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.
More from Just Listed
Developer Hines has broken ground on its all-timber office building in Minneapolis' North Loop, the first commercial building in the U.S. to use an engineered wood material for its interior and structure. The Houston-based real estate company announced Monday the start of construction on the 220,000-square-foot, seven-story office building (being called T3 for its emphasis on timber, transit and technology) that has garnered national attention.
A Radisson Red hotel, the chain's latest brand, is coming to downtown St. Paul across from the Xcel Energy Center. Minnetonka-based Opus Development Company and Minneapolis-based Greco, the joint partnership proposing a mixed-use development on the highly visible Seven Corners Gateway site, also announced Carlson Rezidor Hotel Group as a partner and owner of the hotel. The news comes about three months after Ryan Cos. announced it was building a Radisson Red in Minneapolis as a part of its Downtown East project near the Vikings stadium.
Breezy Point Resort on the North Shore of Lake Superior is the latest ma and pa resort to change hands
The waterfront cottages were bought by Odyssey Resorts, which now owns seven properties in northern Minnesota
Mattamy Homes is planning to convert one of the oldest golf courses in the state into an upscale housing development.
Tony Kuechle is the company's new vice president of development and Melissa Pahl has been named director of development