I read an interesting Star Tribune Article this morning about the numbers of Foreclosures in the Twin Cities area and also nationwide.
As they report, the number of bank-owned properties is still pretty strong here in Minnesota and that number may rise this winter and into next spring.
Based on their numbers from the Minneapolis Area Association of Realtors, home prices are still depressed from previous years and the number of foreclosures on the market isn’t going to stop anytime soon. There are numerous reasons for the strong bank owned market, most notably the slow economy and higher-than-average unemployment rates. If people don’t have money or jobs, they’re not able to pay their mortgage every month–pretty simple isn’t it?
Keep in mind that the “bad reports” (such as this one) for the housing market at large typically means buyers are getting the better deals. So if interest rates stay low, prices stay low, and inventory stays high, then you’ll get a great deal if you’re a first time homebuyer in mn.
Is is interesting to look at our local Minnesota real estate market here. Certainly still a ton of bank owned listings for sale on our MLS. But I agree with your post, really a dynamic time to look at buying a home. Interest rates are low, lots of grants available for first time home buyers. What a time to be a buyer in this MN real estate market!