Throughout Minnesota and right here in Hennepin County there are opportunities for low income wage earners to find affordable rental housing. Federal laws require that states provide certain amounts of such housing, so that individuals of all levels of affluence have chances to get into their own properties. However, several local communities are questioning the state's implementation of that requirement and have made their challenge in the form of a complaint based in the Fair Housing Act.
Whether you are a Minnesota home buyer or a home seller, you likely have more than enough to worry about. Simply reading through all the legal documents that accompany a real estate purchase or sale can keep a person busy for days.
There are as many myths about bankruptcy and foreclosure as there are about … whatever there are myths about. Before the financial meltdown and the ensuing foreclosure crisis, there may even have been groups of campers sitting around fires late at night telling scary stories about foreclosures.
When buying a home -- whether it is for the first time or the sixth time -- it can always be exciting, but also rather stressful. Many in the Minneapolis area are no doubt familiar with the process of going from house to house, checking for new listings and hoping that the next home will be the one.
Federal regulators are considering reducing the down payment requirements for a handful of mortgage products backed by Fannie Mae and Freddie Mac. The proposal would lower payments from 5 percent to 3 percent in an effort to improve home sales nationwide.
We are talking about the difference between condominiums and cooperatives. As we said in our last post, buying a condominium is very similar to buying a single-family house. There is a purchase agreement, a mortgage, a deed, property taxes -- all the trappings of owning real estate.
Minnesota winters are legend, and this past winter was a prime example of just how bad things can be. The sub-zero temperatures and wind chills kept most of us inside for weeks on end. The second the mercury rose to 20, we emerged from our lairs, ready for outside seating and full of information from HGTV home renovation and residential real estate search and sale shows.
The Twin Cities apartment market has been doing well over the past few years. Add the demand for apartments to the low interest rate for mortgages, and you come up with a lot of opportunity for investors. The strong market means, too, that companies and individuals with just one or two properties can expand their holdings.
Despite a recent uptick in prices, many homeowners who bought their homes a few years ago are still in tough shape. The market fell so far so fast, the economy has stayed so sluggish, that large numbers of Minnesotans still face foreclosure or are in need of mortgage modification.
In the last seven years, an average of nearly 20,000 Minnesota homeowners per year have lost their houses to foreclosure. Many more are still behind on payments and facing tough decisions.