Twin Cities Foreclosure Report for First Quarter

Hey all - Just a quick note here. The Q1 Foreclosure Report from MAAR is out now...

http://www.mplsrealtor.com/downloads/market/Lender-Mediated/Main.htm

These are a huge segment of the market place. Some areas only have 5% foreclosure rates (Edina) while other are near 60% (Camden, North, Brooklyn Center). These number remain largly unchanged from last quarter.

We break these out from "Traditional Sales", for two reasons, they are skewing market statistics, and because many buyers have grown tired of trying to buy from banks and rule these homes out entirely.

While it is true, there are great deals in the foreclosure market, banks often take MONTHS to respond to an offer, good properties regularly attract multiple offers, and there can be issues securing financing for homes in marginal condition.

Listen to this Marketplace Report from American Public Media on Buying a Bank Owned Home

It is getting easier to buy these homes, however, as the industry responds to the situation. Lately I've been seeing more "pre-negotiated" short sales, and professional mediators in the market. Banks are also listing property at lower prices to move it fast.

Best of Luck Out There! - Ben Kolkman

Lakes Sotheby's International Realty

(612) 599-4161