Yesterday I decided to check the HUD list to see if there were any HUD homes in St. Cloud and surrounding area. I have sold these properties for years and like to keep informed about what is available.
At first I did a smart search, entering state, county; then zip codes, and getting little action. The closest I could find was in Kimball which is 20+ minutes south. So I searched the whole state and scrolled down the list, all 276 HUD homes in Minnesota, from Austin to International Falls (Frostbite Falls for you Bulwinkle fans). I was unable to find a listing in St. Cloud, or Sauk Rapids, or Sartell, or Waite Park, all of the contiguous communities.
This is significant because this is a large market area, and I don't remember the last time the HUD shelf was bare in the last 4 years. Also, the media still harp about the "foreclosure crisis" and the "2nd wave" of foreclosed properties, that looms ahead. The media has been reporting on the economy the way they report on everything else. If they could they would video tape it from a helicopter like an L.A. car chase.
A search of the local area via the MLS reveals that out of a total 1,846 single family homes listed ($1-400,000),a mere 170 are listed as bank owned, and only 47 as in foreclosure. That comes to 9% bank owned and 12% bank owned and or in foreclosure, although I am sure the later category is under reported. Recent reports show that a fair number of mortgage modifications have been completed, and others are in progress.
I have been looking everywhere for signs of increased foreclosure activity in our area and have not been seeing it. The zero HUD inventory is a graphic example of what I have seen all year. The slowing of the foreclosure market and a fairly stable market with low interest rates, low prices and accessible money for buyers. If you're a Buyer, What's Not to Like?
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