Surge in Minneapolis Short Sales

Filed in Minnesota Real Estate by on October 28, 2008 0 Comments
lender mediated sales chart for minneapolis real estate

Data per Minneapolis Area Association of REALTORS and Northstar Regional MLS

The third quarter of 2008 market activity for Minneapolis real estate saw an increase of foreclosure and short sale (lender-mediated) Minneapolis home sales.  As you can see in this chart, this is a significant increase over 2007 and 2006.  There was an exceptionally sharp increase in Minneapolis short sales and foreclosures this September compared to last year.

A recent report released by the Minneapolis Area Association of REALTORS discovered the following:

  1. Inventory of non-lender mediated homes has declined by 22.9%
  2. Lender mediated home inventory has increased by 64.6%
  3. 28.1% of Twin Cities homes currently for sale are lender mediated
  4. Home prices in general have declined, but less so for traditional or non-lender mediated homes.  Prices on Minneapolis real estate listings that are lender-mediated homes are dropping quickly as banks are now eager to unload them.
  5. Traditional home sellers will frequently pull their homes off the market for winter, but foreclosure and short sale homes remain listed.  This means that the inventory of non-traditional homes will be higher during the winter.

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