Minnesota Movers to Benefit from Real Estate Market Growth - Positive news that the Minnesota real estate market is set to improve will impact positively on Minnesota Movers(www.barrettmoving.com). The moving business like most business took a hit when the financial crisis hit the US real estate market.
Minnesota Movers to Benefit from Real Estate Market Growth
By Steve-Gename
Aug 16, 2010 - 9:55:05 PM
Positive news that the Minnesota real estate market is set to improve will impact positively on Minnesota Movers(www.barrettmoving.com). The moving business like most business took a hit when the financial crisis hit the US real estate market.
The recent expiration of Home Buyers Tax Credit means that the real estate market is facing a positive turn around, at least according to many realtors.
“Minnesota’s residential real estate market is showing some very promising signs a few months after expiration of the Federal Home Buyer Tax Credit,” said Michael Hoffman, president of the Minnesota Association of Realtors. “
House sales figures for the Month of June were up 11% compared to the same period last year. Median prices have increased in eight of Minnesota’s thirteen economic regions. Pending sales, which are home sales where contracts have been drafted but not yet closed, are down by 33% compared to last year.
This essentially means that fewer families are being forced to move due to foreclosures.
The Housing Affordability Index (HAI), which measures the median income of a family compared to the median home price, has reached 113. This means the median family income has 113 percent of the necessary income required to purchase a median priced home using traditional qualifying ratios and 30-year fixed-rate financing.
Lack of jobs in some economic regions has caused real estate price fluctuations in some areas. In the East Central Region for example where the unemployment rate is 8.8 percent, meridian prices for June fell by -6.4 percent compared to the median prices for last year. On the contrary, in the Southwest Region where the unemployment rate is 4.7 percent, home values increased 55.9 percent in June 2010 when compared with June 2009. They have gone up by 10.7 percent in the first six months of 2010.
With recovery signs influencing relocations, Minnesota Moving companies seem to be on a cycle of profitability. Barrett Moving and Storage Company is one of the largest moving agents for United Van Line Company.
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