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Foreclosures and Short Sales in the Twin Cities Update

Foreclosures and short sales in the Twin Cities accounted for 34.1% of the closed transactions in quarter three according to a report published by the Minneapolis Association of Realtors.

Lenders are seemingly discounting properties at steep prices to get rid of them and thus dragging down prices even further.

The foreclosures and short sales are starting to move into the upper bracket section of the market as well. Now prime mortgages are starting to feel the affect. Foreclosures increased from 166 to units to 207 in the $500k-1mil price range, a 24.3% increase. For homes that are over a $1 million, foreclosures increased by 81.3%.

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By Jason Sandquist | October 30, 2008 | Filed Under Bank Owned Real Estate, Buying REO Real Estate, REO Foreclosure Market Update, Twin Cities REO Real Estate 

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One Response to “Foreclosures and Short Sales in the Twin Cities Update”

  1. gravatar Updates to Minnesota Home Search | Living Twin Cities on November 5th, 2008

    [...] biggest update is the ability to search for foreclosures in Minnesota, this that is all that anybody wants to buy these days. It has always been hard to identify properties that are in foreclosure, distressed or bank owned [...]

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