Having trouble paying your mortgage? Pay attention to this post. A new set of rules being referred to as the "foreclosure relief bill' is aimed at helping financially troubled Minnesota homeowners avoid foreclosure. Those rules go into effect today.
Here a summary of the key provisions, according to information from Gov. Mark Dayton's office:
The new rules, which received broad support from housing advocates, Legal Aid, banks and credit unions, will bolster recent federal regulations from the Consumer Financial Protection Bureau, and will strengthen protections already in place under state law.
If you need help, or have specific questions about the new rules, contact Legal Aid's Ron Elwood at email@example.com.
There's another sign of good news for the Twin Cities housing market: Fewer homeowners in the Twin Cities are having trouble paying the mortgage. CoreLogic said today that the foreclosure rate in the Twin Cities metro area was 1.04 percent during May, a decrease of 0.80 percentage points compared to May of 2012.
That's compared with a national foreclosure rate of 2.61 percent. Mortgage delinquencies are also falling. The group said that during May, 3.19 percent of all mortgage loans were 90 days or more delinquent compared to 4.42 percent for the same period last year - that's a decline of 1.23 percentage points.
Clearly, the declines are the byproduct of several factors, including a more upbeat economy, rising home prices and more effective loan-modification programs.
Foreclosure rates for the month declined in all Minnesota regions tracked by CoreLogic, including Rochester, Duluth and St. Cloud.
Barry Berg gets the prize for most volume at Coldwell Banker Burnet. He and his team closed 60 deals worth more than $50 million during 2012, capping a 30-year sales career with the company. Since 1982, the luxury home specialist sold more than $1.5 billion in real estate.
John Schuster, the head of a team that specializes in selling foreclosures and short sales, took the top spot for homes sold, finishing the year with more than 200 home listings
Berg and Schuster both work out of CBB's Minneapolis Lakes office, which is managed by Matt Baker and is routinely one of the top producer at a national level.Colder Banker Burnet is owned by New Jersey-based NRT.
If you're interested in learning more about top-sellers and listers in the Twin Cities metro and the secrets to their success, stay tuned for a story that will be published on July 20 in the Star Tribune Business section.
A new series on HGTV called "Renovate to Rent" that will premier tonight (Tuesday, June 11) was filmed entirely in Minnesota and will follows the house-hunting - and renovation - antics of Twin Cities-based real estate investors, Drew Levin and Danny Perkins.
Each of the eight episodes will feature Levin and Perkins as they hunt for the right investment property, renovate it & try to rent it out for top dollar. Perkins and Levin, longtime business partners, said that a Minnesota connection helped them land the program, which ends with a financial break-down of the property featured on that episode.
Levin, a real estate agent, and Perkins, a general contractor, aren't new to the business world. They were Minnesota’s 2013 Young Entrepreneurs of the Year for their efforts launching the first bricks-and-mortar venue for the Turkey-to-Go concept first launched at the Minnesota State Fair in 1959.
Foreclosure activity in the Twin Cities metro took a healthy dip during February, but mortgage woes remain a serious problem. CoreLogic said that the foreclosures rate in the metro was 1.15 percent for the month, a decline of 0.82 percentage points compared with last year when the rate was 1.97 percent. That’s well below the national rate of 2.85 percent. Delinquencies - loans that were 90 days or more late and an indicator of future foreclosures - also declined, falling 1.06 percentage points to 3.65 percent of all mortgages compared with 6.2 percent nationally.
Foreclosures have been falling slowly, but steadily as rising home prices lift homeowners out negativy equity, and improvements in the economy make it easier for people to keep up on their payments. Already, foreclosure listings in the Twin Cities metro have fallen dramatically, according to the Minneapolis Area Association of Realtors, which said that the number of lender-owned listings that hit the market during March was down nearly 30 percent.
CoreLogic, by the way, was the subject of big news this week. The company announced this week that it had acquired Case-Shiller, the group that produces the oft-watched Case-Shiller Home Price Index. No changes are expected.