Posts Tagged with lofts minneapolis

Although the housing market struggled to maintain an even footing in 2011, gradual improvement is expected in 2012 and beyond, according to projections at a residential forum here at the 2011 Realtors® Conference & Expo.

Lawrence Yun, chief economist of the National Association of Realtors®, said home sales should be stronger. “Tight mortgage credit conditions have been holding back home buyers all year, and consumer confidence has been shaky recently,” he said. “Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely. This demand could quickly stimulate the market when conditions improve.”

Yun projects growth in Gross Domestic Product to be 1.8 percent this year, then rising moderately at a rate of 2.2 percent in 2012. With job growth of 1.7 to 2.2 million next year, the unemployment rate is expected to decline to 8.7 percent by the second half of 2012.

Mortgage interest rates should gradually rise from recent record lows and reach 4.5 percent by the middle of 2012.

“Housing affordability conditions, based on the relationship between median home prices, mortgage interest rates, and median family income, have been at a record high this year,” Yun said. “Very favorabl

Source: Minneapolis Area Association of REALTORS®

It seems like every passing week brings not one but two new record declines: inventory levels and mortgage rates. The week ending October 8 was certainly no exception. The number of active listings on the market fell 21.0 percent to 22,434 units. Mortgage rates fell below 4.0 percent for the first time ever. The last time inventory was that low? February 2009.

It's partly due to sellers not contributing many properties to the bin and partly due to buyers doing their part to absorb existing supply. New listings were down 13.0 percent to 1,262 for the week, and pending sales were up 48.3 percent to 851 purchase agreements signed.

The keen observers noticed that September's preliminary monthly numbers came out last week. This round, those preliminary figures were revised slightly as new status changes filtered in. A few noteworthy observations:

• Prices posted the smallest year-over-year decline in eight months.• Days on market posted its smallest increase in nine months.• Sellers received more of their asking price for the second month in a row.• Absorption rates posted their third consecutive month of improvements.

The attached Weekly Market Activity Report is produced by the Minneapolis Area Association of REALTORS® (MAAR) for REALTOR® members and

Where is home ownership the highest? Home ownership rates tended to be highest in states that are less populated and with low home prices, according to a review of recently released 2010 Census Data by 24/7 Wall St. On the other hand, states with the lowest home ownership rates tend to have more pricey homes and be in large cities. 

The following are the states with the highest percentage of homes occupied by their owners.

1. West Virginia Home ownership rate: 73.4% Median home value: $94,500

2. Minnesota Home ownership rate: 73% Median home value: $200,400

3. Michigan Home ownership rate: 72.1% Median home value: $132,200

4. Iowa Home ownership rate: 72.1% Median home value: $122,000

5. Delaware Home ownership rate: 72.1% Median home value: $294,400

The state with the lowest home ownership rate? New York, which has a home ownership rate of 53.3 percent.

Source: U.S. Census Bureau and “States With the Highest (and Lowest) Homeownership,” 247WallSt.com (Oct. 12, 2011)