Home Sweet Home, Insider-Tips on Minnesota real estate.

Weekly Market Activity Report

When compared to the previous week's dive, pending sales held strong during a time of typical seasonal swoon. For the week ending November 21, there were 604 purchase agreements, a 5.2 percent increase over the same week in 2008 and the first time in a month not to show a week-over-week plunge in sales activity. Although sales are up over last year, they have slowed considerably from October's tax credit gold rush. With the winter season before us, sales will likely continue their respite into 2010.   VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS TOP

If no one owns the home, who's watching the house?

With foreclosure comes a six-month purgatory for some houses, and cities have to step in to keep them from becoming a nuisance.

By MARY JANE SMETANKA, Star Tribune

 

For complete article click here

The Housing Boom and Bust, part 3

From the book "The Housing Boom and Bust" by Thomas Sowell. Excerpted by arrangement with Basic Books, a member of the Perseus Books Group. Copyright 2009.

This is the third installment of a Monday series excerpting the chapter on political causes from Thomas Sowell's latest book, "The Housing Boom and Bust.

For the complete installment publisheed in Investors Business Daily click here

Foreclosure Help Fraud

EDEN PRAIRIE, Minn. - There's a word of warning about companies promising to save a foreclosed home. The Attorney General's office and some local non-profits are seeing homeowners get scammed after paying an upfront fee, and then the company takes the money and disappears. So far, the AG has sued 12 out of state companies who charged an upfront fee and promised they could keep a person in their home, but didn't deliver.

Minnesota passed a law that a company can not charge an upfront fee and provide nothing. Attorney General Lori Swanson is pushing for this to become a federal law. 

To watch video click on MYFOX9.COM

 

Twin Cities home prices up 1.8%

The September increase led an index of 20 metro areas across the country.

By STEVE ALEXANDER, Star Tribune

 

For complete Star Tribune article click here

Weekly Market Activity Report

Home sales in the Twin Cities region have dropped significantly in recent weeks as the tax credit's extension temporarily reduces urgency and autumn's typical slowdown sets in. For the week ending October 14 there were 603 signed purchase agreements, down 7.1 percent from the same week last year. That's the first year-over-year decline since last October. Previous weeks leading up to the tax credit extension were showing 40 percent increases or higher.

The slowdown in sales has been expected. Said Lawrence Yun, Chief Economist for the National Association of REALTORS®, "Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month. A measurable decline should be anticipated." Our local market isn't always in line with the national message, but we have to agree on this one.

New listings continue to underperform 2008 figures, which is keeping inventory low. There were 1,208 housing units added for the week ending November 14. Total active inventory for the current week is down more than 20 percent from last year.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

Weekly Market Activity Report

Home sales in the Twin Cities region have dropped significantly in recent weeks as the tax credit's extension temporarily reduces urgency and autumn's typical slowdown sets in. For the week ending October 14 there were 603 signed purchase agreements, down 7.1 percent from the same week last year. That's the first year-over-year decline since last October. Previous weeks leading up to the tax credit extension were showing 40 percent increases or higher.

The slowdown in sales has been expected. Said Lawrence Yun, Chief Economist for the National Association of REALTORS®, "Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month. A measurable decline should be anticipated." Our local market isn't always in line with the national message, but we have to agree on this one.

New listings continue to underperform 2008 figures, which is keeping inventory low. There were 1,208 housing units added for the week ending November 14. Total active inventory for the current week is down more than 20 percent from last year.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

U.S. Existing Home Sales Rise 10%, More Than Forecast (Update2)

Nov. 23 (Bloomberg) -- Sales of existing U.S. homes increased more than forecast in October to the highest level since February 2007,spurred in part by a tax credit that lured first-time buyers.

To contact the reporter on this story: Shobhana Chandra in Washington at schandra1@bloomberg.net

The Housing Boom and Bust, Part 2

How Little Law From '70s Brought The Financial System To Its Knees

This is the second installment of a Monday series excerpting the chapter on political implications from Thomas Sowell's latest book, "The Housing Boom and Bust."

IBD Exclusive Series:
Thomas Sowell on The Politics of the Housing Boom

The second installment continues here

NEW VIDEO TO HELP DISTRESSED HOMEOWNERS

Navigating the U.S. Treasury's Home Affordable Modification Program (HAMP)