Q2 Update to “Foreclosures and Short Sales in the Twin Cities Housing Market” Has Been Released
By MAAR on Wednesday, August 13th, 2008
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 Q2 2008 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market."
The report builds upon the unique methodology established in the initial report to dig further, providing new analysis on the role of lender-mediated properties by city, neighborhood, property type and price range. This detailed look at the market reveals the following and more:
- Over the past year, the inventory of lender-mediated properties has almost doubled, while traditional inventory has declined by 16 percent. 21.7 percent of all properties for sale at the beginning of July were lender-mediated.
- Traditional homes continue to hold their value better than foreclosures and short sales. The Q2 median sales price of foreclosures and short sales has fallen by 11.7 percent in the last two years while traditional homes has declined by only 3.4 percent.
- The prevalence of lender-mediated homes varies greatly from area to area. A full index of MLS areas and cities is included in the report.
So yes, after many requests from members, the media and the public, we are now offering our lender-mediated data through the geographic lens of city and neighborhood.
- Minneapolis: Proposal Adds Residential Energy Scoring Disclosures to TISH
- NEWS FROM NAR: Preparing for Possible Partial Shutdown of Federal Government
- Long-awaited inventory gains finally arrive
- Plymouth Council Votes Down Short-Term Rental Restrictions
- Position Announcement: MAR Seeks a Chief Executive Officer
- Heart of the Community Award Recipients
- Supply tight but flattening, prices still rising, sales fluctuating
- Advance Notice of Sale Ordinance to Protect Affordable Multi-Housing
- More Early Signs of Shifting Market Tides
- Gung-Ho Sellers Post Largest Increase in Nearly Three Years