![]() ![]() Also in that survey, analysts forecast U.S. In the Twin Cities and beyond, home prices have been on the rise for more than a year, though analysts surveyed by say they won’t be back to their prerecession peak until early 2018. The average rate for the 30-year now stands at 4.19 percent, according to the Mortgage Bankers Association. Rates have increased slightly in recent weeks, but only marginally. During the middle of October the average 30-year fixed-rate mortgage dipped below 4 percent, the lowest in more than a year. Some of that momentum can be attributed to an unexpected decline in mortgage rates this fall. Pending sales have remained above a key threshold for the past five months, suggesting stronger sales in recent months. Pending home sales - an indication of future closings - inched 0.3 higher during September nationwide. On a year-over year basis, sales are up 1.9 percent. From August to September, existing home sales increased 2.4 percent and are now at their highest pace in 11 months, according to the National Association of Realtors. ![]() Housing markets across the country are in the midst of a similar adjustment, though after a particularly slow start to the year, buyers picked up the pace in recent months. ![]() Last month, they represented less than 10 percent. At the peak of the housing crisis that began in 2008, foreclosures accounted for nearly 55 percent of all home sales in the Twin Cities. In October, there were only 443 foreclosure sales, a 41 percent decline compared with last year. The downturn in home sales is being blamed on a positive, fundamental shift: As fewer foreclosures come in, investors flee.ĭuring September, the mortgage delinquency rate in Minnesota fell to just 2.4 percent, nearly half the national average, according to CoreLogic. Instead, the downturn is being blamed on a positive, fundamental shift in the buyer pool: With fewer foreclosures coming to market, investors are fleeing. “That helps strengthen prices, which in turn encourages more sellers to list their homes, giving motivated buyers more options.”įor housing, October is never a month worth remembering, but the most recent downturn is part of a long-term trend that’s raised concerns that the housing recovery has stalled. “Traditional activity is going strong,” said Emily Green, president of the Minneapolis Area Association of Realtors (MAAR). A surprise dip in mortgage rates last month did little to warm home buyers.ĭuring October, there were 4,523 home sales in the 13-county metro area, a 1.5 percent decline compared with last year, according to a monthly sales report from the Minneapolis Area Association of Realtors.Īnd far fewer of those sales were foreclosures, helping boost the median price of those deals 7.2 percent to $209,000. ![]()
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