Report: A mixed bag for 3Q housing in Minn.by Jessica Mador, Minnesota Public Radio
St. Paul, Minn. — Newly released housing data show some Minnesotans fared better than others in the third quarter.
The Minnesota Housing Partnership released numbers Friday that show that while mortgage delinquencies declined, pre-foreclosure notices were up.
The report found more than 7,200 Minnesota homes were foreclosed during the third quarter, the second highest number for any quarter. Thirty percent of homes for sale were foreclosures or short sales.
People with steady employment did better toward the end of the year, said Shannon Guernsey, the Vice President of Programs at the Minnesota Housing Partnership.
"But where we really see things still occurring and creating challenges is those households who are not seeing the benefits of some of the uptick in jobs," Guernsey said.
The report also said more Minnesotans are spending more of their income for housing.
"Especially in greater Minnesota," Guernsey said. "[In] 84 out of 87 counties in Minnesota, at least a quarter of the renters were cost burdened."
The rental market tightened in the third quarter -- with vacancy rates in the Twin Cities falling to 4 percent. That's the lowest in two years.