Minneapolis, Minnesota (May 6, 2008) –Foreclosures and short sales are growing in prevalence throughout the Twin Cities and nation and are experiencing quite different market conditions than traditional sellers are, according to a new research report released by the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc (RMLS).
The report—entitled "Foreclosures and Short Sales in the Twin Cities Housing Market"—uses a unique, automated method to categorize these lender-mediated properties in the RMLS system and analyze their impact. MAAR staff and Aaron Dickinson, a REALTOR® member with Edina Realty, collaborated to create the methodology and report. This closer look at the market reveals the following and more:
 The traditional, non-lender-mediated market is not experiencing the same levels of home value decline as is commonly presumed and reported.
- Foreclosures and short sales are growing in market share as they work their way through the inventory cycle.
- Traditional homeowners and builders are holding off on selling their homes with far greater frequency than previously believed.
"Foreclosures and short sales present some new challenges to the market," said Kevin Knudsen, MAAR President. "The REALTOR® community wanted to actively engaging in sharing its perspective on the issue, and this report is a big step forward in that direction."
The full report can be found on the Minneapolis Area Association of REALTORS® website at www.mplsrealtor.com, and includes more analysis and an explanation of the research methodology.
Established in 1887, the Minneapolis Area Association of REALTORS® (MAAR) is the leading regional advocate and provider of information services, research and education on the real estate industry for brokers, real estate professionals and the public. With almost 9,000 members, MAAR is one of the 25 largest local REALTOR® associations in the nation and serves the Twin Cities 13-county metro area and western Wisconsin.
Aaron Dickinson is an active REALTOR® with Edina Realty in Plymouth, MN. He serves as 2008 Chair of the MAAR Public Affairs Task Force and maintains a local real estate blog (www.twincitiesrealestateblog.com).
Contacts:
Greg Sax, Communications Manager
Minneapolis Area Association of REALTORS®
gregs@mplsrealtor.com; 952.988.3123
Jeff Allen, Research Manager
Minneapolis Area Association of REALTORS®
jeffa@mplsrealtor.com; 952.988.3126
Mark Allen, Chief Executive Officer
Minneapolis Area Association of REALTORS®
marka@mplsrealtor.com; 952.988.3134
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