Long term interest rates fell again in the week ending January 8th, according to Freddie Mac’s Primary Market Mortgage Survey. Rates are the lowest they have been since Freddie Mac begin the PMMS in 1971.
Full Story: Freddie Mac

New demographic projections show that in the next 26 years, as many as 85,000 residents could be migrating from the Twin Cities to western Wisconsin towns and villages. Sommerset, Hammond, Baldwin, Roberts, Hudson, New Richmond and River Falls could see a doubling in size. The projected growth is part of a continuing wave of expansion into exurban Minnesota counties as well, including Wright, Sherburne, Isanti and Chisago, said Tom Gillaspy, Minnesota’s state demographer. “We’ve been growing outward in all directions and little things like state boundaries don’t stop people, he said. “Americans have a real desire to find elbow room, That’s a long-standing tradition.”
Full Story: Star Tribune (may require free registration)

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market. According to the National Association of Realtors, here are the facts:

• An individual may be required to put down 20 percent based on that person’s financial situation but that’s not a requirement for all buyers.
• A borrower who puts down less than 20 percent is required to obtain mortgage insurance.
• Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.
• FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with famly help) can become a homeowner.

Full Story: National Association of Realtors

Lunds is coming to downtown St. Paul, which hasn’t seen a grocery store in decades. The news is great for the city and its 14,000 downtown residents and 65,000 workers. In addition to long-needed access to a supermarket, the store will help boost the tax base, attract new residents and contribute to community building. Lunds Food Holdings said it will build a 30,000 square-foot store as part of an million mixed-use project called the Penfield. Other supermarkets located in urban developments have shown that they encourage walking and buying smaller quantities of food more often. In addition, a downtown market offers a psychological lift as it signals that a developing urban neighborhood is succeeding and encourages condo shoppers to seriously consider living downtown. Full Story: Star Tribune (may require free registration)

I held an open at 1234 Petersburg Lane in Plymouth MN this afternoon. Three people came through the open and all three were home buyers.

This 4 bedroom 2 bath townhome is located at 17 Major Street in Plymouth, MN. If you are an out of town buyer relocating to the Twin Cities area this could be a nice home for you. It is in the MLS as MLS number 2345678.