4,881 homebuyer-client households served. 684 foreclosures successfully avoided.
The Minnesota Homeownership Center has released its Annual Community Impact Report for 2023. Last year, our Homeownership Advisors Network served nearly 5,000 homebuyer client households and helped to prevent nearly 700 foreclosures. Here are the key takeaways:
- 4,881 homebuyer-client households served
* 92 percent were prospective first-time homebuyers
* 51 percent would be the first generation of their family to own their own home
* 81 percent had income at or below the area median for their community of residence
* 66 percent were households of color - 684 foreclosures successfully avoided
* This represents more than $27 million in community wealth preserved
On a comparative basis, classroom education (including virtual live classes) posted a two percent increase over 2022 with 2,712 households served. This is the second year-over-year increase we’ve seen since 2015, when the availability of online homebuyer education began to eat into this figure. Homebuyer advising and financial wellness counseling rose a hefty 17 percent to 2,169 households served.
With regard to our foreclosure prevention work, the number of clients initiating services in 2023 fell 32 percent to 858 households. This drop follows a 72 percent increase the previous year, which appears to have been an anomaly caused by the expiration of COVID-era mortgage relief programs. We assisted 684 households in successfully avoiding foreclosure – representing a success rate of 95 percent among households completing the legal process during 2023. In the public realm, Pre-Foreclosure Notices fell 11 percent to 10,832. Sheriff’s Sales rose 5 percent, moving from 1,692 to in 2022 to 1,781 in 2023.
2023 marked the collection and reporting of some new data as well:
- Our Homeownership Advisors Network presented 272 individual Home Stretch class sessions, for a total of 21,696 hours of consumer education delivered.
- 230 Realtors® participated in our professional Continuing Education (CE) classes
- 34 percent of homebuyer clients served were born outside the USA.
- 54 percent of pre-purchase advising clients successfully purchased their own home (this figure excludes unknown outcomes).
The Center’s complete 2023 Community Impact Report is accessible via the link below.