National Mortgage News: Median sale price of Twin Cities home hits a record in October

National Mortgage News, November 21, 2019: Median sale price of Twin Cities home hits a record in October

Entry-level home buyers outnumbered sellers in the Twin Cities metro in October, boosting prices and stifling sales of houses priced at less than $300,000. For those willing to spend more than that, it was a radically different story — sales and listings of move-up properties increased double-digits.

During the month there was a 16% increase in sales of houses priced from $300,000 to $500,000, and a nearly 20% increase in closings on those priced from $500,000 to $1 million, according to a monthly sales report from the Minneapolis Area Realtors.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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