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Affordable Homeownership in Minnesota

Minnesotans are finding home ownership more affordable for several reasons these days. First, historically low interest rates have resulted in reduced monthly housing payments, making it easier to purchase a home. Consumers with good credit, a down payment, and consistent employment are benefiting the most from the current real estate market climate. “Slower sales activity and aggressive Federal Reserve Board actions have lowered the rates on fixed term mortgages,” said Russ Portele, President of the Minnesota Association of REALTORS®. “Because of the lower interest rates, home buyers at every price point are able to purchase homes at much lower monthly costs than they would have five, 10 or even 20 years ago.” Secondly, pressures on the market
Posted on 24 November 2010

Blaine Real Estate Market Activity

Home sales fell 43.5% in October from a year earlier Blaine MN according to data released by the Minneapolis Area Association of Realtors. There were 61 homes sold in Blaine during October 2010. The $150,000 median sales price of a Blaine home sold in October was an -11.8% decrease from last year. The median is the point at which half of all homes sell for more and half sell for less. New listings in Blaine MN were down -8.4 percent in October. Anoka County as a whole saw just a -3.6% median price decrease, to $154,450. That was on 272 sales that closed in October, down from 490 in October 2009. There were 558 new Anoka real estate listings during the month, a decline of just -1.9% from 2009. The steep declines for October are in line with year-over-year changes since the tax credit for first-time and move-up homebuyers ended. Buyers have the edge in negotiating. The pe
Posted on 17 November 2010