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98 Minnesota RANK: 47 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2014 1.22% 0.58% 4.5 YEAR AGO 1.26% 1.06% 5.1 YEAR-OVER-YEAR CHANGE -3.5% -45.0% -0.6 Top County PIPESTONE COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 1.83% 2.91% YEAR AGO 1.91% 1.83% YEAR-OVER-YEAR CHANGE -4.4% 59.0% Top Core-Based Statistical Area ALBERT LEA, MN 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 1.44% 1.53% YEAR AGO 1.79% 1.73% YEAR-OVER-YEAR CHANGE -19.7% -11.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary June 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Minnesota www.MinnesotaREO.com 612-669-6324 952-829-2938 763-432-7640 612-821-7500 952-844-1511 763-533-9133 651-209-8444 Bruce McAlpin Jeff Detloff Long H. Doan Maribel Garcia Garth Johnson Craig Murphy Michael Olsen IN THE NEWS Minnesota Economy Strong, Housing Lags Behind Minnesota is generally a very consistent performer in the economy when compared to the United States economy as a whole. e peaks are never too high, and the valleys are never too low. Wells Fargo recently released its July economic outlook, reinforcing that the state's economy is greatly improved but hous- ing still lags behind. e state's real GDP rose a full percent- age point faster than the nation in 2013. e unemployment rate is one of the lowest in the country at 4.5 percent with the labor force participation rate also clocking in at an impressive 70.3 percent. However, like the rest of the nation, Minnesota's housing market leaves much to be desired. Demand for single-family homes is weak. e sluggish pace of single-family homebuilding also reflects still weak demand for single-family homes. e first half of 2014 saw 7.6 percent fewer home sales than throughout the same period in 2013. Existing and new home sales both appear to be weaker this year. Nationwide, some of the weakness in the housing market can be attributed to falling investor demand along with a smaller dis- tressed inventory. Likewise, distressed homes are scarce in Minnesota. e foreclosure rate in the state is only a third of the national average. Delinquency for 90 or more days overdue is also 2.1 percentage points lower than the national average. Home prices have risen 8.7 percent over the past year and have trailed the national pace. Wells Fargo speculates that the small share of distressed homes and the slower- than-average pace of price increases have probably caused investors to look to other states. According to the report, "the housing recovery has had a hard time reaching the key tipping point level, where homeowners feel confident that they can sell their current home at a good enough price to make it worthwhile to move. Given that year-to-date sales are the lowest in at least two years, it does not seem like traditional homebuyers are rushing back into the housing market just yet, however." Missouri RANK: 39 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate JUNE 2014 2.22% 0.81% 6.5 YEAR AGO 2.36% 1.13% 6.8 YEAR-OVER-YEAR CHANGE -5.7% -27.9% -0.3 Top County MISSISSIPPI COUNTY 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 4.56% 2.45% YEAR AGO 3.43% 3.00% YEAR-OVER-YEAR CHANGE 33.0% -18.5% Top Core-Based Statistical Area MOBERLY, MO 90+ Day Foreclosure Delinquency Rate Rate JUNE 2014 2.83% 2.29% YEAR AGO 3.91% 1.20% YEAR-OVER-YEAR CHANGE -27.4% 91.1% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the June 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary June 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Cyprexx Responds to Discrimination Complaint Cyprexx Services became the latest com- pany to come under fire from the National Fair Housing Alliance (NFHA). e group announced that it would be filing a complaint with the Department of Housing and Urban Development, accusing Cyprexx, a company contracted with Fannie Mae to clean and preserve properties, of deliberately discriminating against people of color by neglecting properties in minor- ity neighborhoods located in Baltimore, Maryland; Kansas City, Missouri; Orlando, Florida; and Richmond, Virginia. "Cyprexx is required by federal law to main- tain foreclosures without regard to the racial makeup of the neighborhood, but the evidence we uncovered flies in the face of that obligation" said NFHA president Shanna Smith. e group is a consortium of housing policy advocacy groups focused on advocating Price per square foot in the Twin Cities region rose from $98 in 2012 to $121 in 2014, according to the Minneapolis Area Association of Realtors. KNOW THIS STATE OF AFFAIRS: MIDWEST ยป