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6. HRSR 08-03-2009ITEM # 6. ver MEMORANDUM TO: Housing & Redevelopment Authority FROM: Annie Deckert, Economic Development Assistant DATE: August 3, 2009 SUBJECT: Update on Neighborhood Stabilization Program (NSP) & other Foreclosure Initiatives Attachments • NSP Funding Options • Information regarding Elk River Community Wide Open House- Sunday, August 16`h, 1:00-4:00 p.m. Down Payment Assistance Tri-CAP has two applications scheduled for closing the last week in July- a verbal update on these applications will be given at the meeting. There have been 2 new additional applications for down payment assistance. The Elk River NSP provides up to $5,000 in down payment assistance per qualified household. Purchase Rehabilitation Assistance There have been no applications received for this initiative at this time. Acquisition Rehabilitation Staff and Tri-CAP have conducted inspections of several properties, but because of the fast moving market, have been unable to move ahead with purchase agreements at this time. We are carefully monitoring and seeking out potential acquisitions on a consistent basis. ,Staff and Tri-CAP anticipate selecting two homes, and moving ahead with purchase agreements as soon as possible. Next Steps- NSP Staff continues to work with Tri-CAP on the NSP funding implementation.. Staff continues to receive foreclosure data and is monitoring neighborhoods for potential additions/revisions to the existing NSP targeted neighborhoods. Staff will be attending a 2- day training in September which will address challenges in the NSP funding process and other federal requirements. There will be a 6- month check in with MN Housing in September to discuss the program's progress. Community Wide Open House Staff has partnered with the North Metro Realtors Association to promote a Community Wide Open House, showcasing over 65 listed homes. All NSP information and Elk River Housing Rehabilitation funding information will be provided to realtors to share with homeowners at this event. Eric Meyers, Government Affairs Director of North Metro Realtors will be present at the HRA meeting to highlight in further detail. Foreclosure Prevention Staff recently mailed out brochures for distribution to over 401oca1 churches, banks, non- profits and businesses to increase the public outreach regarding the free counseling services available from the MN Homeownership Center. N Z LO r a Z 0 LL a z G •~ ~ •~ cd i+ ~ ~ 'b w ~ cd sr ~ ~ "C1 4~ ~ U U w aka o yi'j O w obi o y'-j O ~ vi ~ ~ cat v 0 ~ u O ~ N "Cf ~ ~ v 0 ~ i O y N .ti ~ R i Ri w 'U ~ ~-1 w ~" ~ Q c~ C cd p . O ro . ~ ~ O ~'' ~' + . 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Maps & brochures will be available! ~..... "~' ~A Look for the Community Wide Open House Signs in Yellow ~~~k ~Z~~,~.r North Metro REALTORS~r`'Assxiation Visit www.northmetro.com beginning Monday, August 10, 2009 ,~,,,-,,,;r~~ ti~,.:~,,,~:a. tSui~Ju,t;(:on;n,un,„ for a printable list of open houses Questions? Call Eric Myers at 763-757-7230 or°MOO~ru1°.~ir°. REALTOR® Community ~l~/ide open IT'S A GREAT TIME TO House BUY! MAKE YOUR MOVE TO ELK RIVER! ELK RIVER IS OPEN ! Self guided tour of over 65 open houses! Sunday, August 16, 2009 Prices to suit every budget! 1:00-4:OOpm Maps & brochures will be available! '~ [~ Q Look for the Community Wide Open House Signs in Yellow tZ i~ ~•~ ~" North MQtrpREA~roRS-~ Assxiation Visit www.northmetro.com beginning Monday, August 10, 2009 n,t~=~x~,~_t;~~":;ti.,.ISuBdPn};C:c~mn~unm~ for a printable list of open houses REALTO R® ~oRrMqu~i: Questions? Contact Eric Myers at 763-757-7230 T~~ ~ oo+ Market Updates for zos Twin Cities Communities A free research tool from the NoRh Metro REALTORS®Asaooladon Brought to you by the unique data-sharing Vadifions of the REALTOR® community Elk River Sherburne County, MN New Listings Closed Sales Median Sales Price Average Sales Price Percent of Original List Price Received at Sale• Average Days on Market Until Sale•• Single-Family Detached Inventory Townhouse-Condo Inventory 'Does not account for list prices from any previous listing contracts Activity-Year to Date ^ 2008 495 ^ 2009 Median Sales Price New Listings 149 164 Closed Sales Percent of Original List Price Received 91.3% 91.0% 86.8 % ~ 2008 ^ 2009 88.4% June Year to Date Average Days on Market Until Sale 181 151 June Inventory of Homes for Sale 273 ^ 2008 ^ 2009 __ ::,,.:. , 168 80 61 Single-Family Detached Townhouse-Condo Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved. For broader historical market information, please feel free to contact us. R North Metro REALT~R$ ' Association June Year to Date 2008 2009 Change 2008 2009 Change 70 74 + 5.7% 495 390 - 21.2% 33 37 + 12.1% 149 164 + 10.1% $185,000 $155,000 - 16.2% $195,000 $161,900 - 17.0% $211,766 $164,666 - 22.2% $214,226 $168,272 - 21.5% 91.3% 86.8% - 4.9% 91.0°h 88.4% - 2.9% 151 161 + 6.4% 162 156 - 3.7% 273 168 - 38.5% -- - -- 80 61 - 23.8% -- -- -- "Cirymarket time figures are based on Cumulative Days on Market, which does accou nt for previous listing contrails ®2009 Minneapolis Area Association of REALTORS®. The Nonh Metro REALTORS®Association uses it under lisence. The 1C~0+ - Market Updates for zo5 Twin Cities Communities RA A free research tool from the North Metro REALTORS®Assoclatlon Brought to you by the unique data-sharing traditions of the REALTOR® wmmunity North Metro REALTORS ~`' Association Twin Cities Region .June Year to Date 13-County Metropolitan Area 2008 2009 Change 2008 2009 Change New Listings Closed Sales Median Sales Price Average Sales Price Percent of Original List Price Received at Sale• Average Days on Market Until Sale•• Single-Family Detached Inventory Townhouse-Condo Inventory 'Does not account for list prices from any previous listing wntracts Activity--Most Recent Month 8,858 ^ 2008 8.310 ^ 2009 New Listings Median Sales Price 8,858 8,310 - 6.2% 52,897 46,123 - 12.8% 3,969 4,764 + 20.0% 17,481 19,298 + 10.4% $205,000 $173,500 - 15.4% $205,000 $162,400 - 20.8% $247,565 $204,470 - 17.4% $244,403 $193,281 - 20.9% 92.8% 92.9% + 0.1% 91.9% 91.1% - 0.8% 147 140 - 4.8% 150 147 - 2.0% 23,124 18,190 - 21.3% -- -- -- 9,997 8,014 - 19.8% -- -- -- "City market time figures are based on Cumulative Days on Markel, which does account for previous listing contracts 4,764 3,969 '~ Closed Sales Activity-Year to Date 52,897 46,123 New Listings r; 2008 ^ 2009 17,481 19,298 Closed Sales Percent of Original List Price Received 91.9% 91.1% Year to Date Average Days on Market Until Sale 147 140 ^ 2008 ^ 2009 i June 150 147 r Year to Date Inventory of Homes for Sale 23,124 Single-Family Detached ^ 2008 ^ 2009 9,997 8,014 Townhouse-Condo Some of the figures referenced in this report are for only one month worth of activity. As such, they can sometimes look extreme due to the small sample size involved. For broader historical market information, please feel free to contact us. ®2009 Minneapolis Area Assoaation of REALTORS®. The North Metro REALTORS®Association uses it under lisence. FORECLOSURES AND SHORT SALES I N TH E TWI N CITIES HOUSING MARKET Area 756: Elk River Inventory of Homes for Sale Months Supply of Inventory MIMNEAFOUS PREA Assccla iron ~~ REALTORS" Q2-2009 Update Lender-Mediated Traditional 7-2008 7-2009 +/. 7-2008 7-2009 +/- 101 80 - 20.8% 237 142 - 40.1 12.6 3.7 - 70.4% 14.3 15.7 + 9.9% 7-2007 thru 7-2008 thru +/- 7-2007 thru 7-2008 thru +/- 6-2008 6-2009 6-2008 6-2009 New Listings 222 383 + 72.5% 661 373 - 43.8% Closed Sales 82 228 + 178.0% 216 123 - 43.1% What to Watch For Share of Inventory That is Lender-Mediated As of April Elk River has a moderate share of lender-mediated properties-36.0 percent of current homes for sale. Total Twin Cities inventory is 30.7 38.0% percent lender-mediated. 29.9% Over the last two quarters, the total number of lender-mediated homes for sale in Elk River has fallen from 98 to 80-a dip of 18.4 percent. Traditional inventory has increased from 137 to 142. 12.8% In the last year, the months supply of lender-mediated inventory has decreased from 12.6 months to 3.7 months due to increasing sales of lender-mediated properties. 2007 2008 2009 Inventory of Homes for Sale -•-Traditional aoo -+-Lender-Mediated 350 300 250 200 150 700 50 0 Q2-08 Q3-06 New Listings -Traditional tLender-Mediated ~-Lender-Mediated 120 350 ~ ~ 300 250 80 onn 60 150 40 700 20 50 0 0 Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1 Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q7- 06 08 06 07 07 07 07 08 08 DS 08 09 08 08 06 07 07 07 07 08 08 08 OS 09 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Closed Sales -+-Traditional ©2009 Minneapolis Area Association of REALTORS®, Inc. ~ Sponsored by Royal Credit Union ~ www.rcu.org Page 1 of 2 FORECLOSURES AND SHORT SALES N T H E TW I N CITIES HOUSING MARKET M~NNEAPOLtS AREA Association ~~ REALTORS° Area 756: Elk River Median Sales Price Median Price Per Square Foot Percent of Original List Price Received at Sale Days on Market Until Sale Lender-Mediated Traditional 7-2007 thru 7-2008 thru +~- 7-2007 thru 7-2008 thru +~- 6-2008 6-2009 6-2008 6-2009 $179,900 $147,500 -18.0% $210,000 $213,900 + 1.9% $91 $75 -18.1% $107 $98 - 8.5% 86.9% 89.3% + 2.7% 93.5% 93.1 % - 0.4% 165 159 - 3.7% 143 176 + 22.9% Median Sales Price ^ 7-2007 thru 6-2008 Median Price Per Square Foot ^ 7-2008 thru 6-2009 $210,000 $213,900 $91 $179,900 Lender-Mediated Lender-Mediated Percent of Original List Price Received ^ 7-2007 thru 6-2008 Days on Market Until Sale ^ 7-2008 thru 6-2009 86.9% 89.3% 93.5% 93.1% 165 159 ^ 7-2007 thru 6-2008 ^ 7-2008 thru 6-2009 $107 ^ 7-2007 thru 6-2008 ^ 7-2008 thru 6-2009 176 © 2009 Minneapolis Area Association of REALTORS®, Inc. ~ Sponsored by Royal Credit Union ~ www.rcu.org Page 2 of 2 Traditional Traditional Lender-Mediated Lender-Mediated Traditional Traditional The North Metro REA~TORSO Association and The City of Elk River Presents Community Wide Open House ~t~ 5 W V ~ n •...' - ove Some tate~ eal Es NMRA, REALTORS®AND THE CITY OF ELK RIVER HAVE TEAMED UP TO HELP MOVE HOUSING INVENTORY! We are encouraging all brokers and agents to hold their Elk River real estate listings open all on the same day, allowing homebuyers to walk through a variety of homes! fisting Agents: Get your listings regis- tered for showing and pick up your free custom Community Wide Open House sign rider from NMRA. E-k r pen uyers Agents: Promote Elk River and SUnday, August 16, 2009 take your buyers out to multiple homes. 1:00-4:OOpm Register Your Listings with Eric by August 6, 2009 eric@northmetro.com 763.757.7230 '~-~ ~,~ ~;-v a ~~~ ~-~~~,~'(~ ~ ~_ North Metra REALTORS `-2' Association aFAi_Tt;a ~' w "a.T.'°'~';° [~nprcn ink t3ucre;r:s<, i3urkirri~ (:i~tr~ri~u~~it~ fiver is Community Wide Open House IT'S A GREAT TIME TO BUY! ELK RIVER IS OPEN ! Sunday, August 16, 2009 1:00-4:OOpm w~ ~:•a ~~° MRA MAKE YOUR MOVE TO ELK RIVER! Self guided tour of over 65 open houses! Prices to suit every budget! Maps & brochures will be available! Look for the Community Wide Open House Signs in Yellow rJort~ hlet~o REALTOks ' Asodetlon Visit www.northmetro.com beginning Monday; August 10, 2009 ~~~~~~•~ ~~~ ~;~~ ~~ ~ ~• ~,_°~,~;,-, ~ •°~~ °~~~~ °~ for a printable list of open houses C~uestions? Call Eric Myers at 763-757-7230 Community Wide Open House IT'S A GREAT TIME TO BUY! MAKE YOUR MOVE TO ELK RIVER! ELK RIVER IS OPEN ! Self guided tour of over 65 open houses! Sunday, August 16, 2009 Prices to suit every budget! 1:00-4:OOpm Maps & brochures will be available! i '~~';° ~~~ Look for the Community Wide Open House Signs in Yellow ~~,. ~~i s, lam' Nort6A/~zvoRLALTORS ` Ps;~caafi;,n Visit www.northrnetro.com beginning Monday; August 10, 2000 _,,,,~,,.:,,,,,;z,,..:,. ,; ,;,,,,,,,,.,,:,,,,,,,;:: for a printable list of open houses Questions? Contact Eric Myers at 763-757-7230 aeniror." o,.o,,,,.,,,:,.