As the numerous construction cranes that dot the Minneapolis skyline suggests, the city is in the midst of a development boom fueled by a steady economic recovery. If you're interested in getting a better understanding of the many facets of the city's economy, click here to see "Minneapolis Trends," a 44-page quarterly review of socioeconomic and housing data. Below is an exerpt that focuses on housing.
Dream homes and distressed sales helped propel Minnesota's busiest real estate agents to the top of their class last year, according to an annual survey by Real Trends, a Denver-based real estate research company, and Trulia.com. That survey is completely voluntary, but is vetted to make sure that agents aren't over-reporting sales. Here's a link to the complete list of top agents/teams in Minnesota, but here are top three in each category.
Top agents by volume
Top agents by transactions
Top teams by volume
Top teams by transactions
After months of discouraging signals, a flurry of monthly reports released this morning offer some positive news for the housing market. Here's a summary:
Long-awaited good news for the housing recovery: After several months of declines, existing home sales across the country rose 4.9 percent from April to May - a stronger-than-consensus gain, according to a monthly report from the National Association of Realtors and Wells Fargo Securities. Sales were down five percent compared with last year.
That national report, which is seasonally adjusted, doesn't include local data, but earlier this month we reported that home sales (not seasonally adjusted) in the Twin Cities increased nearly 26 percent from April to May, though May sales were11 percent lower than last year.
Trends of note:
We'll have the latest local data on July 14 when we report the June homes sales for the Twin Cities metro.
With home prices on the rise, fewer homeowners owe more than their houses were worth. A new CoreLogic report says that during the first quarter one in 10 Twin Citians, or 12.7 percent of all properties with a mortgage nationwide, were upside down on their mortgage. That's about 6.3 million homes compared to 6.6 million homes, or 13.4 percent, during the previous quarter. As a year-over-year comparison, the negative equity share was 20.2 percent, or 9.8 million homes, last year.
"Prices continue to rise across most of the country and significantly fewer borrowers are underwater today compared to last year," said Anand Nallathambi, said CoreLogic's president and CEO. "An additional rise in home prices of 5 percent, which we are projecting will occur over the next 12 months, will lift another 1.2 million properties out of the negative equity trap."
The foreclosure crisis in Minnesota is nearing an end, but communities of color are still struggling to keep pace with the recovery. That's according to an annual report released this morning by the Minnesota Homeownership Center, which provides homeownership counseling, foreclosure prevention service and other support to Minnesota homeowners.
For example, in North Minneapolis prices have fallen so far that a homeowner who bought in 2006 at the neighborhood’s median price would need to see their 2013 home value increase by 85 percent to return to its purchase price. On the other hand, in Southwest Minneapolis, house prices have risen to pre-crash levels.
“This report gives us a clear understanding of how homeownership impacts communities – from safe neighborhoods and engaged citizens, to better educational achievement and health – as well as the barriers and opportunities that will influence our next generation of homebuyers,” said Julie Gugin, executive director of the Minnesota Homeownership Center.
This June, the Minnesota Homeownership Center and its network of nonprofit partners, the Homeownership Advisors Network, will offer free homebuyer education to potential homebuyers
Click here for info.