While foreclosure filings rose during the third quarter, they are still down over 10% from the same period last year. Roughly one out of every 154 homes received a foreclosure notice in the third quarter. While the foreclosure rate in the Minneapolis metro area is still relatively low compared with the rest of the country, many economists and local real estate professionals agree that it will remain a big part of the Minnesota real estate scene.
The Minnesota MLS still has a fairly substantial inventory with roughly 20,000 mls listings. While foreclosures and short sales prices dipped in September, down 3.3% t0 $114,900 and down 4.7% to $143,000 respectively, standard home prices actually rose 7.6% to $215,250. From my point of view there are some amazing values for home buyers in the Twin Cities these days.
The top 10 cities for foreclosures currently reside in four states, California, Florida, Nevada and Arizona. At least Minneapolis didn’t make that list and currently ranks 76th in foreclosure rate for the third quarter. As everyone in the real estate industry already knows, we’ve got quite a ways to go before the foreclosure challenge is in our rear view mirror. Still, as I keep saying, this is a pretty good time to be a qualified buyer.
Filed under: Uncategorized Tagged: | minneapolis foreclosures, minnesota mls, MLS Listings, Twin Cities
