New statistics offer some suggestions of recovery in the Minnesota real estate market, though troubles still remain.
According to numbers from by the Minnesota Housing Partnership report, foreclosures in the Minneapolis – Saint Paul Metro Area dropped to the lowest number in about two years in the last quarter of 2010. However, during the same period, the number of families living in homeless shelters within Hennepin County was nearly unchanged compared to the same period last year.
“There’s some rays of hope, but overall what we saw in this report is that the housing market and all the people impacted by the housing market have a long way to go before we can call it any kind of real recovery,” said Leigh Rosenberg, the research and outreach manager for the Minnesota Housing Partnership.
Rosenberg said the decrease in the number of foreclosures was probably the result of several banks declaring a temporary moratorium on foreclosures.
“It’s hard to say what to make of that in trying to understand trends,” Rosenberg said.
There are some positive signs for home owners in the report. The percentage of people falling more than 60 days behind on mortgage payments dropped for a fourth consecutive quarter to 6.%.