Real Estate News 
There are currently 68 blog entries related to this category.
Razing Houses to Improve Housing Stock in the Twin Cities
Monday, October 31st, 2011 at 11:57pm. 393 Views, 1 Comments.
Quite a bit of Minnesota's housing stock is old and outdated. Though many are in decent condition, not all homes are worth saving and rehabilitating.
South St. Paul's Housing and Redevelopment Authority buys and razes these types of properties as part of a program to clear old lots for new housing. Started in 1996, the Rediscover South St. Paul program logged its 100th new home built on lots cleared of dilapidated houses.
South St. Paul went into the housing renewal business because it could not count on the private housing market to remove dilapidated homes, said Mayor Beth Baumann.
Although renewal is happening on its own in cities like Edina, where developers regularly buy small older houses, raze them and build large new homes at a profit, in South St.…
Healthier Indoor Air Radon Mitigation Standards Pushed for New Homes Constructed in Minnesota
Tuesday, September 20th, 2011 at 2:00am. 534 Views, 1 Comments.
Rules for mitigating radon gas inside homes constructed in Minnesota are some of the strictest in the nation, but the state Department of Health, concerned the rules don't go far enough, has a new request for builders.
Radon is a naturally occurring, invisible, odorless gas that can be found in soils throughout the United States, including Minnesota. Much like the name suggests, radon is also radioactive. The U.S. Environmental Protection Agency estimates that as many as 800 Minnesotans die each year from radon-induced lung cancer.
Though passive radon vents are already required by Minnesota law, the State Department of Health (MDH) is now asking builders to voluntarily install attic fans that can more actively draw out the toxic gas. So far, only a few…
August Twin Cities Home Sales Activity Offers Mixed Results
Tuesday, September 13th, 2011 at 1:39am. 492 Views, 0 Comments.
There have been noteworthy shifts for Twin Cities real estate. Buyer activity is increasing, while sellers are making fewer concessions to sell their homes. Falling supply and improving absorption rates in many communities also suggest that the market is regaining its balance.
Aaccording to the Minneapolis Area Association of Realtors, a few indicators posted improvement over August 2010. New Listings in the Twin Cities region decreased 10.7% to 6,144. Pending sales were up 46.4% to 4,358. Inventory levels shrank 21.4% to 23,502 units. The Median Sales Price decreased by 10.9% to $156,000. Days a property typically spent on the market increased 7.4% to 136 days. Absorption rates improved as supply of inventory was down 18.9% to 7.1 months.
Two other recently…
Summer Signs of Optimism in Twin Cities Real Estate
Sunday, August 28th, 2011 at 8:32pm. 452 Views, 0 Comments.
Despite continuing economic uncertainty, the housing market in the Twin Cities area showed modest signs of improvement in July.
At the end of the month, pending Twin Cities home sales were up 42.7% over the same month of the previous year, when sales were dropping after the tax credit expired for first-time home buyers. It was the third consecutive month of double-digit, year-over-year gains in pending sales, according to data released by the Minneapolis Area Association of Realtors.
Home prices have not yet rebounded and a new report suggests that foreclosures will continue to dominate the market. In spite of this, market watchers see reasons to be optimistic.
Declining inventory is the most promising sign. With sellers reluctant to brave the tough market,…
In-Law Units, Granny Flats and Accessory Dwelling Units
Tuesday, July 26th, 2011 at 5:47pm. 781 Views, 1 Comments.
For decades, American houses got bigger and bigger, even as family sizes got smaller and smaller. As the real estate market collapsed and the economy soured, more extended families began sharing space, including unemployed young adults moving back with their parents and financially strapped senior citizens moving in with their grown children.
Author Michael Litchfield thinks this trend will continue, as Americans increasingly question whether they're making the best use of their space. In his new book, "In-laws, Outlaws and Granny Flats" (Taunton Press, $24.95), he shows how to create secondary living spaces -- also called in-law units, granny flats and accessory dwelling units.
Additionally, TATA, which brought a $2500 car to India, is now is taking orders…
Federal Program to Help 1,400 Minnesotans Facing Foreclosure
Monday, July 11th, 2011 at 11:09pm. 734 Views, 1 Comments.
[UPDATE: The application deadline for this program has been extended through Wednesday, July 27, 2011]
A new program offering money to catch up on delinquent loan payments is accepting applications in Minnesota. Qualified applicants should hurry, as the time frame for joining this program ends July 22.
The Emergency Homeowners' Loan Program will provide up to $50,000 in interest-free, forgivable loans to qualified borrowers. The national program is designed to bring selected homeowners current on their loans, and to assist with future mortgage payments over two years. The loan is forgivable for homeowners who stay in their homes five years beyond the program's two-year duration.
The loans are available to borrower(s) who:
- Had income declines of 15% or more due…
Mixed Results for Recent Twin Cities Residential Sales
Friday, July 1st, 2011 at 3:58pm. 452 Views, 0 Comments.
For people with the money for a down payment and are able to get a mortgage loan, this summer is turning out to be an excellent time to purchase a Twin Cities home.
Prices plunged 11% in April compared with a year ago, with the Minneapolis – St. Paul Metro Area continuing to lead declines among major cities. The nation's housing market could be headed for a double-dip fall.
The Standard & Poor's/Case-Shiller index of 20 cities dropped 4% in April from a year ago, the steepest decline since late 2009. But no metro area prices sank like the Twin Cities, the only one posting a double-digit decline in prices. It was the third straight month the Twin Cities led declines among the country's largest cities, falling 10% in March and 8% in February. There's no clear…
Woodbury retail center in the works
Monday, June 27th, 2011 at 2:48pm. 745 Views, 0 Comments.
A new grocery store and shopping center is being built to accomodate Woodbury residents.
The tentatively named Bielenberg Gardens project is the first part of a high-density "urban village" master plan the City is drafting for the southwest corner of Bailey Road and Radio Drive. Woodbury has determined that is the suburb's next area for residential growth in the future.
One of the Twin Cities fastest-growing suburbs in the past decade, Woodbury experienced a wave of construction of malls, shopping centers and stores, but much of it was in the city's north near Interstate 94. The suburb's south has fewer basic services, and the new project's developers -- Bloomington-based United Properties and local residential land developer Tim Thone -- say the shopping…
June is Home Ownership Month
Wednesday, June 22nd, 2011 at 3:58pm. 409 Views, 0 Comments.
For many citizens, owning a home is the definition of American independence. Because of how important home ownership is to Americans, June has been declared National Home Ownership Month. The theme this year is "Rural Housing/Rural Jobs."
During the kickoff of National Homeownership Month, U.S. Agriculture Secretary Tom Vilsack drew attention to the important role housing plays in creating jobs, maintaining viable communities and contributing to the economy. Since the beginning of the fiscal year, which began in October 2010, USDA Rural Development has financed about 80,000 home loans for rural residents.
"Housing drives rural economies and supports healthy rural communities," Vilsack said. "About 50 million Americans call rural areas home, and safe,…
Some good news for Twin Cities real estate in May
Wednesday, June 15th, 2011 at 5:56pm. 451 Views, 0 Comments.
The local real estate market is making some progress, according to data released by a Twin Cities organization.
Figures from the Minneapolis Area Association of Realtors show that pending sales for May 2011 were up 13.2% from the year before, with 4,428 contracts signed. Part of the improvement is due to a drop in pending sales in May of last year, following the end of the federal first time homebuyer tax credit.
Though the median sale price of homes decreased 12.6% to $152,950, the median sale price of non-distressed properties rose 1.4% to $200,700. Foreclosure prices were down 16.4% to $104,450, and short sale prices were down 5.6% to $135,000.
About 4,968 non-distressed properties entered the market in May 2011, more than the 4,202 of May 2010. Distressed…
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