Local Real Estate News
| Friday January 2nd, 2009 |
| Nation: 4 Facts About Down Payments In Today's Market |
There is some misinformation in the media lately about the required size of a down payment for a mortgage in today's market. According to the National Association of Realtors, here are the facts:
Full Story: National Association of Realtors |
| Tuesday December 30th, 2008 |
| St.Paul: A Market Boost For Downtown |
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Lunds is coming to downtown St. Paul, which hasn't seen a grocery store in decades. The news is great for the city and its 14,000 downtown residents and 65,000 workers. In addition to long-needed access to a supermarket, the store will help boost the tax base, attract new residents and contribute to community building. Lunds Food Holdings said it will build a 30,000 square-foot store as part of an $88 million mixed-use project called the Penfield. Other supermarkets located in urban developments have shown that they encourage walking and buying smaller quantities of food more often. In addition, a downtown market offers a psychological lift as it signals that a developing urban neighborhood is succeeding and encourages condo shoppers to seriously consider living downtown. Full Story: Star Tribune (may require free registration)
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| Tuesday December 16th, 2008 |
| Nation: Fed Likely To Cut Rate Again To Ease Tight Credit |
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How low will the Federal Reserve go these days? The central bank has cut its benchmark rate to 1 percent buthe most economists think the Fed's rate-setting committee will take that down another notch or two when it ends a two-day meeting in Washington this week. the consensus bet is that the Fed will lower it's benchmark rate to 0.5 percent but a few economists predict down to 0.25 percent, which would be the lowest on record. If it happens, banks will find it a little less expensive to lend money and consumers with home equity loans and certain credit cards also will see lower interest rates. On the downside, many savers will see lower interest payments on their deposits. Full Story: Star Tribune (may require free registration)
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| Friday December 12th, 2008 |
| Minnesota: Why Are Property Valuations Up? |
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In this economic downturn, with home prices down,then your taxes for next year should go down, right? Homeowners showing up at truth-in-taxation hearings around the state are finding that is not necessarily the case and grappling with the fact that their property taxes will actually go up in 2009! Last night's hearing in St. Paul got a little heated with Christopher Rocco of St. Paul asking for an explaination of his taxes. The county has assessed the value of his home at $120,000 but he says that seven of the 21 units in his complex are in foreclusure. "They're selling for $20,000 apiece, so if they're trying to tell me that they're going to tax me on a $120,000 home, I'm not going to stand for that." Homeowners who want to appeal their property valuations need to do so in the spring, not December. Last spring, about 3,000 people contested their home values in Ramsey County and that figure could double next year. Says Gordon Folkman who directs the property tax division for the state's Revenue Department, "The primary reason that taxes change is that it's a function of a budget decision by cities, counties and school districts."Full Story: Minnesota Public Radio
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| Friday December 5th, 2008 |
| Long-Term Mortgage Rates Plummet |
Take a look at this chart. Rates are the lowest they have been since January of this year. 
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| Thursday December 4th, 2008 |
| Learn About The First Time Homebuyers Credit! |
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Want to know more about how the first time homebuyers tax credit works? Here are two links that can help you understand the opportunity and limitations the tax credit presents to buyers. National Association Of Realtors The IRS |
| Wednesday December 3rd, 2008 |
| Nation: Mortgage Rates Dip For 4th Straight Week! |
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30-year mortgages fell below 6 percent and are heading lower due to the government's massive new effort to aid the U.S. housing market. The Fed's move to spend up to $600 billion buying mortgage-backed securities owned or guaranteed by Freddie Mac and Fannie Mae caused rates to drop immediately by one half-point. Rates on 30-year fixed-rate mortgages dropped to 5.97 percent down from 6.04 the week previous. Rates on the 30-year hit a high for 2008 of 6.63 percent in July. Full Story: Star Tribune (may require free registration)
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| Wednesday November 19th, 2008 |
| Metro: Market Gains Momentum |
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Driven by bargain hunters and first-time buyers, the local market is feeling an uptick. Joel Jordan was pleasantly surprised when the house he fell in love with in Stillwater, dropped in price by nearly $30,000 and making it affordable. He had looked at about 40 houses, mostly foreclosures and fixer-uppers. Despite an almost daily dose of dim economic news, the Twin Cities metro area is gaining some momentum. Pending home sales rose 6.9 percent during October from a year ago. It was the fourth consecutive month of year-over-year increases. Closed home sales for the year are still almost 5 percent behind last year, but rose 12 percent in October. A growing share of those sales were distressed sales which help drive down the median sale price and those prices are now approaching levels not seen since the beginning of the decade. Full Story: Star Tribune (may require free registration)
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| Thursday November 13th, 2008 |
| Nation: Rise In First-Time Buyers, Long-Term Plans |
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The 2008 National Association of Realtors Profile of Home Buyers and Sellers shows first-time buyers have risen and they plan to own their homes longer than buyers in the past. Lawrence Yun, NAR chief economist, "First-time buyers are more flexible in entering the market because they aren't concerned about selling an existing home. Given low home prices, plentiful supply and affordable interest rates, it's been an optimal time for entry-level buyers with a long term view. The number if first-time buyers rose to 41 percent from 39 percent of transactions last year and 36 percent in 2006. The median age of first-time buyers was 30, down from 31 in '07 and the median income was $60,000. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007. Full Story: National Association Of Realtors
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| Thursday November 6th, 2008 |
| Eagan: Carriage Hills Parcel May Go To Developers |
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Eagan voters on Tuesday were leaning against raising their taxes to cover the $$10.25 million tab to purchase the former Carriage Hills golf course and leaning toward using the land for public facilities, recreation and open space. Rejection of the purchase would clear the way for a developer to build as many as 480 homes on the site. Voter rejection of the purchase would allow the developer to build a mix of single-family homes, apartments and townhouses on 90 of the site's 120 acres. Full Story: Star Tribune (may require free registration)
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