Mortgage rates’ new low lures new buyers

Mortgage rates have slipped to a new low, bolstering hopes that the beleaguered housing market will continue to strengthen. The latest numbers suggest that this will be one of the busiest spring housing markets in several years.
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Mortgage rates have slipped to a new low, bolstering hopes that the beleaguered housing market will continue to strengthen. The latest numbers suggest that this will be one of the busiest spring housing markets in several years.

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Lakeshore buyers dive in, buy low

Sales of Minnesota lake homes are outpacing purchases of traditional houses in some areas, the Star Tribune reports. It's a dramatic shift for a segment that was clobbered by the recession as would-be buyers put their dreams of a waterfront house on hold. But today's pre-boom prices are giving buyers a chance to get summer homes at relatively bargain prices.

Report: 8 percent of Minnesota mortgages end in foreclosure

The Center for Responsible Lending says Minnesota's foreclosure rate on bubble-era loans was higher than most other states. The report also found 5.5 percent of the Minnesota mortgages made during the housing bubble are delinquent.

Fewer Minnesotans delinquent on their mortgages

5.4 percent of Minnesota mortgage holders were behind by at least one payment during the third quarter. That's almost a full percentage point lower than during the same period last year. It's also one of the lowest delinquency rates among the states.

Record-low interest rates save Minn. taxpayers millions of dollars

School districts, cities and counties in Minnesota are saving tens of millions of dollars in borrowing costs by refinancing old bonds, the Pioneer Press reports. The South Washington County School District is among the government organizations reaping the benefits of historically low interest rates. The district alone has saved more than $14 million since 2001.

Record low mortgage rates help boost housing market in Minnesota

Twin Cities home sales are up by double digits so far this year, the Star Tribune reports. However, options for buyers are limited because so many potential sellers can't list their homes until prices increase. A tighter credit market and bigger down payments have also made it tough for borrowers to get a loan.

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Warren Buffett's Berkshire Hathaway Inc. is eyeing a $374 billion mortgage-servicing portfolio of Residential Capital LLC. The bankrupt lending unit, a subsidiary of government-owned Ally Financial, filed for Chapter 11 protection in May. Dow Jones News Wires reports Minnesota-based ResCap already has a proposed agreement to sell the mortgage unit to NationStar Mortgage Holdings Inc. Berkshire says it will match the $2.4 billion bid, but offer a lower breakup fee.