The mission of Minnesota Housing Partnership (MHP) is to promote homes for all Minnesotans and assist Minnesota communities in the creation and preservation of housing affordable to low- and moderate-income people.
To achieve its mission, MHP provides a comprehensive array of resources that help local organizations, businesses, communities, and elected officials in Minnesota create homes for all.
MHP's resources include research, advocacy, technical assistance, and financial tools and support. Please contact Barb Jacobs at bjacobs@mhponline.org to find out more.
Mortgage Crisis Hurting Minnesotans More than Ever
Tuesday, April 08, 2008
Homeowners and officials met to discuss plummeting home values
FOX 9 News
MINNETONKA The Minnesota Housing Partnership and the think-tank Minnesota 2020 hosted a forum on the housing crisis Sunday afternoon. Across the country, 10 percent of homeowners owe more money on their mortgage than their house is worth.
During the town hall community forum, a new analysis was released on the worsening housing crisis in Minnesota. Homeowners, business owners and local governments are all affected by the falling numbers.
In the past five years, vacancy rates in Minnesota have increased by 180 percent. For the first time in decades, Minnesotas vacancy rate is higher than the national average.
In addition, property values have fallen sharply all across the metro. Housing values in Minneapolis are expected to drop 3-5 percent. St. Paul housing values are already down 8 percent.
Housing advocates say that tenants are silent victims of the foreclosure crisis. Forty percent of foreclosures are in rental properties. Even in tenants pay rent every month, if the landlord isnt paying the mortgage, the tenants can get evicted if the home enters foreclosure.
Last Edited: Sunday, 30 Mar 2008, 9:27 PM CDT
Created: Sunday, 30 Mar 2008, 5:15 PM CDT
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