July residential building activity in the Twin Cities was down slightly compared to the same month last year, according to the Builders Association of the Twin Cities

Twin Cities builders were granted 230 permits in July 2010, down from 238 in July 2009. The number of permitted housing units in the metro area also fell to 265, down from 269. July building activity was also down compared to June, when builders received 246 units for 341 housing units.

Blaine led the Twin Cities area in building activity in July. The city had 28 units permitted. Builders like Norton Homes Inc. are constructing brand new homes in highly-demanded developments like Legacy Creek and Blaine Haven.

Maple Grove came in second, with 27 units. Woodbury, Hugo and Savage complete the top five.

Mortgage rates fell for the second straight week to the lowest point in 50 years. However, many people either don’t qualify for new mortgages or aren’t looking for a home because they already took advantage of low rates and a tax credit earlier this year.

Mortgage company Freddie Mac reported Thursday that the average interest rate on a 30-year fixed mortgage dropped to 4.57% this week. That’s down from the previous record low of 4.58% set last week. It’s the lowest since Freddie Mac began tracking rates in 1971. The last time rates were lower was in the 1950s.

Low rates have yet to fuel home sales. The housing market has slowed since federal tax credits for homebuyers expired on April 30th. Mortgage rates have hovered near record lows for a while, so most people who can afford to buy homes or qualify to refinance their loans have already done so.

Rates on 15-year fixed-rate mortgages increased to an average of 4.07%, up from 4.04% last week. That was the lowest on records dating to September 1991. Rates on five-year adjustable-rate mortgages averaged 3.75%, down from 3.79% a week earlier. That was also the lowest on Freddie Mac’s records, which date back only to January 2005.

Thinking of buying a new home? Though the first time home buyer credit has expired, interest rates are low and home builders like Norton Homes are making incredible deals available to potential home owners.

Check it out! The new homes being constructed at the Legacy Creek housing development in Blaine, MN, are going up rather quickly now.

3525 126th Ave NE, Blaine MN

The exterior of the home at 3525 126th Ave NE in Blaine is almost done. You can see the siding is up, but plastic over the windows, doors, and garage indicate that part of the building process isn’t done yet.

3524 127th Ave NE, Blaine MN

The homes at 3524 and 3521 127th Ave NE in Blaine MN walls are about neck-and-neck in terms of construction stages.

3521 127th Ave NE, Blaine MN

The walls are complete, or nearly complete, the shingles are on, and siding should be going up on them pretty soon.

3512 127th Ave NE, Blaine MN

Construction on the new home located at 3512 127th Ave NE in Blaine is trucking right along, too. As you can see, a lot of the siding is up and plastic on the walls indicates that windows, doors, and the garage door will be coming shortly, too.

All in all, Legacy Creek is really beginning to look like a the neighborhood it intends to be!

Hope you had happy holidays and a Happy New Year! It has been a few weeks since we posted an update about what is building up at Legacy Creek in Blaine, MN. Most of us may have taken a long holiday, but our home builders didn’t. Check out what they’ve been up to!

Two of the homes we first visited during construction have come a long way. The framing is done, walls are up, time to start putting in exteriors and interiors!

Two of the homes that we visited at Legacy Creek were just pits in the ground last time we wrote a post. Well, as you can see, framing on both of them has started.

Building these 4 homes seems to be moving right along. The 2 homes already completed in the background are already purchased and inhabited. The construction of a brand new community is happening right now in Blaine MN!

Earlier this week we shared pictures of the 4 new houses Norton Homes is in the process of building in Blaine’s Legacy Creek development. Construction on these homes is happening very quickly and we are very happy to be able to show you just how fast the process is going.

This future home located at 3512 127th Ave NE in Blaine was just a hole in the ground in the last set of pictures. Heck. there were still construction workers on site helping to dig it out. Now you can see the foundation is poured.

Pictures of 3521 127th Ave show that almost all of the framing has already been put up! Soon enough, some of these pictures will show the insides of the homes as they begin to take shape.

Here you can see the foundation poured at 3524 127th Ave NE in Blaine MN. Interest in these Legacy Creek homes is hopping, that’s why Norton Homes is in such a rush to get them done. What better way to begin the New Year than to plan to live in a new neighborhood?

With all the snow and slush out there, construction will likely slow for the holiday, but it will be cranking right back up next week. Have a happy holiday! Stay safe and warm!