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2011 Slides for Advocates,[object Object],January 2011,[object Object],For more information, contact Leigh Rosenberg,Research & Outreach Manager, Minnesota Housing Partnership,[object Object]
Contents	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]
Contents 	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Contents 	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Twin Cities Metro Home Prices 2008-10,[object Object],Source: Minneapolis Area Association of Realtors ,[object Object]
Twin Cities Metro Home Prices 2008-10,[object Object],Source: Minneapolis Area Association of Realtors ,[object Object]
Foreclosure RiskRemains,[object Object],High unemployment,[object Object],Potential for falling home prices,[object Object],Negative equity,[object Object],Possible rate resets and recasts, though less of a concern,[object Object]
Slides for Housing Advocates 2011
17,[object Object],Foreclosures and Income Loss/Reduction,[object Object],[object Object]
 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,[object Object]
Slides for Housing Advocates 2011
Increased Number of Vacant Homes ,[object Object],Source: HUD tabulation of US Postal Service data,[object Object]
Contents 	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Slides for Housing Advocates 2011
Contents 	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]
Slides for Housing Advocates 2011
More Need for Rental,[object Object],[object Object],57% in 2003 and 52% in 2009 ,[object Object],[object Object],79% in 2003 and 61% in 2009 ,[object Object],Source: Fannie Mae National Housing Survey, April 2010 Release,[object Object]
More Need for Rental,[object Object],[object Object]
More foreclosures, less home ownership: need for rental
Limited rental construction in recent years
Generation Y and Baby Boomer trends,[object Object]
Source: GVA Marquette Advisors,[object Object]
Gen Y,[object Object],Sources: American Community Survey (2009) and Minnesota Demographic Center (2020).,[object Object]
Demographics,[object Object],Generation Y:,[object Object],Key first time homebuyer population,[object Object],Household formation down; more likely to change jobs & location,[object Object],Limited income growth; tight credit market,[object Object],Baby Boomers:,[object Object],Aging in place, but also need for senior housing,[object Object]
Contents	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]
Slides for Housing Advocates 2011
Unduplicated monthly count of families seeking shelter through county-contracted shelters.,[object Object],Source: Hennepin County,[object Object]
Contents	,[object Object],Employment,[object Object],Housing Market,[object Object],Housing Affordability,[object Object],Focus on Renters,[object Object],Homelessness,[object Object],Future Trends,[object Object]

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Slides for Housing Advocates 2011

Editor's Notes

  1. 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
  2. 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.
  3. 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.)
  4. 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.