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Wednesday, January 06, 2010Twin Cities Foreclosure Stats
As the local and national economy continues to recover, foreclosure rates are speculated to rise in 2010. Disappearing labor markets responsible for high unemployment rates and adjustable-rate-mortgages (ARMs) resetting higher may ultimately contribute to the increase in foreclosures. Today we’ll compare foreclosure numbers in the Twin Cities during November 2008 and November 2009.
In November 2008, the Twin Cities saw 20,129 “traditional” homes for sale (i.e., not in foreclosure) and of those 2,822 were new listings. The total number of traditional homes for sale in November ’09 fell 20.9% to 15,929 with 2,964 being new listings, a five-percent increase over November 2008.
By comparison, there were 4,936 foreclosed properties in November ’08 and 1,589 of those were new listings. The total inventory of foreclosed properties dropped 63.4% in November 2009 to 1,808 homes. New foreclosed listings in November 2009 reached 916, a 42.4% change over the previous year.
146 days elapsed in November 2008 before a foreclosed property sold. During November 2009 the number of days on the market decreased 19.2% to 118 days, which is less than a traditional home that took 121 days to sell in ’09. Closed sales of foreclosed properties in November '08 reached 1,051 which was slightly higher than November ’09’s 993.
The median sales price for November 2008’s foreclosed properties was $125,000. November 2009 saw a 2% increase in the median sales to $127,500. The percent of original list prices received in November 2008 was 89%. The same time a year later the percent of original list prices received rose 9.8% to 97.7%.
Looking for foreclosed properties? Brooklyn Center, Central St. Paul, and North Minneapolis all have the highest share of inventory at the moment.
The minnesota real estate team can help you find the home that works with your budget and meets the needs of you and your family. If you’re looking to purchase a home, but not sure where to start, The Minnesota Real Estate Team offers free classes to help minnesota first time homebuyers just like you!
Remember if you have any real estate questions, don’t hesitate to call the Minnesota Real Estate Show at 1-800-396-0406 on Saturday’s from 11AM to NOON on KTLK, 100.3 FM.
Posted By: Ryan O'Neill @ 5:32:06 PM 