It's currently a declining market here in Eagan, MN. And we're predicting another 10% drop in housing prices between now and the spring. We're seeing a lot of loan modifications fail, plunging homeowners info foreclosure.
There are several different types of distressed properties - short sales, pre-foreclosures, foreclosures, bank-owned, etc. Each type of property plays by it's own rules and can potentially represent a phenomenal deal, or a dire money pit.
Last month in Eagan foreclosures - approximately 8% of the single family home sales were Eagan short sales while 16% were foreclosures. Check out this video for the detailed housing market stats for September 2010:
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