Minnesota Houses- Feeling a Rebound in Foreclosures?
Minnesota Houses For sale and Minnesota Foreclosures
This past week all the buzz is about how Minnesota is either one of the worst, or the worst foreclosure market in the country. Ultimately we are seeing pros and cons with the current market conditions but do not agree with that finding based on our recent experience. Its difficult to really get a solid footing on the market overall for a particular region when you are looking at a short time period. What are the 6 month trend lines looking like would be a more important question to ask.
Eden Prairie and the Southwest
Eden Prairie has been hot for our team this past month. Anything priced within the market analysis is selling within 30 days assuming its staged well. The other southwest suburbs such as Minnetonka and Chanhassen are also doing well but we are continuing to see negative equity or short sale situations at record levels. 40 to 50% of the sellers we are chatting with are equity challenged or have little to negative equity
Outer ring still struggling with price declines
While purchase agreements were up in May, prices on the outer ring were slipping based on the numbers we have seen. There are more foreclosures per capita in the outer ring mainly because of larger declines and reduced demand.
Minnesota Homes are more desirable than similar homes in other US markets
Simply because we had a month or two of bad data reports does not tell the whole story. Minnesota has one of the most diverse economies in the country and continues to do well with the unemployment reports. Assuming this trend continues there will be a strong demand for housing. Assuming the supply side of the market gets slightly worse or stays the same we should see only mild declines over the next two years
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