Archive for 'Foreclosures and Short Sales' Category
Happy 4th of July… Stay Tuned for News Next Week
2 July 2008If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!The last 6-8 weeks have been busy and while the real estate market isn’t what it used to be, it is still keeping me plenty busy. In addition, I’m busy working with Jeff Allen to release a 2nd Quarter [...]
Loose Lending Broke Housing, Tight Lending Keeps it Broken
20 June 2008The several years of “loose lending” by mortgage lenders helped bring a surge of bad loan programs with borrowers that were either overextended from Day One or should have been unqualified to begin with. This surge has now become a tsunami of foreclosures and short sales, which Jeff Allen and I have lumped together as [...]
Minneapolis Area Association of REALTORS Monthly Video Update
16 June 2008Take a look at some great commentary by MAAR. The numbers are clearly showing a peak of inventory and a bottom for buyer demand, so we see “strength” in numbers that are no longer continuing to soften. This market has a long way to go before we’re back to “normal” but it all has to [...]
Minneapolis/St. Paul MLS Addresses Foreclosures & Short Sales… Kinda
10 June 2008The RMLS of Minnesota, which is the governing body of the MLS in the Twin Cities and is owned by the 4 local REALTOR associations, has made some policy changes in regards to the reporting of foreclosures on the MLS, effective on Thursday:
The “In Foreclosure/Lender Owned?” field:
Initially will be an agent-only field (not available on [...]
Great Article on Future ARM Resets for Loans
5 June 2008Great article talking about how ARM mortgage resets happening right now are not so bad but that there’s still a lot of ARMs out there in future years that might have a problem. I’ve heard quite a bit of this before but this is a pretty good summary of it all.
http://globaleconomicanalysis.blogspot.com/2008/04/closer-look-at-arms-reset-problem.html
Short Sales & Foreclosures in Plymouth and Maple Grove
19 May 2008I took a few hours Sunday to review short sale and foreclosure sales in Plymouth and Maple Grove during the last 10 months and found some interesting information. Before I explain what I found, I want to explain what I looked at:
Homes that were clearly a short sale OR a foreclosed, bank owned home. This [...]
Q&A - How Long Should it Take to Sell My Home?
9 May 2008According to the RMLS’s analysis of the 13 county Twin Cities metro area, the average home is selling in 165 days. But also according to the RMLS, that home is only selling for 91.7% of original list price.
Now I’m not 100% sure on this, but my feeling is that most sellers would prefer to sell [...]
Price Per Square Foot - Lender-Mediated vs Traditional Sellers
6 May 2008As a follow-up to the report I co-authored with Jeff Allen from MAAR, below is a comparison of price per finished square foot between lender-mediated sales and traditional sales.
As can be seen by the chart above, there is a substantial price discount on a cost per square foot basis when you look at lender mediated [...]
Aaron Dickinson and MAAR Publish Report on Foreclosures and Short Sales on Twin Cities MLS
6 May 2008You can find the report here.
Background
In late October I wrote a blog post regarding foreclosures and short sales listed on the MLS in the Twin Cities. Once I started researching this topic, I found that the information I was uncovering was previously unknown in our market and that the trends it offered were very insightful. [...]
Foreclosures and Short Sales Skewing Twin Cities MLS Statistics
5 May 2008In the first quarter of 2007, sold homes reported by the MLS were 90% “Traditional Sellers” and 10% “Bank Mediated Sellers” (bank owned foreclosures and/or short sales).
In the first quarter of 2008, these “bank mediated” listings comprised more than 27% of the sales. The Median Sales Price of homes sold by Traditional Sellers in [...]