More heads above water as 'positive equity' increases for Minnesota homeowners


The number of Minnesota homeowners who owe more than their house is worth is dropping, and it's happening at a rate that outpaces the national average.

The Star Tribune reports that rising property values are creating the state of positive equity. Citing a new report from CoreLogic, the newspaper reports that 12.6 of the homes in the metro area are in negative equity. The national rate is 14.5 percent.

Last month's semi-annual foreclosure report by the Minnesota Home Ownership Center found a 29 percent decrease in foreclosures in Minnesota in the first two quarters of 2013. The number was down nearly 50 percent from the same period three years ago.

On Thursday, the Minneapolis and St. Paul Area Associations of Realtors will release their August sales report, which the Star Tribune predicts will likely show a nearly 20-percent increase in new listings and and upward trend in the number of sales and and prices.

Next Up