Tag Archives: minneapolis real estate

City of Minneapolis Tax Board Meeting next Tuesday, tax levy increase

City hall of Minneapolis, Minnesota (USA).

Image via Wikipedia

The City of Minneapolis is having the Tax Board Meeting Tuesday at 5:05 pm in room 317 at the City Hall.   This will be in discussion of R.T. Rybak’s property tax increase proposal, the overall tax levy not the item by item budget.   Somehow this seems to have gotten scheduled conveniently to limit residents input.

From the Star & Tribune

After 55 minutes of griping about property taxes Tuesday, Minneapolis residents might have to take a two-hour intermission.

A six-member board that determines the city’s property tax ceiling is preparing to interrupt its most important meeting of the year Tuesday because of an obscure state law that bars public meetings on the evening of a special election. On Tuesday that is the DFL primary for the seat vacated by Sen. Linda Berglin.

“It’s a very awkward situation,” said David Wheeler, president of the city’s Board of Estimate and Taxation.

The board will set the maximum levy at their meeting Tuesday after hearing public testimony. They cannot meet between 6 and 8 p.m. If testimony lasts more than an hour — it traditionally does not — citizens will have to wait.

Carol Becker, another elected member of the board, said the interruption is compounded by the fact that Mayor R.T. Rybak delayed presenting his full budget. That means the public will have a day, rather than weeks, to review it before the hearing.

Read Full Article

Combine the City of Minneapolis property tax increase with the new Homestead Exclusion tax and City of Minneapolis residents could really feel the pinch from property taxes.

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Local Architect wins Marvin Windows & Doors annual Challenge

Every year Marvin Windows & Doors has a contest recognizing the best architecture internationally.  This year a local architect, Jeff Murphy of Murphy & Co. Design, Buffalo, MN won for their design of Hunting Barn in Highcroft – Wayzata, MN.

Hunting Barn, Highcroft, Wayzata, MN Architect: Murphy & Co Design Buffalo, MN

 To see more on the Murphy & Co Design’s winning project, visit their website and search for Highcroft Hunting Barn. They have a lot of great designs.

To read about other winners around the world, check out this article from Minneapolis St Paul Business Journal.

The contest run by Warroad-based Marvin recognizes the best architecture in the U.S., Canada, Ireland, Israel, Japan, Spain and the United Kingdom. One of the winners this year was a four-story villa overlooking the Mediterranean Sea in Sotogrande, Spain.

“These winning projects are an inspiring display of architecture,” Brett Boyum, Marvin’s director of marketing, said in a news release. “Whether a faithful historic restoration or a completely original creation, these architects show what’s possible with inspiration and a focus on quality.”


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Delinquencies Rise, Foreclosures Fall in Latest MBA Mortgage Delinquency Survey

Delinquencies Rise, Foreclosures Fall in Latest MBA Mortgage Delinquency Survey. Mortgage Bankers Association

This is troubling news.  We were seeing a trend of delinquencies and foreclosures falling, now this report is showing a reversal of that trend.  I guess we are not out of the woods yet… This is probably reflective of the unemployment rate inching up again.  Jobs, Jobs, Jobs is what the housing market needs…

Calculatedriskblog.com chart

From Calculatedriskblog.com: This graph shows the percent of loans delinquent by days past due.

Loans 30 days delinquent increased to 3.46% from 3.35% in Q1. This is probably related to the increase in the unemployment rate.

Delinquent loans in the 60 day bucket increased slightly to 1.37% from 1.35%.

There was a slight decrease in the 90+ day delinquent bucket. This decreased to 3.61% from 3.65% in Q1 2011.

The percent of loans in the foreclosure process decreased to 4.43%.

So short term delinquencies ticked up, and the 90+ day and in-foreclosure rates declined. I’ll have more later after the conference call this morning.

(From MBAA Press Release) WASHINGTON, D.C. (August 22, 2011)  — The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 8.44 percent of all loans outstanding as of the end of the second quarter of 2011, an increase of 12 basis points from the first quarter of 2011, and a decrease of 141 basis points from one year ago, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 32 basis points to 8.11 percent this quarter from 7.79 percent last quarter.

“While overall mortgage delinquencies increased only slightly between the first and second quarters of this year, it is clear that the downward trend we saw through most of 2010 has stopped.  Mortgage delinquencies are no longer improving and are now showing some signs of worsening,” said Jay Brinkmann, MBA’s Chief Economist. “The good news is the continued decline in long-term delinquencies, those mortgages that are three payments or more past due. The bad news is that drop is offset by an increase in newly delinquent loans one payment past due.”

UPDATED:  Hats off the calculated risk blog.  They keep coming up with great statistics.  For more charts like the one below, check out their updated post.   Although Minnesota isn’t in the worst shape by comparison to other states, we are still in rough shape – approx 8% of first mortgages are either in foreclosure or more than 30 days delinquent.  Staggering.  That is 8% of all first mortgages in Minnesota.  (back to our new real estate motto: Jobs, Jobs, Jobs.)


calculatedrisk blog State delinquency by %





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Google’s Plan for Minnesota – could this mean jobs?

Image representing Google as depicted in Crunc...

Image via CrunchBase

No one knows for sure what Google’s Plan is for Minnesota now that they joined the Minnesota High Tech Association.  There is speculation going around that I think is kind of fun.  Duluth made a pitch to Google to locate there, as did St Paul and Bloomington.  I like the “theory” or unsubstantiated speculation that Google may be interested in the Ford Plant in St Paul because of the hydro electric plant that would come with it.  This seems to fit Google’s interest in renewable energy.

Hopefully Google will locate a facility here and create jobs, this is what our regions housing market needs to recover. Jobs, Jobs, Jobs.

Read Busines Journals article on the Google speculation.

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Mortgage Delequincies falling (S&P Experian reports)

There is some good news that we will hopefully begin feeling in the real estate market.  The default index is dropping on first and second mortgages despite high unemployment rates, reported by S&P Experian.

S&P Experien Default Index

This is Nationally, so hopefully our market place is tracking similar or better.  Could this be a sign the worst of the foreclosures is behind us?  Or is this too early to judge if this is just a temporary lull?


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Twin Cities Weekly Market Update (week of August 15th 2011)

There is a positive trend in the twin cities real estate market.  We are finally burning off some excess inventory.

For the Week ending August 6, 2011 – we are down to 24,362 Active properties for sale compared to 29,899 1 year prior.  That is an 18.9% drop in inventory year over year bringing us to a 7.6 month supply of homes.  To stabilize the pricing, we should be at a 5 to 6 month supply which is considered to be a balanced market.

Inventory week ending 08-06-2011

 How we got to these promising figures is over the last 3 months we had a -18.7% change in new listings coming to the market and at the same time our Pending sales were up 40%.   What is really promising about these figures is that this is during difficult economic times and without any government tax credits.  We are looking at the “Real Market” now.

If we look at it by price range, we can see the demand is between $120,000 and $350,000.  I would venture to guess these price ranges pricing will be the first to stabilize. 

August 15, 2011 Twin Cities Housing Inventory by Price



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