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The Greater Lakes Association of REALTORS is teaming up with the Natioanl Association of REALTORS to give local residents the facts about homeownership. Would-be homeowners who are unertain about their home buying plans can learn more about the options available to them and the long -term benefits of owning a home. “Building Wealth“ emphasizes the importance of homeownership in creating long-term wealth. Using data from respected third-party sources, the materials demonstrate the effect that homeownership has on household wealth.Over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-sales series. A Federal Reserve study has shown that the average homewowner’s net worth is 46 times the net worth of the average renter. Despite this and other research, some potential home buyers are being kept on the sidelines as the reach to national media reorts about the housing market.All real estate markets are local, and buyers and sellers who think about making a move should consult a REALTOR in their local market to learn about conditions specific to the area. It’s also advisable to look beyond the immediate horizon – real estate has proven itself to be a good long-term investment and a safe, secure way to build long – term wealth.
Do you want to put your home on the market, but worry it won’t sell? There are a lot of homes on the market in area, but many are selling
Brainerd sellers fared fairly well in the last six months of 2007. Sixty-eight percent of the sellers in Brainerd sold their house in that six-month time period. There were 145 homes in Brainerd entered into the Multiple Listing Service during that time and 98 homes sold.
Kevin Goedker, president of the MLS of the Greater Lakes Association of Realtors and of Edina Realty, said homes on this MLS, which consists of 17 central Minnesota counties, including Crow Wing, Cass, Morrison, Todd and Wadena, are selling. However, there are so many homes flooding the market that there are still plenty of homes that need to be sold.
Goedker said there were 6,779 new listings in 2006 and 6,902 in 2007. Of these new listings, 2,730 homes were sold in 2006 and 2,281 homes were sold last year. This week there are 3,453 current listings. Read the rest of the story.
What is the impact of subprime foreclosures? Have subprime loans really added to homeownership? Who’s getting hurt the most?
CRL joined forces with the National Association of Realtors® to record perspectives on these issues and more. Watch our video to hear comments from the Leadership Conference on Civil Rights, AARP, an expert on lending in Latino
communities, and a Republican state senator who believes lax lending rules led to the current crisis. We also feature eye-opening comments from a former mortgage broker and two families who have lost their homes because of abusive subprime loans.