Jane Holzer - Housing Preservation Project

Jane Holzer, Attorney

Housing Preservation Project

St. Paul, MN

jholzer@hppinc.org

o A Little Good News. . .

o Current Barriers to Homeownership

o Future Barriers to Homeownership

This quarter’s Minneapolis Trends reflects continuing evidence that City’s economic and housing markets

are continuing to emerge from the recession: 

o The unemployment rate for Minneapolis dropped to 5.7% in October, the lowest monthly rate since December 2008

o 2,000 more city residents reported they were employed [2nd  quarter 2011 → 3rd quarter 2011]

o YTD foreclosures are running about 30% below last year’s total

o 138 new residential units were permitted in the 3rd quarter, up from 109 last quarter and 97 from the same quarter one year ago; 

o YTD construction as measured by permits is running well ahead of last year at this time. (Source: Minneapolis CPED)

Current Barriers for Homeowners:

o Sustainable payments in the wake of job loss, divorce, medical emergency, etc.

o Loan modifications that actually work for the homeowner. oHAMP (Home Affordable Modification

Program) is a disaster.

Future Barriers to Homeownership:

o Affordable lending products – is this the end of the 30-year, fixed-rate, government insured mortgage?

o Down payment Requirements

Contact:

Jane Holzer

Attorney, Foreclosure Relief Law Project

St. Paul, MN

651.642.0102

jholzer@hppinc.org