The housing market has turned a corner from the recession and Minnesota's foreclosure rates are decreasing as a result.
According to the Star Tribune, home foreclosure activity in Minnesota fell during December 2012, indicating that the market as a whole is improving. As the housing market goes, so does the economy, and Minnesotans will be looking to buy a home in the ripening marketplace.
Across the United States last month, home foreclosure filings, including default notices, scheduled auctions and bank repossessions, fell as home prices have also gone up. Potential homeowners are finding that affordability conditions are making the dream of homeownership a reality. Through 2012, interest rates on homes were near record lows, helping drive sales to levels not seen since the recession. Minnesota's foreclosure rate was also lower than the national average in the months closing out 2012. In November, one out of every 918 housing units received a foreclosure notice, compared to the national average of one in 728 housing units.
Minnesota boasts a homeownership rate of 72 percent, which is the second highest rate in the nation. With our lower-than-average foreclosure rating, this high rate of homeownership is expected to hold.
Those applying for a mortgage are encouraged to have all their ducks in a row to make the process as easy as possible. Potential homeowners are encouraged to find the lowest mortgage rate by shopping around. In addition to finding the lowest rate, it is important to find a trustworthy team to help with the approval process. As the Minnesota housing market recovers, having finances in line and finding the right real estate agent can make all the difference. Contact a local real estate expert from Edina Realty today to begin your search.