyer’s market.” Who could ask for more?
So what about the issues some people have when using FHA financing? Will this still be a problem? All loans can have their issues, but this is NOT an FHA loan. It is conventional financing so you have a better opportunity getting an offer accepted on a…
Sunday, July 4th, 2010 at 8:16pm. 1213 Views, 0 Comments.
Is it cheaper to buy a home than it is to rent a home? In some cities, renting is more expensive than buying!
Trulia.com recently released its new Buy vs. Rent index, ranking the top 10 cities in the United States where buying a home makes most financial sense. Minneapolis (and by close relation St. Paul and most of the metro area) has landed on that list. Though Minneapolis didn't see the same huge spike in real estate prices that other communities experienced during the housing boom, once prices started dropping, home ownership became really cheap.
In Minneapolis, the average listing price for a home placed on the real estate market is $153,844. A 30-year fixed rate mortgage for that amount locked in at the rate of 4.638% APR would result in a monthly…
Wednesday, February 17th, 2010 at 9:12pm. 623 Views, 2 Comments.
Even during the traditionally slow winter selling period, the Twin Cities housing market saw home sales prices increase slightly in January 2010 compared to last year. It is the first year-over-year increase in over 3 years. The number of houses sold remained essentially flat compared to January 2009.
"We've safely weathered the worst of the housing market decline, despite continuing worries about future home foreclosures," said George Karvel, a real estate professor at the University of St. Thomas.
The Minneapolis Area Association of Realtors reported the January median sale price to be $157,000, a 1.3% increase. That was the first time since July 2006 that the median sales price was higher than previous year, according to the Realtors association. Though…
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