Q3 Minneasota REO Foreclosure stats are out and MN Twin Cities (Minneapolis and St. Paul) Hennepin County, Ramsey County, Dakota County, Carver County, Washington County, Anoka County and Scott County bank owned properties are on the rise. 

St. Paul’s Pioneer Press stated:

“Foreclosures in Minnesota are on the rise again, climbing more than 23 percent in the third quarter from a year earlier, with the metro area driving the upward trend. Statewide, foreclosures in the third quarter hit the second-highest level on record at 7,254. The only quarter with a higher level was the third quarter of 2008, when the state reached 7,349 foreclosures, according to Friday’s report from HousingLink, a Minneapolis-based nonprofit that studies housing issues.”

Full article http://www.twincities.com/business/ci_16533752?nclick_check=1

This could spell trouble for the Twin Cities real estate marketplace.  Real estate prices might not start to see an upswing for years to come and Bank Owned REO Foreclosures continue to pull down on home, townhome and condo values!  The upside? If you are a real estate investor looking for Single Family Homes, Duplexes, Triplexes, Fourplexes and other multifamily properties can get a sweet deal!  If you looking for CASH FLOW investment properties, you can actually find them now! If you are a home buyer (and do not need to sell a home to buy a home) there may never be a better time to buy! 

If you are looking for Fannie Mae or Freddie Mae (GSE) bank owned REO foreclosure, they have direct access via:

http://www.homepath.com/state/mn.html

http://www.homesteps.com/hm01_1featuresearch.htm

or if you like to search the MLS for Minneapolis, St. Paul, Twin Cities foreclosures, you can search the broker reciprocity Twin Cities Housing database via: http://mnforeclosureproperties.com/hnav/search-foreclosures/

or if you would like a custom search set up, please contact John Schuster, Coldwell Banker Burnet @ jdschuster@cbburnet.com 612-924-7140 www.johnschustergroup.com www.TwinCitiesListed.com www.TwinCitiesCondoShop.com 3033 Excelsior Blvd #100, Minneapolis, MN 55416

Worst, No. 4: Minneapolis, Minn.

Index score: 127

Prices were last this low: April 2002

Month-to-month drop: -4.6%

Year-over-year drop: -18.45%

Deceleration rank: No. 20

http://www.forbes.com/2009/02/24/housing-cities-ten-lifestyle-real-estate_home_prices_slide_18.html?thisSpeed=15000

Forbes.com just released data from S&P/Case-Shiller home-price index, released Feb. 24, 2009.

They state that Minneapolis, MN is the #4 worst housing market in their “10 Best And 10 Worst U.S. Housing Markets”.  Although our real estate market has gone through tremendous stresses in the last year, there is no way we should have even made this list.  We have seen values drop 5-50+% depending on which area of Minneapolis you focus on.  The SW Minneapolis and Lakes area have been able to hold their values much better that North Minneapolis, Phillips and Powderhorn neighborhoods.  The silver lining to declining market values is affordable housing.  First time buyers now have the opportunity to own homes that they can actually afford.  If you are thinking of purchasing a home in Minneapolis or St. Paul or in the Twin Cities metropolitain area, now may be the time.  It is very important to find an agent that know foreclosures / REO properties and regulations in Minneapolis, St. Paul or the municipality in which that home resides.