Out of plain old curiosity, I decided to do some quick searching on the MLS to get an idea of how many listings in the Twin Cities are either bank owned or potentially on their way to foreclosure. The results were staggering! Out of 33764 active Residential listings in the 13 county metro area, 3009 (8.9%) came up in the results when searching with the following terms in agent remarks using our MLS software, MLXchange:
- bank owned
- short sale
- bank approval
- lender approval
- 3rd party approval
- forclosure (misspelled on purpose… some agents mistype)
When you add “as-is” and “as is” to the list, often related to bank owned, vacant, estate, and rental properties, the total number of matching listings balloons to 5009 (14.8%). These are often not distressed sales, but another 2000 listings that come with no seller warranties is definitely substantial.
These numbers are both likely low since not all agents will disclose the property’s situation upfront in the MLS remarks, but I don’t want to speculate on that which I cannot pull data for.
Update (11/13/07): I’m working with MAAR to compile these numbers into something for statistically significant. It sounds like we’ll have this done and ready for public consumption by the new year. Based off of what I’ve seen, the numbers are simply staggering in some neighborhoods, and surprising low in others. Not always what you’d think either… stay tuned for an update…
Update (4/20/08): I’m still working with MAAR on this… numbers for the Twin Cities region will be coming soon but specific numbers for neighborhoods are not available at this time.