The Clearance Sale Continues

About 39% of all homes sold this year in St. Paul were bank mediated.  That means that they were either in foreclosure, bank owned or were a short sale.  A short sale is when the bank accepts less than what than what is owed on the property, and sits on the deal until the buyer gives up in frustration and moves on. 

*"• Over the past year, the inventory of traditional
properties has declined by 22.9 percent, while
lender-mediated homes have grown by 64.6
percent.


• Of all current active properties for sale, 28.1 percent
are foreclosures or short sales.

• Home prices are declining across the board, but the
declines are quieter for traditional properties.
Lender-mediated properties are seeing faster
declines as financial institutions price them to move
and condition issues decrease their value."

* TheMinneapolis Association of Realtors 3rd quarter report, and is for the entire metro area.

Which St. Paul neighborhoods have the highest foreclosure rates?  The table is sorted from lowest to highest, and covers year to date sales for St. Paul.  The source of the data is The Minneapolis Association of Realtors, and they get it from out MLS, which is deemed reliable but not guaranteed.

Foreclosurechart 

Traditionally homes sales slow down this time of year.  This year is a little different there is an increase in home sales.  The homes that are selling are the most affordable homes on the market.  Sales remain sluggish for average priced homes. 

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3 Replies to “The Clearance Sale Continues”

  1. Though we don’t really have that much for foreclosures or short sales in this area, we are seeing the same market action. The bottom end of the market seems to have about 60% of the home sales every month for the last 7 months now. The middle and upper end of the market is not moving unless massively discounted.

  2. Hello, that’s a good post, I agree with most of what you are saying. Do you think that this will have a postive effect on our marketplace over the next few months?

    Thanks again and all the best!
    Mark

  3. Its like the same here in Tucson market is down by 20%+ year over year and mostly bank sales and short sales are the only thing moving….

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