Homeownership Drops by Largest Amount Since Great Depression

By Jeanne Roberts It’s probably no surprise that the number of individuals owning homes has experienced its biggest drop since the Great Depression, an epoch usually defined as the decade between 1929 and 1939. The figures are from the U.S. Census Bureau, and show that the rate of homeownership fell to 65.1% in April 2010, or 1.1% lower than it was a decade earlier. This is compared to ownership levels of around 70% in 2005, which means a … [Read more...]

Home Prices Decline Year Over Year

By Kevin Chiu Home prices declined an average of 4.4% on a year-over-year basis in the U.S. through August, despite a slight increase in home values over summer months as a result of higher home sales, and record low mortgage rates, according to real estate research firm CoreLogic. The decline in home values echoes Housing Predictor forecasts for most U.S. cities for the year. The 0.4% August drop was the first decline in four months after … [Read more...]

Tornado, Flood Damage Tops $260 Billion

By Mike Colpitts Catastrophic flooding along the Mississippi River and the outbreak of tornadoes in the Midwest and South are destroying thousands of homes and businesses. The series of disasters are estimated to top $260 billion in property damage, according to initial estimates gathered from federal and state authorities. A tornado believed to be just shy of an F-5 with winds that were estimated to be 198-miles-per-hour just two m.p.h. … [Read more...]

Win a Condo Raffle for Charity

By Kevin Chiu A Twin-Cities man thinks he's found a way to buck the tough real estate market and attract attention to sell his condominium, despite the sluggish marketplace, and William Panzarella is doing it all in the name of charity. The Minneapolis condo owner has teamed up with a real estate agent to raffle off his 2 bedroom, 2 bathroom unit and give the proceeds away through his foundation in a unique answer to the region’s condo … [Read more...]

2011 Minnesota Housing Market

Rebuffed by the expiration of the federal home buyer tax credit, Minnesota home sales are down as homeowners wait for spring time sales to pop back, while bankers slash housing prices on foreclosures to get them off the books. The Minnesota market, which has endured so much and appeared as though it may have been recovering, is in a second downturn. Home sales slid in the latter part of 2010 after the federal tax credit expired in … [Read more...]

2010 Minnesota Housing Market

After nearly three years in a downturn home prices rose faster than just about anywhere else in the country in the Twin Cities, but after the cancellation of the federal home buyers’ tax credit things cooled off quickly, and that’s the way things are projected to be the remainder of the year. That isn’t all bad news for the region though, which has some of the most affordable homes in the country. Home prices, however, should make little … [Read more...]