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Housing Preservation Project presentation from One Minneapolis: A Call to Action! conference December 2, 2011 hosted by the Minneapolis Department of Civil Rights
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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
