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Are Higher-End Twin Cities Foreclosures Coming?

For a while now there’s been some talk that the foreclosure activity would become more prevalent in the higher-priced home market – well as of yet we haven’t seen that materialize.  In fact, by far the strongest activity remains in the lowest price ranges for both foreclosures and short sales:

In the future we may see an influx of foreclosures at higher price points but for right now our local MLS is showing the foreclosure activity is still more heavily found in the lower price points.

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3 comments
Maui Real Estate
Maui Real Estate

My market has been peppered with a few high-end foreclosures/short sales. Sure, there is value in them, but with more and more sellers facing reality, some conventional sales are priced competitively representing great deals as well.

Palmdale homes
Palmdale homes

In Palmdale we have nearly the same statistics. However with ours, there are plenty of inexpensive homes and few pricey ones. A lot of people move to the area for lower priced housing.

Ed Nelson
Ed Nelson

Excellent information Aaron! We here at the Home Ownership Center (www.hocmn.org) haven't seen a dramatic rise in the price point of homes either... what we are seeing are a rise in homeowners seeking services from OUTSIDE of the core cities of Mpls/St. Paul. The farther you get out of the cities, in many cases, the lower the home price as well, which may 'distort' the picture somewhat - foreclosures may be hitting higher INCOME brackets - but it's not reflected in the HOME PRICE. ?

Disclaimer

TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.