| s some good news on the horizon in regards to | | | | national median price for a house was over |
| the real estate market. It looks like the incentives | | | | $170,000. In the Midwest, the average price was |
| to buy homes from the government, i.e. the | | | | under that at around $139,000. However, this is |
| homebuyer tax credit has been paying off. | | | | an increase from last year. |
| According to the National Association of Realtors | | | | Unemployment rate has had a huge factor in the |
| (NAR), home sales (including condos, co-ops, | | | | housing market. The national unemployment rate |
| residential house, etc) have been gaining | | | | hovering over 9% is at higher than the normal |
| momentum. | | | | rate of around 5%. However, Minnesota has a |
| Real estate sales have risen close to 7 percent | | | | lower unemployment rate of 7.4%, which is lower |
| from February of 2010. Compared to March of | | | | than the national rate. This is one of the reasons |
| 2009, the home sales have increased over 16 | | | | why Minnesota has one of the lower foreclosure |
| percent. This is a tremendous improvement | | | | rates in the nation. In fact, according to |
| considering the economy we are in. | | | | RealtyTrac, the number of foreclosures in |
| Total houses available for sales also rose a little | | | | Minnesota is down 13% from |
| over 1.5 percent. Unfortunately, a lot of these | | | | February of 2007 while foreclosures in a lot of |
| houses for sale are due to the inventories | | | | states are going up. |
| available from foreclosures. According to NAR, | | | | Coupled with low foreclosure rates and lower than |
| foreclosed and distressed homes were sold for | | | | average unemployment rate, Minnesota has one |
| discounts of about 15 percent. These homes | | | | of the better housing markets in the nation. |
| accounted for around 35 percent of all homes | | | | Lawrence Yun, NAR’s chief economist said |
| sold in March. | | | | that, “With home values stabilizing, a revival in |
| Another great indicator that the homebuyer tax | | | | home buying confidence will likely help the housing |
| credit is working is that first time home buyers | | | | market get back on its feet even as the tax |
| made up over 44% of the March buyers. This is | | | | credit impact disappears”. |
| up from 42% that was seen in February. The | | | | |