Minnesota Foreclosure Report, St. Paul, Minneapolis MN and Twin Cities Subarbs

The Minnesota Foreclosure Report

The foreclosures in the Twin Cities metro area of Minnesota, are having a profound impact on our local real estate market. Foreclosures are a force to be recon with and are not going away any time soon.

This report examines Lender Mediated Listings in comparison Traditional listings. Lender-Mediated refers to the transaction that the lender or bank has a decision making voice such as a foreclosure, REO or short sales. With respect to your time I will not review the entire second quarter report however I will give you the highlights. You can request the complete report which covers break downs on Minnesota real estate price points and the real estate market for the individual cities across the Twin Cities metro area, by going to our website www.MinnesotaMetroHomes.com According to the published MAAR report in the second quarter we had a total of 33,121 properties offered for sale in the Minnesota metro

real estate market. Out of those Minnesota home listings 7,171 are Lender-Mediated properties and 25,950 of them are considered traditional listings. This means the Twin Cities area of Minnesota had 21.7% of the homes on the market during the second quarter were Lender-Mediated. Single family homes were leading with 23.5% lender-mediated, while townhomes & twinhomes were at 20.35% and condos are the lowest Lender-Mediated properties at 10.8%.

The Minnesota foreclosure report also indicates the Lender-Mediated share of New Listings is 24.3% and of closed home sales it represents 25.8%. These numbers are up roughly a 300% increase from last yr. and over a 500% increase from 2006.

What does this mean to you, home buyers and sellers of Minnesota? As a buyer this means 1 out of 3 to 4 homes you view will be foreclosures or short sales. It also means the odds are incredibly high that the home you purchase will be a lender-mediated property. Due to the complexity and sheer value of foreclosed transactions it is even more imperative now then ever before that you are educating yourself and hire an agent that is fluent in the foreclosure process and will make sure your interests are protected.

To those traditional sellers out there, this means you need to be paying attention to the SOLD homes in your neighborhood. The oldest data you should be paying attention to is 3 months back and no farther then 1 mile from your home. You need to be better then the best of the best and priced either with them or below them if you are desiring a relatively quick sale or an offer that is respectful to your bottom line. Condition and pricing of your home are crucial.

My closing thoughts to you are these... This is a market of opportunity. You owe it to your self and your future to be educated... knowledge is power. Happy hunting and good luck to you.

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