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Twin Cities Foreclosure Homes For Sale Down 60% From Peak

November 11, 2012 by Leave a Comment
twin-cities-foreclosures-short-sales

Twin Cities foreclosure and short sale inventory continues to drop like a rock, with foreclosures for sale down an astounding 60% and short sales for sale down 54% from their peaks: With buyer demand remaining strong and with substantially fewer foreclosures and short sales being listed than in the last few years, foreclosures and short sales for sale should continue to decline.  This bodes well for traditional sellers who will have less competition for their homes but comes as a disappointment to many home … [Read more...]

Filed Under: Blog, Featured Blog Posts, Foreclosures and Short Sales, Market Stats, Market Updates, Short Sales

2200+ Short Sales Stuck Waiting for Bank Approval

April 2, 2012 by Leave a Comment
Short Sale and Foreclosure Resource

Short Sales By The Numbers: 3,900 We have about 3,900 short sales currently for sale in the Minneapolis/St. Paul area on the MLS. 2,200 In the Twin Cities, of those 3,900 short sales we now have more than 2,200 that have received offers and are waiting for the seller's lender(s) to provide a response, 900 more than we had nearly 20 months ago and 500 more than we had 7 months ago.  By the way, this means that 2200+ buyers are tied up waiting for properties they may or may not ever get to buy. 56% Percent of … [Read more...]

Filed Under: Foreclosures and Short Sales, Housing Analysis, Info for Buyers, Info for Sellers, Market Stats, Opinion, Short Sales

1700+ Short Sales Stuck Waiting for Bank Approval

August 15, 2011 by Leave a Comment

Short Sales By The Numbers: 5,000 We have just under 5000 short sales currently for sale in the Minneapolis/St. Paul area. 1,700 In the Twin Cities, we now have more than 1,700 short sales that have received offers and are waiting for the seller's lender(s) to provide a response, 100's more than we had a year ago.  By the way, this means that 1700+ buyers are tied up waiting for properties they may or may not ever get to buy. 35% Percent of short sale properties for sale that are currently stuck in Lender … [Read more...]

Filed Under: Community Issues, Foreclosures and Short Sales, Info for Buyers, Market Stats, Opinion, Personal Experiences, Short Sales

Foreclosures and Short Sales Don't Matter to House Prices

July 5, 2011 by 7 Comments
median sales price - all properties - twin cities real estate

While foreclosures and short sales continue to be around 40% of our sales, when looking at housing prices I believe they should be completely ignored. When looking at all Twin Cities housing sales, here is how the Median Sales Price stacks up:   When we split it out to look at Foreclosures, Short Sales and Traditional Sales, we see that Traditional Seller prices have not fallen nearly as much as the composite number suggests:   Why we should ignore foreclosure and short sale sales data If we go … [Read more...]

Filed Under: Crystal Ball Projections, Foreclosures and Short Sales, Info for Buyers, Info for Sellers, Market Stats, Opinion, Short Sales Tagged With: , ,

A Mortgage Modification in Just 7 Days!

April 27, 2011 by Leave a Comment

The Program For the past several weeks the Minnesota Home Ownership Center has been piloting an innovative program with Fannie Mae that offers a new and more efficient way for Minnesota homeowners with Fannie Mae loans to access assistance.  This program, known as the Fannie Mae Partnership, builds on the strengths of the Homeownership Advisors Network (statewide counseling network) and maximizes the relationships Fannie Mae has with servicers. Dedicated Fannie Mae staff that office at the Minnesota Home … [Read more...]

Filed Under: Short Sales Tagged With: ,

Stupidly Slow Short Sales That Seldom Sell

March 16, 2011 by 2 Comments
short sales msp

Here we are, years into the housing crisis, and it seems like while banks have become pretty good at selling foreclosures they are still horrible at closing short sales.  On average, short sales a have substantially lower chance of closing than traditional or bank owned listings, which means a huge number of short sales fail and go back to the bank as foreclosures.  At the end of the day, short sales sell for far more money than they do as an equivalent foreclosure so each failed short sale means thousands or … [Read more...]

Filed Under: Community Issues, Foreclosures and Short Sales, Info for Buyers, Info for Sellers, Market Stats, Opinion, Personal Experiences, Short Sales Tagged With:

Traditional Seller Prices Rise, Foreclosure Prices Plummet

February 12, 2011 by 1 Comment
Median Sales Price - Foreclosures, Short Sales, Traditional Sales

You have Zillow, Trulia, Case/Shiller, the National Association of REALTORS and the Minneapolis Area Association of REALTORS and many others all release housing statistics that are then mentioned by local media. The beauty of today is that we have more information than we have ever had before - the problem with today is that a lot of that information is useless or misleading when talking about an individual house, a block or a neighborhood.  See, housing isn't just a local thing... it is a hyper-local thing.  I … [Read more...]

Filed Under: Foreclosures and Short Sales, Info for Buyers, Market Stats, Short Sales Tagged With: , ,

Foreclosures are a Lagging Indicator

January 25, 2011 by Leave a Comment

Star Tribune reporter Jim Buchta ran a post on his blog discussing Minnesota Home Ownership Center's data release showing that Minnesota pre-foreclosure notices rose in 2010 vs. 2009, albeit by only a small percentage. As seems to be the case with comments I see now on most news stories, there were a lot of idiots adding their two cents of nonsense to the story.  Some of the comments though were definitely more topical and appropriate - one of the comments I saw multiple times was confusion as to why the economy … [Read more...]

Filed Under: Community Issues, Crystal Ball Projections, Foreclosures and Short Sales, Info for Buyers, Info for Sellers, Market Stats, Media, Opinion, Personal Experiences, Short Sales

Agents: Shovel Your Vacant Listings

December 28, 2010 by Leave a Comment

Dear Owners & Listing Agents of vacant homes: It's that time of year again - and this year has been worse than most!  When I was out showing recently, several days after the last snow, about 1/2 the vacant houses (foreclosures and short sales) were unshoveled.  Not only does this make the home very unappealing, it is a safety hazard as well.  On one house the drift on the front door made it almost impossible to open the storm door to get to the lock box.  Even worse, when exiting the home I literally … [Read more...]

Filed Under: Foreclosures and Short Sales, Opinion, Personal Experiences, Short Sales Tagged With: ,

Should You Buy A Short Sale?

December 26, 2010 by Leave a Comment

Short sales now make up 20% of the homes for sale in the Twin Cities, an increase in recent months because short sale inventory remains near all-time highs and the number of "traditional seller" homes are the market has begun its seasonal decrease.  This means that no matter where you are searching and what you are searching for, you are very likely to come across several homes for sale that are short sales.  So the question is: should you buy a short sale home? I have discussed short sales many times (1, 2, 3, … [Read more...]

Filed Under: Community Issues, Foreclosures and Short Sales, Info for Buyers, Opinion, Personal Experiences, Short Sales Tagged With: ,

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This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.