Minnesota 2020 — Minnesotan Homeownership Declines. A trend that doesn’t seem to follow the real estate bubble in that ownership rate dropping since 2002. I wonder how Red Wing is trending and, if home ownership is trending down here, what does that mean in terms of economic development.
Things Red Wing 
If home ownership decreases because of income and job loss, how can economic developement do any other than to also decrease. It is a shame how we pour money into a fully staffed abyss. How does the public benefit from this and what other purpose than “public benefit” is there to have an economic developement agency? Are we maintaining this simply because of long time city careers or do they have a plan? Looking into their history, they have needed a general transfer for most of the years they have existed. This hardly seems to benefit the public if they can not sustain themselves as an agency over their financial dependency. How can such an agency prosper when it gives out loans with payment plans that are extended out in such ways that repayment is not made for years by some, because of extensions provided? Where else can such a good deal be made using taxpayers money? What public benefits do the taxpayers receive in return and what is the true cost of economic developement in Red Wing?
An estimated 22 federal programs have now committed more than $7.7 trillion to halt the financial meltdown and restore lenders and credit markets (Bloomberg News, Nov. 24, 2008). Little of this has trickled down to help borrowers and lenders restructure troubled mortgages.
In October, the St. Paul Pioneer Press (Snowbeck) found 52,000 Minnesota mortgages were deemed to be in negative equity status, and 71,616 more mortgages were within five percent of negative equity-equity most likely lost in the final quarter of last year. What’s more Serres (Star Tribune) reported in January that 50 state banks are now on a regulators’.
According to HousingLink, in 2008 Minnesota saw a 33 percent increase in foreclosures over 2007.
I wonder what the statistics are for 2009 in Red Wing?
Thanks for the informative reading Kent!
Correction to above comment.
(Star Tribune) reported in January that 50 state banks are now on a regulators’ “watch” list.