Minnesota Homes Today Local & National News

America’s 20 Best Small Towns

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America's Best Small TownsAmerica is stuffed with world-class “big cities”; New York, San Francisco and Chicago make for three great examples. But beyond the biggest cities, there are some wonderful small towns, too.

Smithsonian.com highlights 20 of them on its website.

Focusing on cities with 25,000 residents or fewer, the publication ranked areas high in “culture”; towns with high concentrations of museums, public gardens, art galleries and other cultural assets including resident orchestras. 

The author states “big cities and grand institutions per se don’t produce creative works; individuals do. And being reminded of that is fun”.

The Top 10 Small Towns in America, as judged by Smithsonian.com :

  1. Great Barrington, Massachusetts
  2. Taos, New Mexico
  3. Red Bank, New Jersey
  4. Mill Valley, California
  5. Gig Harbor, Washington
  6. Durango, Colorado
  7. Butler, Pennsylvania
  8. Marfa, Texas
  9. Naples, Florida
  10. Staunton, Virginia

Other notable cities on the list include Princeton, New Jersey; Beckley City, West Virginia; and Siloam Springs, Arkansas.

The Smithsonian.com website provides an in-depth review of each of its twenty listed cities, including historical notes and quotes from key community members. It makes for good reading by local residents and visitors, alike.

Review the complete rankings online.

Existing Home Sales Slip In March

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Existing Home Sales In March, for the second straight month, home resales slipped nationwide.

According to the National Association of REALTORS®, March 2012 Existing Home Sales fell to 4.48 million units on a seasonally-adjusted annualized basis — a 3 percent drop from February.

An “existing home” is a home that’s been previously occupied or owned.

The weaker-than-expected Existing Home Sales data is the third such housing report this month to suggest a lull in the spring housing market. Earlier this week, homebuilder confidence slipped for the first time in three months and March Single-Family Housing Starts fell, too.

The news wasn’t entirely bad for home resales, however. Although total home units sold decreased, so did the number of homes available for sale. There were just 2.37 million homes for sale nationwide in March, a 2 percent drop from the month prior.

At the current pace of sales, therefore, the entire nation’s home resale stock would “sell out” in 6.3 months. This is the second-fastest pace since the housing market’s April 2007 peak.  

A 6-month supply is widely believed to represent a market in balance between buyers and sellers.

The March Existing Home Sales data shows that — despite record-low mortgage rates nationwide — buyer activity is slowing, and seller activity may be slowing, too.

So long as the two forces remain in balance, home prices should do the same. This is the law of Supply and Demand at work. 

However, if home sales continue to slide and home inventory builds, buyers may find themselves with an edge in negotiations. 

If you’re planning to buy a home in 2012, the long-term housing trend is still toward recovery. This season may be a good time to look at your options. Talk to your real estate agent to see what’s available. Low mortgage rates may persist, but low home prices may not.

Nevada Relinquishes “Top Foreclosure State” Title

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Foreclosures March 2012

According to foreclosure-tracking firm RealtyTrac, foreclosure filings fell to 199,000 in March 2012, a 17 percent decrease from March 2011. Last month marks the first time since July 2007 that foreclosure filings numbered less than 200,000 on a monthly basis — a span of nearly 5 years.

The generic term “foreclosure filing” is used to group all types of foreclosure activity into a single reading. It includes default notices, scheduled auctions, and bank repossessions. 

As in most months, foreclosure density varied by region. 6 states accounted for more than half of the nation’s repossessed homes in March.

  • Florida : 13.6 percent of all bank repossessions
  • California : 12.0 percent of all bank repossessions
  • Georgia : 8.0 percent of all bank repossessions
  • Michigan : 7.5 percent of all bank repossessions
  • Arizona : 6.5 percent of all bank repossessions
  • Illinois : 6.4 percent of all bank repossessions

At the other end of the spectrum, North Dakota and Washington, D.C. were home to the fewest bank repossessions, with 0.03% and 0.02% of the national total, respectively.

Also noteworthy is that the RealtyTrac report revealed that Nevada relinquished its title as Top Foreclosure State after 62 consecutive top-ranking months. In March, 1 in every 301 Nevada homes received some form of a foreclosure filing. The March rate was a nation-topping 1 in 300 in neighboring Arizona.

For Minneapolis home buyers, today’s foreclosure market represents an interesting opportunity. 

Homes purchased while in the various stages of foreclosure can often be bought at lower prices relative to homes not in foreclosure. It’s one of the reasons why foreclosed homes now account for 20 percent of all home resales. 

However, don’t confuse less expensive for less costly.

Foreclosed homes are often sold “as-is” and may be in various stages of disrepair. Fixing a foreclosed home to make it habitable could wipe out the money saved on its price tag. Your best real estate “deal”, therefore, may be a non-distressed home in sound, move-in ready condition.

If you’re buying foreclosures — or even considering it — be sure to talk with a real estate agent first. The process of buying a foreclosed property is different from buying a “regular” home. You’ll want somebody experienced on your team.  For Minnesota Real Estate Today

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