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Affordable Housing in St. Paul

The high number of foreclosures in St. Paul, Minnesota created a new housing option for people looking to purchase homes. However, as time passes the number of people taking advantage of this newly realized option in the state’s capital appears to be declining.

The second largest city in Minnesota in terms of population (nearly 290,000 residents) has had its share of foreclosures. St. Paul is the home of major corporations and has a history of steady employment. However, with so many foreclosures taking place in St. Paul and Minnesota as a whole, Minnesota Attorney General Lori Swanson taken actions to stop more than a dozen lenders from continuing to process foreclosures until her office can confirm that homeowners’ rights are not being violated.

Initially, the record number of foreclosures in St. Paul led to a once in a life time opportunity for many buyers. They found themselves confronted with a market in which scores of people were losing their homes because they couldn’t pay for them. While this was definitely a negative for many individuals and the economy of many communities, it was an opportunity for well-qualified buyers to purchase homes at below market value.

Many buyers did take advantage of this opportunity in the early stages of the foreclosures, but recent data indicates that purchases of these properties are occurring at a slower rate. A RealtyTrac survey indicated that in the second quarter of this year (2010) foreclosure sales throughout Minnesota fell by 14 and a half percent compared to the same period last year. This slowing of sales is taking place all over the nation.

This trend with foreclosed properties is reflected in the overall housing market in St. Paul. The number of homes up for sale continues to increase. In fact there are so many homes available that many of them go from months and months without so much as one potential buyer visiting them. It is safe to assume that the less a home is viewed the less likely it is to be sold.

The Twin Cities region of St. Paul and Minneapolis is still one of the top places to live in the country based on job opportunities, cost of living and environmental factors, but at this time there are many more houses than there are residents in the area looking to but them. Again, this means there are still great deals out there for would-be homeowners who are in a position to make a purchase.

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