Distressed property

Porch Porch

I am not sure why we call property distressed. It is usually the owner who is distressed and unable to make mortgage payments. Right now over 11% of the homes on the market are foreclosures or are being list as potential short sales. These properties on average have been on the market twice as long as properties that are not distressed.

The greatest number of distressed properties for sale are on the greater east side. In some neighborhoods there are no distressed properties for sale. During the peak of the great recession and crash of the housing market, at times 40% of the properties on the market were in a foreclosure or pre-foreclosure status.

For more information about how to prevent foreclosure please go to the Minnesota Homeownership Center website.

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