According to the Minneapolis St Paul Business Journal, foreclosures rose 58 percent in 2009. The Twin Cities foreclosure rates was 2.2 percent, which is in line with national statistics. Unfortunately, a rise was 58 percent is more than double the national average of 22 percent.
It’s difficult to say how that has an impact on buyers. It’s definitely still a buyer’s market – but foreclosures can be a double edged sword. The prices may be right but the condition of the homes and the loans may be less than desirable.
Contact an exclusive Minnesota buyer agent to figure out how you can make the most of the housing market today.