2011_0919_packet - Laserfiche WebLink

Home

-g 65"li-649-1710 Minnesota Housing� Partnershf� (3 r1i i n e. io t 5,851 homes foreclosed this quarter in M�innesota, as measured by sheriffs' sales, up 9% from last quarter. The increase was entirely in the wider Twin Cities metro area. The 610+ day delinquency rate of primary mortgages fell slightly to 5.61%, marking a year and a half of ongoing improvement. At its highest, this rate reached 8.1% in late 2009. About 13i,400 • oreclosure notices were sent to ota Home Ownership Center this quarter, down 8% from last quarter and 21% from a year ago. In June of 2011, the median home sale price for the Twin Cities metro was down 12% year- to-clate compared to 2010. Average Number of H�omi:eless Famillies, I Ell In the housing industry, the second quarter is typically a time • rapid growth, as the ground thaws and the work of construction and sales begins anew. This quarter was typical in that more homes went on the market and some people were back to work in housing construction. However, employment in residential construction hit a new 19-year low for the second quarter, hardly the norm. The inventory • homes • the market in the Twin Cities was up somewhat this quarter, as expected seasonally, but was lower than last year at this time. The inventory exceeded the "balanced" level • 5 to 61 months, indicating that the housing market has yet to reach equilibrium. Quarterly employment in residential housing construction averaged 8,200 jobs per mont the lowest since 1992 - a 19 year low. In 2005, this number was nearly 18,000. The inventory • homes • the market in the Twin Cities was 13i% lower than last year at thi time. However, the months of inventory stood at 8 months-- about the same as last yea Together, this reflects fewer homes for sale, but fewer homes being bought. For technicol notes, visit ha�t)://mhponline.org/publicat�ions/report�s-and-research/2x4-report�. MHP's "12 x 4" Narrative - 2011 Quarter 2 (April - June)