Categorized | Foreclosure related

Minnesota housing crisis

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Thousands fewer jobs and thousands more foreclosures add up to a lingering housing crisis, suggests a study released Monday.

While the number of residential construction jobs fell to a 13-year low in the first quarter of 2010, home foreclosures hit an 18-month high, according to the quarterly report from the Minnesota Housing Partnership.

And that may not change anytime soon, the organization’s executive director, Chip Halbach, said. “It’s just a situation where declining incomes, loss of jobs are squeezing people out of their homes,” he said.

Actual foreclosures in Minnesota numbered 6,700 from January to March, the highest total since the third quarter of 2008. Pre-foreclosure notices were also on the rise, an indicator that Halbach said meant more foreclosures in the future.

Meanwhile, mortgage delinquency rates fell for the first time in at least three years. The level hit 7.7 percent in the first quarter of 2010, down from 8.1 percent in the last quarter of 2009. Still, delinquencies remained more than twice as high as the same period in 2007, when rates held steady around 3 percent.

Read the rest of the story at the StarTribune.

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