Here's what we're reading today:
- Shadow inventory is now at "manageable" levels, according to CoreLogic, which tracks the number of properties with mortgages that are seriously delinquent, in foreclosure or held by mortgage servicers. Most of these are distressed properties that are yet-to-hit the market, but likely to put a drag on prices of nearby properties. The October report says that there's now a 7-month supply of such properties, down more than 12 percent from last year. Here's a link to the full report.
- Home builders confidence during December rose for the 8th consecutive month, marking a two-point gain and the highest level since April 2006, according to the National Association of Home Builders. Details here.
- Has the budget deal had an impact today on mortgage rates? Dan Green's mortgage blog says "yes." Find out why.
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The tech industry has driven rental rates in the North Loop neighborhood of Minneapolis up more than 20 percent in two years, putting it in the top-10 fastest growing tech submarkets in the U.S, a study published Monday found.
U.S. construction spending hit a new postrecession high in July, reinforcing the industry's position as a pillar of the economy. Total construction activity rose in July to a seasonally adjusted rate of $1.08 trillion, a 0.7 percent increase from the revised June spending of $1.07 trillion, according to data released Tuesday by the U.S. Census Bureau.
Despite a recent spike in single-family construction, home building so far this year has been flat compared with last year
Mortgage rates dipped this week
City of Minneapolis staff are recommending the City Council award M.A. Mortenson exclusive negotiating rights for a highly visible strip of land on Washington Avenue in the Mill District. Mortenson was up against two other local developers in a competitively bid process for the purchase and development of 800 S. Washington Av. The decision came down to Mortenson versus Minneapolis-based Sherman Associates -- a prolific developer in the neighborhood. Ultimately, tax revenue was the deciding factor. Mortenson's project is expected to produce nearly $825,000 in annual taxes compared to Sherman's $665,000.