FHA Mortgage Loan Limits Increased

Single-family home mortgage limits have increased 15 percent effective January 1, 2006. For most of Minnesota, FHA will issue single-family home mortgages up to $200,160 and up to $244,625 in high cost areas in and around the Twin Cities.

Minnesota's FHA Loan Limits by County

Continue reading this story

Concerns about Residential Financing Continues

A recently released report shows that nearly 4 out of every 10 residential properties in the United States were owned free and clear in 2001 and that large multifamily rental properties are most likely to be mortgaged (nearly 9 out of 10). Homeowners tend to pay off their mortgages as the homeowners mature and most go into retirement without owing on mortgages.

Continue reading this story

FACTIODS: U.S. Housing Market Conditions

From: HUD Office of Policy Development and Research
3rd Quarter 2005

Midwest States experienced moderate economic improvement in the 3rd Quarter of 2005. Total employment rose 0.9 percent for all the states with Illinois increasing by 1.6 percent and Minnesota 1.2 percent. Indiana, Michigan and Ohio grew by less than 1 percent and Wisconsin remained unchanged. The Midwest Region includes the following states: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin.

Continue reading this story

Homeownership Gains Highest for Youngest Homeowners

Homeownership rates in the U.S. have increased about 4 percentage points over the past 20 years. In 1982, 64.8 percent of American households lived in owner occupied properties. In the 3rd Quarter of 2005 the rate was 68.8 percent - an increase of 4 percent since 1982. The high point was in the 4th Quarter of 2004 when it reached 69.2 percent.

Homeownership Rates by Age of Householder

Minnesota REALTOR® staff is looking at the numbers trying to access additional information to determine why there is a drop off in the homeownership rate for householders aged 30-54 years. Keep in mind that the economic situation in America was considerably worse in 1982 than it is today. With mortgage interest rates hovering around 16 percent, no ARMs or "hybrid" mortgage products and buyers had to have a down payment! Economically, the U.S. had a double digit unemployment rate and was beginning to recover from the massive inflation rates of the 1970's.

Continue reading this story

Let Us Know What You Think!

Annually, as part of the Association's strategic planning, we ask members to comment and critique our service structure. As a member in good standing we would like you to take a few minutes to answer 10 questions about the real estate marketplace, services provided to you by the Minnesota Association of REALTORS® and ways we can improve our service for you. The survey will take about 10 minutes. Go to www.mnrealtor.com.

Information we're asking you to comment on include:

• What are the largest obstacles you face in the marketplace?
• What is the most difficult issue facing you in 2006?
• What are the most beneficial services provided to you by the Minnesota Assoc. of REALTORS®?
• What do you think of our lobbying efforts?
• Should the Minnesota REALTORS® be more aggressive or less aggressive in legislative activities?
• Are the $130 annual dues for membership to the Minnesota Association of REALTORS® a good value?

We also encourage you to share your comments with us about the business, the State Association or thoughts about the industry overall. Please take a few minutes to go online and complete the survey at www.mnrealtor.com.