Local Market Conditions & home prices

Foreclosure rate falls

The foreclosure rate is falling but still above what it was before the crash of the housing market and the great housing depression.  The housing market is recovering but the scars and damage from all the foreclosures is not just going to disappear like it never happened. A foreclosure is a life changing event.

This from the the Minnesota Homeownership Center:

“During the first half of 2013 the number of completed Sheriff’s Sales, the final step of the foreclosure process in Minnesota, has fallen to the lowest level since the beginning of the housing crisis. Statewide, there were 6,795 foreclosures in the first two quarters of 2013. This number is 29 percent less than the same period of 2012, with a greater decline seen in the Twin Cities metro area (down 33 percent) than in Greater MN (down 23 percent).”

“. . more than 1,100 homes each month were lost to foreclosure in the first half of the year, this number pales in comparison to 2010, when Minnesota was experiencing the worst of the housing collapse. During the first half of 2010, lenders were auctioning off more than 2,100 homes each month”

The foreclosure rate in Minnesota is still way to high.  Home owners who need help because they are in danger of foreclosure should contact the Minnesota Homeownership Center. 

foreclosure
 

Photo Curtesy of my friend Jeff Turner

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Teresa Boardman
Realtor®, MN,
Licensed Broker
Saint Paul Home Realty
651-216-4603
teresa(at)tboardman.com
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