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Bill Catlin
St. Paul, Minn.

Reports provide varied picture of Minnesota's housing market

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A trio of new reports provides mixed news on Minnesota's housing market.

The Minnesota Association of Realtors says the total number of new listings last month dropped by nearly one-fourth compared to April of last year. That should help slow the descent of prices pushed down by both foreclosure sales and a market in which supply outstrips demand.

The Mortgage bankers association Thursday reported Minnesota has among one of the lowest mortgage delinquency rates. Slightly more than 5 percent of Minnesota home loans are in delinquency, which ranks the state 42nd.

Research firm CoreLogic is also reporting that about one in six Minnesota homes is worth less than the balance on its mortgage. The company says at the current pace it will take more than two years to sell off that supply of distressed homes.