Graphic Courtesy of MSNBC
Apologies for the late entry this week, we were busy battling the end of the month….
Last Week: Prices Improved
Mortgage bond prices improved ever-so-slightly last week on thin trading, a weak durable goods number, and a well-bid 2 year Treasury auction.  Though it’s not likely you saw any appreciable difference in the rate you were quoted, it is progress in the right direction nonetheless.
This Week: Employment
Friday’s employment report will be the big number to watch this week - a spike in unemployment or weak jobs created numbers could move rates lower a stitch.  Also on the calendar is Consumer Confidence, Fed Minutes, Income and Outlays and the ISM index.  Combine the full calendar with the lingering, still to be determined impact of Katrina, and we have a potentially volatile week ahead of us.
This Week’s Economic Calendar [barrons.com]
Latest Twin Cities Real Estate Market Report [pdf via MAAR]

This week, all of the picks are under $275,000, which by most measures is considered first time buyer/starter home territory.  We were pleasantly surprised by the selection - $275K still gets plenty of home for first time buyers in a lot of areas.  With all the frog-strangling rain today, wet basements will be easy to spot.

705 Smith Avenue, St. Paul|GMAP
$274,900 | Sun 12:30-2 | Edina
This one has a circa 1906 2-story stable that’s been coverted to a six car heated garage - also would make great studio or office space.  Maybe even a rental unit?
1919 West Oak Street, Stillwater|GMAP
$259,500 | Sun 12-2 | Burnet
Very clean looking brick rambler with all kinds of yard.  Nice number for Stillwater. Only gripe is the oak woodwork, but whatever.
4548 Park Avenue S., Minneapolis|GMAP
$244,900 | Sat/Sun 12-2 | Burnet
Fans of the blog know that one of these classic stucco Tudor’s almost always make the list. We dig the fireplace in this one.
205 Sheridan Avenue South, Minneapolis|GMAP
$249,900 | Sat 12-4 | Edina
Nicely re-done Bryn-Mawr bungalow.  Color palette inside is just a little too clever, but nice woods and other details.
4637 Minnehaha Avenue S., Minneapolis|GMAP
$214,900 | Sun 1-3 | Edina
Nice interior details on this one - Kitchen and cabinetry looks mostly original, right down to the breakfast nook.
2218 Madison Street NE, Minneapolis|GMAP
$219,900 | Sun 1-3 | Burnet
Looks to be a quality renovation in Northeast - clean all around.  Listing says 1,000 sq ft, but it looks bigger.
1675 Stillwater Avenue, St. Paul|GMAP
$185,000 | Sun 1-3 | Burnet
Peaks and dormers look good on this one, and the yellow works.  No interior or yard shots, but the listing claims hardwoods and a large deck.

The estimable WSJ online’s real estate journal has an article up which dissects the raft of recent studies released by economists, mortgage insurers, and other smarties assessing the risks in various housing markets nationally. 

Spurred on by the growing concern that America’s housing market is heading for a crash, a number of top economists are producing lists that rank the metropolitan areas most likely to experience a sharp drop in housing prices. The problem is that these studies, which look at factors from local income to lending practices, come to strikingly different conclusions. Even so, the raft of data can provide useful clues for home buyers and investors wary of getting in at the top.
Economists Handicap Housing Markets [RealEstateJournal]

Of course another way to interpret the fact that all of these studies "come to strikingly different conclusions" is that none of them really has a clue which way things will break with any local housing market.  "Predicting" any market is difficult (as we’ve said before) to the point of folly in many cases, but given enough studies one of them might eventually be right, so they are still worthy of consideration. As the old saw goes - even a broken clock is right twice a day. 

That said, we did drill down a bit on the other side of the link below to see where our beloved Twin Cities rank in some of these studies (with Charts!), so click away.

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Local
· For Sale: Jimmy Jam’s Minnetonka Home [mnspeak]
· 35 Best Places to Work in the Twin Cities [bizjournals]
· ‘Skyscape’ Condo Construction Begins [bizjournals]
· Eclipse Condo’s Move Forward [skywaynews]
· Minnesota is 8th Worst State for Retiring [morningstar]
Elsewhere & Otherwise
· Enough!: All Mortgages Pose Risks [mortgagereports]
· Existing Home Sales Dip, But Still Strong [marketwatch]
· Bubble: Don’t Believe the Hype [forbes]
· Muslim Mortgages: Allah Hates the HELOC [AHI blog]

                                                  Graphic Courtesy of MSNBC
Last Week
Mortgage prices fell a bit last week, putting some mild upward pressure on rates.  It was a volatile week: The bond market rallied on favorable consumer price data, only to give the gains right back following the producer price release the next day.  On top of that, the threat of inflation caused by record high oil prices has top of mind position for most market watchers.
This Week
On the calendar, durable goods orders, new home prices, and a treasury auction of 2 year notes highlight a rather thin week calendar-wise.  As always, there are many factors that can cause rate volatility outside the economic calendar, so a light schedule of data releases does not always mean we can rest easy.
This Week’s Economic Calendar [barrons.com]
Latest Twin Cities Real Estate Market Report [pdf via MAAR]

Lots of opens this weekend (over 500) - one of the last before we head into the start of the school year and the fall.  Looking back on the picks, a little heavy on the stucco bungalow & tudor style, and we gave St. Paul the short shrift.  We’ll make it up to the east side next week.  Feedback on these or any other opens? Email it here.

2520 Providence Path, Independence|GMAP
$1.295 Mil | Sun 1-4 | Burnet
Just your basic executive country estate.  Loving the pillars and kitchen.
125 50th Street West, Minneapolis|GMAP
$645,900 | Sun 12-3 | Edina
Full two-story tudor with a unique look in Tangletown.  No interior pics, which can be a bad sign - let’s have some feedback here.
324 Apple Lane, Richfield|GMAP
$549,900 | Sun 2-5 | Edina
Circa 1854, in Richfield? Who knew? Interior needs updating desperately, but we like the look overall.
1116 Washburn Avenue South, Minneapolis|GMAP
$445,000 | Sun 1-3 | Burnet
Just a great looking renovated bungalow tucked away in a Cedar/Brownie lake sweet spot.
5029 Penn Avenue South, Minneapolis|GMAP
$339,900 | Sun 2:30-4:30 | Edina
A location we really like between Lake Harriet and Minnehaha Creek - looks immaculate, right down to the shrubery.
3745 34th Avenue South, Minneapolis|GMAP
$219,900 | Sun 1-3 | Edina
With just a little attention on the outside, this could be a real gem.  Nice period kitchen.

An obviously insane Eagan man faced with eviction struck upon a novel way to fight the system. He first declared himself a sovereign nation, "a "stateless man" and a member of a "band of insurgents" who live in Minnesota — a separate country within the United States - and then filed nearly $1 Million in bogus liens against the home of the judge and other officials who signed an eviction order. From the Pioneer Press (full article linked after the jump):

After Dakota County District Court Judge Thomas Lacy approved an eviction notice…Pomerenke allegedly retaliated with notices of his own. Claiming that his name was a trademarked title that had been used without his permission, Pomerenke mailed Lacy and two court workers written invoices charging them $300,000 apiece in damages…

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Local
· At Home in The Blogs(coughwe’rementionedcough) [Strib]
· 39 Stories of Condo OK’d in Loring Park [skywaynews]
· ‘Burbwatch: Maple Grove Approves Housing Projects [sun-sailor]
· Airport Noise: MAC Buying Homes [bizjournals]
· Downtown Condo’s: Higher, Higher, Faster, Faster [pipress]
· St. Paul Solicits Bids for Target-Condos [bizjournals]
Elsewhere & Otherwise
· Core Burnout: 12,000(!) Abandoned Homes In Detroit [yahoo]
· Man Being Evicted from Undeground Home [KESQ.com]
Audio: Regulators Looking at Loan Quality [npr.com]
· Realtors Also Pushing Illegals Homeownership [houston chronicle]
· Insurance: Don’t Overlook These Add-Ons [bizjournals]
· Is it Time to Cash-In on Your Home? [msnmoney.com]

                                                     Graphic Courtesy of MSNBC
Last Week
Mortgage rates slipped a little last week (though they have not retraced to previous lows.) An unexpectedly strong demand for 10 year treasury notes (demand pushes prices up, and rates down) and weak retail sales data gave the mortgage bond markets excuse for a bit of a rally, which resulted in slighty lower rates (at least for the week) by the end of the day Friday.
This Week
Consumer and Producer Price Indices highlight this week’s full calendar - both measure inflation [low/no inflation = good for rates, Inflation = bad for rates].  Housing starts, capacity utilization, and leading economic indicators all bear watching.  As always, if any of these figures come in above or below expectations, interest rate volatility often results.
This Week’s Economic Calendar [briefing.com]
Latest Twin Cities Real Estate Market Report [pdf via MAAR]

Weak retail sales figures this week have given mortgage rates a welcome reprieve from their recent upward climb.  Despite all the hubub, fixed rate loans are below the highs for the year, and rates for most mortgages are still in the sub-6% range.  Don’t miss the "Salmon Pink" interiors behind door number 4.

4300 Fremont Avenue South, Minneapolis|GMAP
$1.995 Mil | Sun 2:30-4 | Burnet
Old school elegance and Lake Harriet views come with this Southwest Mpls demi-mansion.
18080 Fairhomes Lane, Deephaven|GMAP
$799,900 |Sun 1-4 | Burnet
This one just works for us - not much in this style gets built in the Twin Cities.
2099 Scheffer Avenue, St. Paul|GMAP
$409,900 | Sat/Sun 1-3 | Edina
All brick, all the time, squeaky clean inside. Highland Park draws a premium.
4705 First Avenue, Minneapolis|GMAP
$325,000 |Sun 1-3 | Burnet
OK, so what if the interior is BRIGHT SALMON colored - we can work with this style and price in Tangletown.
46 Upton Avenue South, Minneapolis|GMAP
$299,900 | Sun 12:30-4:30 | Edina
Good looking Cape Cod in Bryn Mawr. Countertops match the shutters, if you are into that sort of thing.
4047 Wentworth Avenue South, Minneapolis|GMAP
$259,900 | Sun 12-3 | Edina
Great roofline, excellent woods and windows, looks like a recent update.