If you are thinking about shopping for bargain-priced foreclosed Minneapolis homes, don’t spend too much time thinking about it, because the foreclosure inventory is dwindling, so you know what that can mean for home prices. If you compare the number of new listings of foreclosed Minneapolis homes in July 2011 to July 2010, the inventory has dropped 6.5%. Last year there were 1164 new listings compared to 1088 in July 2011.
Here are a few bank-owned listings for sale that were recently posted to the Northstar Regional MLS:
See all lender-owned Minneapolis homes here.
Minneapolis Homes: Fewer Lender-Mediated Listings
The trend is also seen among properties that are potential “short sales,” meaning properties that are priced below the value of their current mortgaged loan. The number of new distressed Minneapolis homes listings that are marked as “short sales” or ones that require third-party approval has dropped from 1048 in July 2010 to 759 in July 2011, indicating a decline of 27.6% in one year. Short sales listings are being snapped up by savvy Minneapolis real estate investors who see a strong rental market and are able to get these distressed properties to positive cash-flow now and gain value in the future. An investment in distressed Minneapolis homes is still one of the best long term investments that you can make. Check out a few of the latest MLS/IDX short sale listings:
Non Lender-Mediated Minneapolis Homes for Sale
The number of traditional listings of Minneapolis homes has also dropped significantly. In July 2010 there were 5329 new traditional listings; in July of this year, there were 3952 of these kinds of Minneapolis homes listings, indicating a decrease of this type of inventory of 15.9% this year.
See financing for affordable house in Minneapolis.
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