As the housing crisis continues, we see foreclosed homes and sale signs throughout the cities. What are some of the less obvious housing side effects of the recession?
Adult children are moving back in with their parents to save money (MPR News). Or even with their siblings (Kare11).
Landlords are losing tenants, largely due to the first-time homebuyer’s tax credit, which has now been extended. (PiPress)
Banks are struggling to get rid of distressed properties (Strib). However, despite that, Minnesota banks are doing relatively well (MPR News). We haven’t had a bank close in 10 years.
And, meanwhile, Dolan’s mortgage default business is booming. (MinnPost)
All in all, Minnesota still has high rates of homeownership, but it also has has the 7th largest gap between white and minority homeowners in the nation. (MPR News)
And what about those with no homes at all? Gov. Pawlenty’s plan to create housing for 4,000 long-term homeless Minnesotans stopped at 1,500. And now even more people are becoming homeless. (MPR News)
And to top it off, we just lost two emergency housing aid programs — which will likely increase homelessness among single adults. (Strib)
At this rate, we’re going to need a lot more retired teachers handing out sandwiches to homeless people (Strib) and a lot more philanthropic intervention from Rebuilding Together Twin Cities (Kare11).
Oh, well. At least youth violence is down!
Latest comment — baker: I think you guys should be eligible, based on what I read. I realize that these programs are helping alot of people...and that's great. But my wife...