2008 may well be remembered as the year of the foreclosure. There is a rumor that 1st graders now know how to spell foreclosure before they can spell thier own name. Wright County, Mn had it's share of foreclosures as well. A large majority of these were new construction that were never lived in. There is some good news as well! The fourth quarter of 2008 saw fewer newly listed lender mediated properties. That is the first quarter to quarter decrease since 2003. I am not calling it a trend yet, but I am very optimistic.
2008 Lender Mediated Homes Sold in Wright County (foreclosure & short sale)
City Total homes sold Lender-mediated % Lender Mediated
Annandale 64 20 31.3%
Buffalo 255 129 50.6%
Cokato 48 13 27.1%
Delano 82 15 18.3%
Hanover 40 16 40%
Howard Lake 23 10 43.5%
Maple Lake 28 11 39.3%
Monticello 201 85 42.3%
That gives you a snapshot of what happened in 2008. Keep in mind that some of these homes are very very good deals for the right buyer. When I say the right buyer I mean one that is not afraid of delays, extra work, buying a home as-is, and what sometimes is known as the waiting game. Don't get me wrong, there are great homes that are great deals out there right now! Make sure you talk to a Realtor that has experience with lender mediated properties as you start your search. Because...there are also so many excellent deals to find in the traditional market, make sure to ask your agent the differences and potential pit-falls of lender mediated properties before you start your search. Compare and contrast. Look at both and understand what you are buying.
2009 will be fine! That's the tag-line I am using, and I expect it to come true.
Talk to you next time!
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