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2011 Slides for Advocates<br />January 2011<br />For more information, contact Leigh Rosenberg,Research & Outreach Manager...
Contents	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Futu...
Contents 	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Fut...
Contents 	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Fut...
Twin Cities Metro Home Prices 2008-10<br />Source: Minneapolis Area Association of Realtors <br />
Twin Cities Metro Home Prices 2008-10<br />Source: Minneapolis Area Association of Realtors <br />
Foreclosure RiskRemains<br />High unemployment<br />Potential for falling home prices<br />Negative equity<br />Possible r...
17<br />Foreclosures and Income Loss/Reduction<br /><ul><li> In 2009, 61% of homeowners seeking foreclosure counseling fro...
 Loss of income (usually job loss) : 32%
 Reduction in income (reduced work hours, reduction in government assistance, or loss of part-time job) : 29%
 Compares to 50% of seeking foreclosure counseling in 2008 attributing default to loss or reduction of income.</li></ul>So...
Increased Number of Vacant Homes <br />Source: HUD tabulation of US Postal Service data<br />
Contents 	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Fut...
Contents 	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Fut...
More Need for Rental<br /><ul><li>Renters expecting to buy in next 3 years: </li></ul>57% in 2003 and 52% in 2009 <br /><u...
More Need for Rental<br /><ul><li>Less rental affordability
More foreclosures, less home ownership: need for rental
Limited rental construction in recent years
Generation Y and Baby Boomer trends</li></li></ul><li>Source: GVA Marquette Advisors<br />
Source: GVA Marquette Advisors<br />
Gen Y<br />Sources: American Community Survey (2009) and Minnesota Demographic Center (2020).<br />
Demographics<br />Generation Y:<br />Key first time homebuyer population<br />Household formation down; more likely to cha...
Contents	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Futu...
Unduplicated monthly count of families seeking shelter through county-contracted shelters.<br />Source: Hennepin County<br />
Contents	<br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Futu...
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Slides for Housing Advocates 2011

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Key data and trends for education of legislators, the media, and the public about housing and housing affordability in the state of Minnesota. Produced by the Minnesota Housing Partnership

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  • In 2009, 61% of homeowners seeking foreclosure counseling from MN Homeownership Center attributed mortgage default primarily to loss or reduction of income. Loss of income (usually job loss): 32% Reduction in income (reduced work hours, reduction in government assistance, or loss of part-time job) : 29% Compares to 50% of seeking foreclosure counseling in 2008 attributing default to loss or reduction of income.Source: 2009 Foreclosure Counseling Program Report, MN Home Ownership Center
  • Home ownership rates peaked at over 76% in the mid 2000s and has fallen with the collapse of the housing market. By 2009, the ownership rate fell below 74%. The increase and decline of homeownership was the product of loose lending standards, questionable mortgages, and treatment of homes as investments, rather than shelter. The foreclosure crisis continues to color the housing market and community economies.
  • Racial disparities in homeownership in Minnesota are serious and persistent. In 2009, Minnesota had one of the highest racial disparities in ownership of any state in the nation. (Note that Hispanic/Latinos may be members of any racial group.)
  • From 1991 to 2009, the number of people without a home more than tripled. By 2009, 18 in 10,000 individuals were homeless on a single night. In 2009, factors such as high unemployment and housing costs contributed to homelessness. Without housing, people cannot easily work, attend school, or attend to their health needs. Children who are homeless are far more likely to have trouble learning in school and to have poor emotional and physical health.
  • Transcript of "Slides for Housing Advocates 2011"

    1. 1. 2011 Slides for Advocates<br />January 2011<br />For more information, contact Leigh Rosenberg,Research & Outreach Manager, Minnesota Housing Partnership<br />
    2. 2. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    3. 3. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    4. 4.
    5. 5.
    6. 6.
    7. 7. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    8. 8.
    9. 9.
    10. 10.
    11. 11.
    12. 12.
    13. 13. Twin Cities Metro Home Prices 2008-10<br />Source: Minneapolis Area Association of Realtors <br />
    14. 14. Twin Cities Metro Home Prices 2008-10<br />Source: Minneapolis Area Association of Realtors <br />
    15. 15. Foreclosure RiskRemains<br />High unemployment<br />Potential for falling home prices<br />Negative equity<br />Possible rate resets and recasts, though less of a concern<br />
    16. 16.
    17. 17. 17<br />Foreclosures and Income Loss/Reduction<br /><ul><li> In 2009, 61% of homeowners seeking foreclosure counseling from MN Homeownership Center attributed mortgage default primarily to loss or reduction of income.
    18. 18. Loss of income (usually job loss) : 32%
    19. 19. Reduction in income (reduced work hours, reduction in government assistance, or loss of part-time job) : 29%
    20. 20. Compares to 50% of seeking foreclosure counseling in 2008 attributing default to loss or reduction of income.</li></ul>Source: 2009 Foreclosure Counseling Program Report, MN Home Ownership Center<br />
    21. 21.
    22. 22. Increased Number of Vacant Homes <br />Source: HUD tabulation of US Postal Service data<br />
    23. 23. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    24. 24.
    25. 25.
    26. 26.
    27. 27.
    28. 28.
    29. 29.
    30. 30. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    31. 31.
    32. 32. More Need for Rental<br /><ul><li>Renters expecting to buy in next 3 years: </li></ul>57% in 2003 and 52% in 2009 <br /><ul><li>Renters who think homeownership is a good investment: </li></ul>79% in 2003 and 61% in 2009 <br />Source: Fannie Mae National Housing Survey, April 2010 Release<br />
    33. 33. More Need for Rental<br /><ul><li>Less rental affordability
    34. 34. More foreclosures, less home ownership: need for rental
    35. 35. Limited rental construction in recent years
    36. 36. Generation Y and Baby Boomer trends</li></li></ul><li>Source: GVA Marquette Advisors<br />
    37. 37. Source: GVA Marquette Advisors<br />
    38. 38. Gen Y<br />Sources: American Community Survey (2009) and Minnesota Demographic Center (2020).<br />
    39. 39. Demographics<br />Generation Y:<br />Key first time homebuyer population<br />Household formation down; more likely to change jobs & location<br />Limited income growth; tight credit market<br />Baby Boomers:<br />Aging in place, but also need for senior housing<br />
    40. 40. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    41. 41.
    42. 42. Unduplicated monthly count of families seeking shelter through county-contracted shelters.<br />Source: Hennepin County<br />
    43. 43. Contents <br />Employment<br />Housing Market<br />Housing Affordability<br />Focus on Renters<br />Homelessness<br />Future Trends<br />
    44. 44. Looking Ahead<br />Slow recovery from Great Recession<br />Continued uncertainty in the housing market (foreclosures, underwater owners)<br />Limited new single family construction<br />Increased need for rental <br />Rehabilitation of existing housing<br />Need to preserve affordable housing<br />Potential for job creation<br />
    45. 45. Housing to Create Vital Communities<br />Building affordable housing:<br />Leverages public & private resources<br />Creates jobs<br />Generates tax revenue<br />Builds lasting infrastructure<br />
    46. 46. New! Legislative DistrictProfiles<br />
    47. 47. Visit the NEW www.mhponline.org site for Legislative District Profiles and more.<br />
    48. 48. Find Legislative DistrictProfiles & Slides at: <br />www.mhponline.org<br />2446 University Ave. W, Suite 140<br />St. Paul, MN 55114<br />(651) 649-1710<br />
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