Foreclosed Properties in Minnesota - Quick Look at the Statistics
Minnesota ended up ranking 30th in the nation pertaining to the change in the number of foreclosed properties on the market in the 3rd quarter '07 vs. 3rd quarter '06. This is definitely a statistic where it is better to be on the lower side of the averages. Topping the list was Nevada (1 foreclosure filing for every 61 households), California (1 filing per 88 households), and Florida (1 filing per 95 households)*.
In Minnesota, we saw a 19.8% increase in the number properties that have filed for foreclosure in the 3rd quarter 2007 as compared 2nd quarter 2007. That breaks down to 1 foreclosure filing for every 562 households. These aren't great numbers, but they are definitely much better than some of the other areas where we have consistently been hearing about their horrid real estate markets. Throughout the industry, we expect some foreclosures to happen for various reasons`1. Bad things can happen to just about anyone putting them into foreclosure. For the industry as a whole, we would like to see these numbers closer to 1 foreclosed filing for every 1500-2000 households. Having these figures would mean that the banks are willing to take some risks in their lending practices, but not too much where it raises concern.
Thanks to some changes in the St Cloud MLS, I will soon be able to track these numbers locally to see how they compare to the national averages. Currently there are 42 foreclosed properties in the St Cloud, Sartell, Sauk Rapids, and Waite Park area listed on the St Cloud MLS. That accounts for just over 28% of the total number of foreclosed properties listed for sale on the St Cloud MLS.
If you'd like to get a FREE list of the more than 140 foreclosed properties listed on the St Cloud MLS, visit www.StCloudEdina.com/Foreclosures.html.
Jason Tangen, GRI - Real Estate Broker Associate
Edina Realty St Cloud
*Data obtained from RealtyTrac online
