Ouch! My Own City Is the 2nd Worst For Foreclosures

By
Real Estate Appraiser with Michael S. Bolton,Inc.

 

Usually coming in first or even second is considered a good thing. However, not when that is being the second worst city within the Twin Cities market for the highest percentage of foreclosure sales. This is according to the new statistics put out by our RMLS this week, which covers the surrounding 13 counties.

Although this is something that I've been telling anyone that will listen for the past year, that our city has a problem, now at least I have some confirmation.


 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lindsey Hasford 01/24/2012 11:08 PM

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Rainmaker
1,840,822
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert,Lecturer,Author,Artist

Think of yourself as helping to fix this, :0

 

Blessings to you and your city,

Laura

Jan 24, 2012 09:00 PM #1
Rainer
481,506
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

The good news is that once you get through it, there is a huge sigh of relief...

Jan 24, 2012 09:01 PM #2
Rainmaker
619,255
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Our area has much the same stas as your area does!   It is frustrating but so far this year I seem to be listing more equity sales!  yeah!!!

Jan 24, 2012 09:08 PM #3
Rainmaker
578,539
Kathy Sheehan
Cross Country Mortgage Corporation 770-634-4021 - Atlanta, GA
Senior Loan Officer

Hopefully being second is only a one time occurrence!

Jan 24, 2012 09:09 PM #4
Rainmaker
568,752
Lindsey Hasford
Coldwell Banker Vision - Elk River, MN

I am not all that surprised. Watching Zimmerman suffer has been tough the last few years.

Jan 24, 2012 09:27 PM #5
Rainmaker
2,064,508
Debbie Gartner
Floor Coverings International - Westchester NY & Lower Fairfield CT - White Plains, NY
The Flooring Girl - Westchester hardwood flooring

Ouch, that does hurt!

Jan 24, 2012 09:38 PM #6
Rainmaker
807,562
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

The main reason in my opinion is because the values in these cities got so high and most of the sale came from 2000 on and a lot of sales in 2003-2006...meaning that there just are not that many long term owners who are selling right now to even this out.

Jan 24, 2012 10:15 PM #7
Rainer
146,118
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Thanks Laura.

Liz~That will be huge relief, hopefully I won't run out of Pepto Bismol before then.

Deborah~There's always a bright side if you look hard enough, and buyers that are buying now will do well in the future.

Lindsey~Thanks for the re-blog, and I agree with your statement about Otsego; it wasn't even in the top 20.

Debbie~It can only get better.

Chuck~I agree that is one of the many reasons that have been bandied about.

Have an AWESOME day!

 

Jan 25, 2012 05:53 AM #8
Rainmaker
2,584,942
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

It is a good time for real estate investors to build their rental portfolios.  Some are successfully renting to families that lost their homes in foreclosure.

Jan 25, 2012 10:13 AM #9
Rainmaker
1,457,031
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

You are however part of the solution. This will pass and when it does, your market are will become that much stronger.

Jan 25, 2012 10:42 AM #10
Rainer
146,118
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Roy, You're absolutely right, all we need is a whole lot more of them.

Joe, Yes it will past, it just feels like a huge kidney stove right now.

Have an AWESOME day!

 

Jan 25, 2012 07:58 PM #11
Rainmaker
354,262
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Whoa, that's a tough market Michael.  That'll take some time to turn around, but eventually it will.  Is Zimmerman a newly developed area that grew rapidly between 2002-2006 with new home construction?  Those are the markets hardest hit out here.

Jan 25, 2012 11:50 PM #12
Rainer
146,118
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Lloyd~You're right on, it's an older city that had a ton of new construction during that period. It's interesting that the pattern seems to the same throughout many parts of the country.

Have an AWESOME day!

 

Jan 26, 2012 05:36 AM #13
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