According to First American CoreLogic, 12% of homes in MN are upside down (upside down meaning owning more on your home than it is worth).
"A growing share of the Twin Cities housing market consists of homes in foreclosure and lender-mediated short sales, and those properties are contributing to a decline in median home prices. In September, the 13-county area's median price was $189,900, nearly 16 percent off the same period a year ago."
MN ranks below the national average of 18% of negative mortgages. Some of the states hit the biggest are:
Nevada was the highest with 48 percent
Michigan, Florida, Arizona, California, Georgia and Ohio - reporting negative equity shares of greater than 20 percent.
New York had the lowest at 4 percent.
Click here to view the full article
If you are thinking of either BUYING or SELLING a home in Roseville we can help. Knowing the market is more important now more than ever. Market trends, asking vs. sales price, average days on market all go into the sale of a home. Roseville has been a unique area in which we have seen very few Foreclosures (click here to search foreclosures) hit the neighborhood. Currently there are 212 properties listed for sale in MLS District 702 (Roseville) and there are 11 Foreclosures (disclosed). The Minneapolis Association of Realtors released a study stating that 34% of new listings and closings in Quarter 3 were lender mediated (Short Sale/Foreclosure).
Below is an overview of what has happened the last month and Year to Date in Roseville.
Reviewing the information for Roseville, total number of listings are up year to date by only about 1% so pretty consistant from last year. The average sales price has come down a little (7.8%) and Sellers in Como are getting about 92.5% of their asking price. Although the numbers are down some what from last year but these constants still remain; Homes that are priced-and staged right will sell.
Click here to search Roseville Homes Online
If you are thinking of either BUYING or SELLING a home in Como Park we can help. Knowing the market is more important now more than ever. Market trends, asking vs. sales price, average days on market all go into the sale of a home. Como has been a unique area in which we have seen very few Foreclosures (click here to search foreclosures) hit the neighborhood. Currently there are 77 properties listed for sale in MLS District 744 (Como) and there are 8 Foreclosures (disclosed). The Minneapolis Association of Realtors released a study stating that 34% of new listings and closings in Quarter 3 were lender mediated (Short Sale/Foreclosure).
Below is an overview of what has happened the last month and Year to Date in St. Paul.
Here is the complete breakdown by area within St. Paul.
Reviewing the information for Como Park, total number of listings are down year to date which in turn means total number of sales are down. The average sales price has come down a little (7.5%) and Sellers in Como are getting about 94% of their asking price. Although the numbers are down some what from last year but these constants still remain; Homes that are priced-and staged right will sell.
Looking in Como? There are currently as of today 81 properties listed for sale in Como. There are 5 properties listed for sale in Como for less than $100,000. On the high side there are 6 Homes in Como listed for sale above $350,000+.
Click here to view All Como Listings
To view the market statistics:
| Status: Active Homes for Sale in Como (81) | |||||||||||||
| List Price: $0 - $100,000 (5) | |||||||||||||
| List Price | DOM | CDOM | Sale Price | Beds | Baths | Year Built | Taxes | Total FSF | Price per TFSF | FSZ | |||
| Min | $49,900 | 4 | 20 | - | 1.00 | 1.00 | 1900 | $1,866 | 740 | 26.05 | 638 | ||
| Max | $94,900 | 96 | 538 | - | 4.00 | 2.00 | 1920 | $2,996 | 1,992 | 121.49 | 780 | ||
| Avg | $76,300 | 58.8 | 230.4 | - | 2.40 | 1.40 | 1911 | $2,211 | 1,357 | 68.70 | 728 | ||
| Sum | $381,500 | - | $11,056 | ||||||||||
| List Price Homes for Sale in Como: $100,000 - $200,000 (39) | |||||||||||||
| List Price | DOM | CDOM | Sale Price | Beds | Baths | Year Built | Taxes | Total FSF | Price per TFSF | FSZ | |||
| Min | $104,500 | 1 | 1 | - | 1.00 | 1.00 | 1888 | 708 | 59.01 | 492 | |||
| Max | $199,900 | 243 | 595 | - | 4.00 | 2.00 | 1980 | $2,604 | 2,143 | 259.53 | 1,207 | ||
| Avg | $162,763 | 68 | 164.9 | - | 2.56 | 1.41 | 1930 | $1,890 | 1,218 | 145.89 | 842 | ||
| Sum | $6,347,765 | - | $73,695 | ||||||||||
| List Price Homes for Sale in Como: $200,000 - $300,000 (29) | |||||||||||||
| List Price | DOM | CDOM | Sale Price | Beds | Baths | Year Built | Taxes | Total FSF | Price per TFSF | FSZ | |||
| Min | $207,285 | 1 | 1 | - | 2.00 | 1.00 | 1905 | $1,902 | 864 | 73.13 | 624 | ||
| Max | $299,999 | 181 | 614 | - | 4.00 | 3.00 | 2006 | $4,330 | 2,910 | 260.76 | 1,455 | ||
| Avg | $239,272 | 82.3 | 147 | - | 3.00 | 1.93 | 1943 | $2,754 | 1,770 | 146.32 | 974 | ||
| Sum | $6,938,884 | - | $79,855 | ||||||||||
| List Price Homes for Sale in Como: $300,000 - $400,000 (6) | |||||||||||||
| List Price | DOM | CDOM | Sale Price | Beds | Baths | Year Built | Taxes | Total FSF | Price per TFSF | FSZ | |||
| Min | $329,900 | 4 | 4 | - | 3.00 | 2.00 | 1920 | $2,342 | 1,462 | 128.93 | 864 | ||
| Max | $399,900 | 74 | 74 | - | 5.00 | 3.00 | 1941 | $3,934 | 2,862 | 225.65 | 1,368 | ||
| Avg | $369,600 | 29.2 | 29.2 | - | 3.50 | 2.50 | 1930 | $3,225 | 2,136 | 181.09 | 1,137 | ||
| Sum | $2,217,600 | - | $19,350 | ||||||||||
| List Price Homes for Sale in Como: $400,000 - $500,000 (2) | |||||||||||||
| List Price | DOM | CDOM | Sale Price | Beds | Baths | Year Built | Taxes | Total FSF | Price per TFSF | FSZ | |||
| Min | $449,000 | 26 | 26 | - | 3.00 | 2.00 | 1886 | $2,982 | 1,778 | 169.63 | 968 | ||
| Max | $475,000 | 349 | 349 | - | 4.00 | 2.00 | 1927 | $5,310 | 2,647 | 267.15 | 1,160 | ||
| Avg | $462,000 | 187.5 | 187.5 | - | 3.50 | 2.00 | 1907 | $4,146 | 2,213 | 218.39 | 1,064 | ||
| Sum | $924,000 | - | $8,292 | ||||||||||
| List Price Homes for Sale in Como: All (81) | |||||||||||||
| List Price | DOM | CDOM | Sale Price | Beds | Baths | Year Built | Taxes | Total FSF | Price per TFSF | FSZ | |||
| Min | $49,900 | 1 | 1 | - | 1.00 | 1.00 | 1886 | 708 | 26.05 | 492 | |||
| Max | $475,000 | 349 | 614 | - | 5.00 | 3.00 | 2006 | $5,310 | 2,910 | 267.15 | 1,455 | ||
| Avg | $207,528 | 72.7 | 153 | - | 2.80 | 1.69 | 1933 | $2,373 | 1,517 | 145.68 | 909 | ||
| Sum | $16,809,749 | - | $192,248 | ||||||||||
Last quarter (quarter #2) shows in MN that Foreclosures/Short Sales make up 21.7% of the market place. What this means is 1 out of every 5 homes are either in Foreclosure or a Short Sale. This is a 92.6% INCREASE in Foreclosures and Short Sales in MN alone. Town-homes seem to be the largest impacted by the up-shift in Foreclosures and Short Sales with a 136.5% increase from last year alone!
To break down the film even more:
-55% of homes priced $120,000 or less are either Foreclosure or Short Sale
-39.4% of homes priced $120,001-$150,000 are either Foreclosure or Short Sale
-28.3% of homes priced $150,001-$190,000 are either Foreclosure or Short Sale
-18.7% of homes priced $190,001-$250,000 are either Foreclosure or Short Sale
-11.7% of homes priced $250,001-$350,000 are either Foreclosure or Short Sale
-8.9% of homes priced $350,001-$500,000 are either Foreclosure or Short Sale
View the Full Report Here
There is no doubt that the "Credit Crisis" has had a tremendous effect on the real estate market, even so much that the government wants to get involved. Home prices have consistently fallen with no end in sight. What do we do? Wait for the market to correct itself or have the government help. The bail out bill is supposed to be voted on again this Thursday.
The "Main Street" community is anxious to see how this plays out and what effect this will have on them.
If you are looking to sell your home in the next 30 days, I can help! If you are looking to buy a home under market value, I can help! Real Estate is not only my career but also my passion.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
