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Percentage of Minnesotans who own homes is lowest since '93

Some may be mortgage-shy after the housing collapse. Others may have decided they just prefer renting. For whatever reason, fewer Minnesotans are buying homes and that's squeezing the rental market.
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Some may be mortgage-shy after the housing collapse. Others may have decided they just prefer renting. For whatever reason, fewer Minnesotans are buying homes and that's squeezing the rental market.

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Plunge in home prices not limited to foreclosures

Foreclosures and short sales made up about half of the home sales in the Twin Cities area by the end of 2011. But even among traditional sales, prices are plunging. The median price fell more than ten percent last year, down to $190,000.

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The 13-county metropolitan area had more than 3100 purchase agreements signed in January. The Pioneer Press reports that's a 25 percent increase compared to last January. The Minneapolis Area Association of Realtors credits record-low mortgage rates, home prices and the mild winter weather for the highest January numbers since 2005.