Poverty: Are We Making Progress?

Both nationally and in Minnesota the answer is simple – YES. We are making significant progress. Fewer people and a smaller percentage of the population are in poverty today compared to 1959 when the measurements were started. Minnesota has a very low poverty rate (8.1%) compared to the national number of 12.6 percent or even that of the other states around us.

In Minnesota the poverty rate is the fourth lowest level of poverty in the nation. Wisconsin is at 10.2, North Dakota 11.2, South Dakota 11.8 and Iowa is at 11.3. Conversely, Mississippi is the nation's most impoverished state with 20.1 percent of the population living in poverty, followed by Louisiana at 18.3 and New Mexico at 17.9. The District of Columbia, if it was a state, would be the poorest with a poverty rate of 21.3 percent.

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New Legislature Looks Very Different

Following the November 7th election, the demographic profile of the legislature shifted as much as the political profile. When the legislature convenes on January 3rd, the House will feature 85 DFL and 49 Republican members. There are 91 men and 43 women. 35 people will be new to the House, which means 26 percent did not serve last year. Of the new House members, 20 are men and 15 are women. Even though many people think this was an election of tossing out the incumbent, in the Minnesota House 89.2 percent of incumbents won re-election. Of the incumbent losses, 12 were Republicans while no DFL House members lost.

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MNREALTOR.com – Lots of information to help your business

It's Saturday afternoon at 4:30 and you're wondering what the state law is regarding IRS Lien Regulations or perhaps you wonder about RESPA (Real Estate Settlement and Procedures Act) or above ground storage tanks or meth homes or who knows what? Where is a REALTOR® to go?

The Minnesota REALTORS® web site at www.mnrealtor.com has information ranging from Agency Law to Fair Housing. Need a real estate contract, log in with your NRDS number and you can download all of the real estate forms approved for usage by the Minnesota Association of REALTORS®. Ethical question or commission dispute information is also available for you on the MNREALTOR.com web site.

Foreclosure Prevention Assistance Program

Mortgage foreclosures are on the rise in Minnesota as some families find it difficult to meet their monthly obligations. The Minnesota Mortgage Foreclosure Prevention Association (MMFPA) is working with a group of community-based organizations to help families facing the possibility of foreclosure or assisting families that are having difficulty making mortgage payments. They have local contacts and resources available throughout the state.

If you know of a past client or person in your community having financial difficulties that could benefit from this program, have them visit the Minnesota Home Ownership Center web site: www.hocmn.org or the MMFPA site at www.mmfpa.org.

"A Hard Look at the Changing
Real Estate Market"

Only $15 – includes program and box lunch
Approved for 5 hours CE

"Where Have all the Buyers Gone and MN Statistics Affecting Housing"

This class is designed to give agents data and insight on the status of real estate buyers in MN. MN has grown faster than its adjacent neighbors, mostly due to migration. But migration trends are uncertain. Economic growth affects housing demand as does interest rates, consumer debt, public debt and oil prices. More boomers are retiring and the projected change in population and households also pose problems for the already softening market. What's an agent to do?

Presented by Glenn Dorfman CEO, and Chris Galler, Sr. Vice President, MN Realtors®.

"Helping Agents Understand the Changing Marketplace"

This continuing education program will look at the real estate marketplace from 1970-2006, including the late 70's price bubble and the early 80's decline. A panel of successful real estate professional with 25+ years each in the industry will discuss factors that influence housing decisions, market inventory levels and strategies to help buyers and sellers in a softening market. Strategies that work and options to avoid! Agents will also be introduced to a newly developed mortgage pre-approval letter and how it will aid buyers and sellers in real estate transaction. Be the first to see this newly developed product!

Presented by panel of experienced REALTORS® - moderated by Chris Galler

Two convenient locations:

Friday, December 1, 2006	Mystic Lake Casino – Prior Lake
Monday, December 11, 2006 Earle Brown Heritage Center – Brooklyn Park	Check-in 9:30 AM Course 10:00 AM – 3:30 PM

Please register online at: www.mnrealtor.com
Due to the nature of this event, advanced registration is required!

Residential Real Estate Summit

Prepared and presented by the Minnesota Real Estate Journal

Looking for another perspective on the marketplace? The Minnesota Real Estate Journal has put together seminar featuring a number of local experts who will tackle the following subjects:

• Strategies for coping in today's residential market
• Adjusting the Great American Dream: Builder and Developer issues
• Successful Condominium Development Spotlight
• Designing and Marketing successful mix-use developments
• 1031 Tax Deferred Exchanges for residential real estate
• Emerging legal/landlord tenant issues
• Residential and Multifamily financing trends/options

Register for the program at: www.mrej.com