The Skinny Blog

Foreclosures

As many have noted, one of the biggest changes to the Twin Cities and national housing markets was the sudden influx and subsequent absorption of distressed properties.  “Distressed” simply refers to any new listing, active listing or closed sale where the lender either owns the property (foreclosure) or the property was sold for less than
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Over the past two years, lender-mediated foreclosure and short sale properties have seen massive declines in their sales prices as banks slash prices to spur demand and move these declining assets (or are they liabilities?) from their balance sheets. Over the same time period, traditional home sellers haven't seen their property values decline at the
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On Friday, we talked about new evidence that the banks responsible for lender-mediated foreclosures and short sales are offering slashed prices immediately at the time of listing, leading to improvements in the percent of original asking price they receive. Today, we've got some complimentary evidence of this trend. Check it: Lender-mediated properties still take longer
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As has been discussed here countless times before, lender-mediated foreclosures and short sales are selling for lower prices than traditional properties. But what about those sales prices relative to the original asking price of the property when first listed? We decided to investigate. Over the past few years, lender-mediated properties have consistently received less at sale
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Foreclosures and short sales (i.e., lender-mediated properties) continued to increase their market share in the third quarter of 2008. Over 34 percent of new listings and closed sales during Q3 2008 were lender-mediated, up significantly from the same quarter in 2007 and 2006. The increase is due in part to continued growth of lender-mediated properties,
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Foreclosures and short sales (i.e., lender-mediated properties) don’t appear to be leaving the Twin Cities housing market anytime soon. These types of properties are going to be with us for awhile, and having accurate and detailed information on their impact is crucial for buyers and sellers. MAAR is proud to announce the release of the
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Minnesota home foreclosures in 2008 are currently on pace to beat 2007, which itself was a record year. A short but informative Star Tribune article digs into the numbers from RealtyTrac: "The number of June filings in Minnesota was 75 percent higher than in June 2007, but 23 percent lower than in May 2008." 75
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When zero-down mortgages were all the rage during the boom years, eager buyers with little savings understandably took advantage. In the present day—after two years of huge bank losses brought upon by rising foreclosures, short sales and loan defaults—well, let’s just say that lenders aren’t exactly looking to give away free money without a little
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Home sales are continuing along a relatively smooth course so far this summer, with newly signed purchase agreements (pending sales) increasing by 3.8 percent over last year for the week ending June 14. Over the last six weeks, pending sales are behind the same time period in 2007 by only 30 sales, or 0.6 percent.
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One of the chief causes of declining home sales in both the Twin Cities and national housing markets was the troubling affordability picture. As we’ve discussed countless times before, consumer income was outpaced in growth almost three-to-one from 1992 to 2005: This is the the darker side of the boom-year housing price increases. To use
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As you probably already know, last month we released "Foreclosures and Shortsales in the Twin Cities Housing Market" — a special research report that examines the growing prevelance of these lender-mediated properties, using a unique new methodology to track them in MLS data. We all knew that reactions to the report would likely be passionate,
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If you listened to 89.3 The Current anytime in April or May, you likely heard this: "Everyone knows the mortgage market is in crisis and that it’s dragging down the rest of the economy. But what caused it? How can we get out of it? And how can homeowners and potential buyers in Minnesota protect
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With foreclosures and short sales becoming more than just a passing foot-note in the Twin Cities housing market, lenders and banks are being forced to dip their toes in waters they’d likely rather avoid. Whether they like it or not, they’re being forced to sell real estate. This is causing some growing pains, naturally. Financial
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With home values around the country in decline, being "upside down" on one’s mortgage is far more common these days. Some estimate that 5-10% of American homeowners are in some form of negative equity, with the potential for more to fall into that category in 2008 and 2009 as home values are dragged down by
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