Foreclosures and Short Sales
in the Twin Cities
September 2010
2
3
4
5
Contents
New Listings
Pending Sales
Closed Sales
Me...
Foreclosures and Short Sales in the Twin Cities
N Li ti
September 2010
© 2010 Minneapolis Area Association of REALTORS®, I...
Foreclosures and Short Sales in the Twin Cities
P di S l
September 2010
© 2010 Minneapolis Area Association of REALTORS®, ...
Foreclosures and Short Sales in the Twin Cities
Cl d S l
September 2010
© 2010 Minneapolis Area Association of REALTORS®, ...
Foreclosures and Short Sales in the Twin Cities
M di S l P i
September 2010
© 2010 Minneapolis Area Association of REALTOR...
Foreclosures and Short Sales in the Twin Cities
P t f O i i l Li t P i R i d
September 2010
© 2010 Minneapolis Area Associ...
Foreclosures and Short Sales in the Twin Cities
D M k t U til S l
September 2010
© 2010 Minneapolis Area Association of RE...
Foreclosures and Short Sales in the Twin Cities
I t f H f S l
September 2010
© 2010 Minneapolis Area Association of REALTO...
Foreclosures and Short Sales in the Twin Cities
M th S l f I t
September 2010
© 2010 Minneapolis Area Association of REALT...
Foreclosures and Short Sales in the Twin Cities
September 2010
© 2010 Minneapolis Area Association of REALTORS®, Inc. | Sp...
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Foreclosure and Short Sale- September 2010

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Get the latest sales statistics on foreclosure activity in the 13 County Metropolitan area.

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Foreclosure and Short Sale- September 2010

  1. 1. Foreclosures and Short Sales in the Twin Cities September 2010 2 3 4 5 Contents New Listings Pending Sales Closed Sales Median Sales Price 2 3 4 5 6 7 8 9 10 Contents New Listings Pending Sales Closed Sales Median Sales Price Percent of Original List Price Received Days on Market Until Sale Inventory of Homes for Sale Months Supply of Inventory Explanation of Methodology “Lender-Owned” refers to foreclosure properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. “Short Sales” refer to unique arrangements where the financial institution and in-default homeowner work together in an attempt to sell the home before it is foreclosed upon. “Traditional” refers to a property listed by a typical seller who is not in either of the prior two categories. The numbers provided in this report are best estimates based upon data from the Regional Multiple Listing Service and may not match other data sources perfectly. See Page 10 for an explanation of methodology. © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org
  2. 2. Foreclosures and Short Sales in the Twin Cities N Li ti September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 2 New Listings 5,314 5,088 4,519 9-2008 9-2009 9-2010 5,314 1,748 850 5,088 1,200 1,047 4,519 1,269 927 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 5,314 1,748 850 5,088 1,200 1,047 4,519 1,269 927 9-2008 9-2009 9-2010 - 4.3% - 11.2% - 31.4% + 5.8% + 23.2% - 11.5% Traditional Lender-Owned Short Sales 5,314 1,748 850 5,088 1,200 1,047 4,519 1,269 927 9-2008 9-2009 9-2010 12 000 Historical New Listings Traditional Lender-Owned Short Sales - 4.3% - 11.2% - 31.4% + 5.8% + 23.2% - 11.5% Traditional Lender-Owned Short Sales 5,314 1,748 850 5,088 1,200 1,047 4,519 1,269 927 9-2008 9-2009 9-2010 6,000 8,000 10,000 12,000 Historical New Listings Traditional Lender-Owned Short Sales - 4.3% - 11.2% - 31.4% + 5.8% + 23.2% - 11.5% Traditional Lender-Owned Short Sales 5,314 1,748 850 5,088 1,200 1,047 4,519 1,269 927 9-2008 9-2009 9-2010 0 2,000 4,000 6,000 8,000 10,000 12,000 1 2007 1 2008 1 2009 1 2010 Historical New Listings Traditional Lender-Owned Short Sales - 4.3% - 11.2% - 31.4% + 5.8% + 23.2% - 11.5% Traditional Lender-Owned Short Sales 5,314 1,748 850 5,088 1,200 1,047 4,519 1,269 927 9-2008 9-2009 9-2010 0 2,000 4,000 6,000 8,000 10,000 12,000 1-2007 1-2008 1-2009 1-2010 Historical New Listings Traditional Lender-Owned Short Sales - 4.3% - 11.2% - 31.4% + 5.8% + 23.2% - 11.5% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 2
  3. 3. Foreclosures and Short Sales in the Twin Cities P di S l September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 3 Pending Sales 2 146 2,778 9-2008 9-2009 9-2010 2,146 1,146 2,778 1,207 383 1,664 907 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 2,146 1,146 266 2,778 1,207 383 1,664 907 337 9-2008 9-2009 9-2010 + 29.5% - 40.1% + 5.3% - 24.9% + 44.0% - 12.0% Traditional Lender-Owned Short Sales 2,146 1,146 266 2,778 1,207 383 1,664 907 337 9-2008 9-2009 9-2010 4 500 Historical Pending Sales Traditional Lender-Owned Short Sales + 29.5% - 40.1% + 5.3% - 24.9% + 44.0% - 12.0% Traditional Lender-Owned Short Sales 2,146 1,146 266 2,778 1,207 383 1,664 907 337 9-2008 9-2009 9-2010 2 000 2,500 3,000 3,500 4,000 4,500 Historical Pending Sales Traditional Lender-Owned Short Sales + 29.5% - 40.1% + 5.3% - 24.9% + 44.0% - 12.0% Traditional Lender-Owned Short Sales 2,146 1,146 266 2,778 1,207 383 1,664 907 337 9-2008 9-2009 9-2010 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 1 2007 1 2008 1 2009 1 2010 Historical Pending Sales Traditional Lender-Owned Short Sales + 29.5% - 40.1% + 5.3% - 24.9% + 44.0% - 12.0% Traditional Lender-Owned Short Sales 2,146 1,146 266 2,778 1,207 383 1,664 907 337 9-2008 9-2009 9-2010 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 1-2007 1-2008 1-2009 1-2010 Historical Pending Sales Traditional Lender-Owned Short Sales + 29.5% - 40.1% + 5.3% - 24.9% + 44.0% - 12.0% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 3
  4. 4. Foreclosures and Short Sales in the Twin Cities Cl d S l September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 4 Closed Sales 2,576 2,608 9-2008 9-2009 9-2010 2,576 1,240 2,608 1,185 1,608 816 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 2,576 1,240 251 2,608 1,185 352 1,608 816 307 9-2008 9-2009 9-2010 + 1.2% - 38.3% - 4.4% - 31.1% + 40.2% - 12.8% Traditional Lender-Owned Short Sales 2,576 1,240 251 2,608 1,185 352 1,608 816 307 9-2008 9-2009 9-2010 4 500 Historical Closed Sales Traditional Lender-Owned Short Sales + 1.2% - 38.3% - 4.4% - 31.1% + 40.2% - 12.8% Traditional Lender-Owned Short Sales 2,576 1,240 251 2,608 1,185 352 1,608 816 307 9-2008 9-2009 9-2010 2 000 2,500 3,000 3,500 4,000 4,500 Historical Closed Sales Traditional Lender-Owned Short Sales + 1.2% - 38.3% - 4.4% - 31.1% + 40.2% - 12.8% Traditional Lender-Owned Short Sales 2,576 1,240 251 2,608 1,185 352 1,608 816 307 9-2008 9-2009 9-2010 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 1 2007 1 2008 1 2009 1 2010 Historical Closed Sales Traditional Lender-Owned Short Sales + 1.2% - 38.3% - 4.4% - 31.1% + 40.2% - 12.8% Traditional Lender-Owned Short Sales 2,576 1,240 251 2,608 1,185 352 1,608 816 307 9-2008 9-2009 9-2010 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 1-2007 1-2008 1-2009 1-2010 Historical Closed Sales Traditional Lender-Owned Short Sales + 1.2% - 38.3% - 4.4% - 31.1% + 40.2% - 12.8% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 4
  5. 5. Foreclosures and Short Sales in the Twin Cities M di S l P i September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 5 Median Sales Price $212,000 $179 000 $200,000 $215,250 9-2008 9-2009 9-2010 $212,000 $136,650 $179,000 $200,000 $118,900 $150,000 $215,250 $114,950 $143,000 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales $212,000 $136,650 $179,000 $200,000 $118,900 $150,000 $215,250 $114,950 $143,000 9-2008 9-2009 9-2010 - 5.7% + 7.6% - 13.0% - 3.3% - 16.2% - 4.7% Traditional Lender-Owned Short Sales $212,000 $136,650 $179,000 $200,000 $118,900 $150,000 $215,250 $114,950 $143,000 9-2008 9-2009 9-2010 $250 000 Historical Median Sales Price Traditional Lender-Owned Short Sales - 5.7% + 7.6% - 13.0% - 3.3% - 16.2% - 4.7% Traditional Lender-Owned Short Sales $212,000 $136,650 $179,000 $200,000 $118,900 $150,000 $215,250 $114,950 $143,000 9-2008 9-2009 9-2010 $175,000 $200,000 $225,000 $250,000 Historical Median Sales Price Traditional Lender-Owned Short Sales - 5.7% + 7.6% - 13.0% - 3.3% - 16.2% - 4.7% Traditional Lender-Owned Short Sales $212,000 $136,650 $179,000 $200,000 $118,900 $150,000 $215,250 $114,950 $143,000 9-2008 9-2009 9-2010 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 1 2007 1 2008 1 2009 1 2010 Historical Median Sales Price Traditional Lender-Owned Short Sales - 5.7% + 7.6% - 13.0% - 3.3% - 16.2% - 4.7% Traditional Lender-Owned Short Sales $212,000 $136,650 $179,000 $200,000 $118,900 $150,000 $215,250 $114,950 $143,000 9-2008 9-2009 9-2010 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 1-2007 1-2008 1-2009 1-2010 Historical Median Sales Price Traditional Lender-Owned Short Sales - 5.7% + 7.6% - 13.0% - 3.3% - 16.2% - 4.7% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 5
  6. 6. Foreclosures and Short Sales in the Twin Cities P t f O i i l Li t P i R i d September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 6 Percent of Original List Price Received 96.7% 100% 9-2008 9-2009 9-2010 93.6% 90.0% 86.4% 93.8% 96.7% 87.0% 92.3% 90.0% 85.4% 85% 90% 95% 100% 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 93.6% 90.0% 86.4% 93.8% 96.7% 87.0% 92.3% 90.0% 85.4% 80% 85% 90% 95% 100% 9-2008 9-2009 9-2010 + 0.1% - 1.6% + 7.4% - 6.9% + 0.7% - 1.8% Traditional Lender-Owned Short Sales 93.6% 90.0% 86.4% 93.8% 96.7% 87.0% 92.3% 90.0% 85.4% 80% 85% 90% 95% 100% 9-2008 9-2009 9-2010 100% Historical Percent of Original List Price Received Traditional Lender-Owned Short Sales + 0.1% - 1.6% + 7.4% - 6.9% + 0.7% - 1.8% Traditional Lender-Owned Short Sales 93.6% 90.0% 86.4% 93.8% 96.7% 87.0% 92.3% 90.0% 85.4% 80% 85% 90% 95% 100% 9-2008 9-2009 9-2010 90% 95% 100% Historical Percent of Original List Price Received Traditional Lender-Owned Short Sales + 0.1% - 1.6% + 7.4% - 6.9% + 0.7% - 1.8% Traditional Lender-Owned Short Sales 93.6% 90.0% 86.4% 93.8% 96.7% 87.0% 92.3% 90.0% 85.4% 80% 85% 90% 95% 100% 9-2008 9-2009 9-2010 80% 85% 90% 95% 100% Historical Percent of Original List Price Received Traditional Lender-Owned Short Sales + 0.1% - 1.6% + 7.4% - 6.9% + 0.7% - 1.8% Traditional Lender-Owned Short Sales 93.6% 90.0% 86.4% 93.8% 96.7% 87.0% 92.3% 90.0% 85.4% 80% 85% 90% 95% 100% 9-2008 9-2009 9-2010 80% 85% 90% 95% 100% 1-2007 1-2008 1-2009 1-2010 Historical Percent of Original List Price Received Traditional Lender-Owned Short Sales + 0.1% - 1.6% + 7.4% - 6.9% + 0.7% - 1.8% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 6
  7. 7. Foreclosures and Short Sales in the Twin Cities D M k t U til S l September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 7 Days on Market Until Sale 145 196 185 207 9-2008 9-2009 9-2010 139 145 196 126 118 185 129 109 207 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 139 145 196 126 118 185 129 109 207 9-2008 9-2009 9-2010 - 9.5% + 2.4% - 18.5% - 8.0% - 5.9% + 11.9% Traditional Lender-Owned Short Sales 139 145 196 126 118 185 129 109 207 9-2008 9-2009 9-2010 250 Historical Days on Market Traditional Lender-Owned Short Sales - 9.5% + 2.4% - 18.5% - 8.0% - 5.9% + 11.9% Traditional Lender-Owned Short Sales 139 145 196 126 118 185 129 109 207 9-2008 9-2009 9-2010 150 175 200 225 250 Historical Days on Market Traditional Lender-Owned Short Sales - 9.5% + 2.4% - 18.5% - 8.0% - 5.9% + 11.9% Traditional Lender-Owned Short Sales 139 145 196 126 118 185 129 109 207 9-2008 9-2009 9-2010 75 100 125 150 175 200 225 250 1 2007 1 2008 1 2009 1 2010 Historical Days on Market Traditional Lender-Owned Short Sales - 9.5% + 2.4% - 18.5% - 8.0% - 5.9% + 11.9% Traditional Lender-Owned Short Sales 139 145 196 126 118 185 129 109 207 9-2008 9-2009 9-2010 75 100 125 150 175 200 225 250 1-2007 1-2008 1-2009 1-2010 Historical Days on Market Traditional Lender-Owned Short Sales - 9.5% + 2.4% - 18.5% - 8.0% - 5.9% + 11.9% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 7
  8. 8. Foreclosures and Short Sales in the Twin Cities I t f H f S l September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 8 Inventory of Homes for Sale 23,543 18,689 19,134 9-2008 9-2009 9-2010 23,543 4,890 4 477 18,689 5,195 19,134 5,175 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 23,543 4,890 4,477 18,689 2,261 5,195 19,134 3,064 5,175 9-2008 9-2009 9-2010 - 20.6% + 2.4% - 53.8% + 35.5% + 16.0% - 0.4% Traditional Lender-Owned Short Sales 23,543 4,890 4,477 18,689 2,261 5,195 19,134 3,064 5,175 9-2008 9-2009 9-2010 35 000 Historical Inventory Traditional Lender-Owned Short Sales - 20.6% + 2.4% - 53.8% + 35.5% + 16.0% - 0.4% Traditional Lender-Owned Short Sales 23,543 4,890 4,477 18,689 2,261 5,195 19,134 3,064 5,175 9-2008 9-2009 9-2010 15 000 20,000 25,000 30,000 35,000 Historical Inventory Traditional Lender-Owned Short Sales - 20.6% + 2.4% - 53.8% + 35.5% + 16.0% - 0.4% Traditional Lender-Owned Short Sales 23,543 4,890 4,477 18,689 2,261 5,195 19,134 3,064 5,175 9-2008 9-2009 9-2010 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 1 2007 1 2008 1 2009 1 2010 Historical Inventory Traditional Lender-Owned Short Sales - 20.6% + 2.4% - 53.8% + 35.5% + 16.0% - 0.4% Traditional Lender-Owned Short Sales 23,543 4,890 4,477 18,689 2,261 5,195 19,134 3,064 5,175 9-2008 9-2009 9-2010 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 1-2007 1-2008 1-2009 1-2010 Historical Inventory Traditional Lender-Owned Short Sales - 20.6% + 2.4% - 53.8% + 35.5% + 16.0% - 0.4% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 8
  9. 9. Foreclosures and Short Sales in the Twin Cities M th S l f I t September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 9 Months Supply of Inventory 27.5 9-2008 9-2009 9-2010 10.1 6.7 27.5 9.2 18.0 9.6 13.9 9-2008 9-2009 9-2010 Traditional Lender-Owned Short Sales 10.1 6.7 27.5 9.2 1.6 18.0 9.6 3.3 13.9 9-2008 9-2009 9-2010 - 9.0% + 4.7% - 75.7% + 104.5% - 34.7% - 22.4% Traditional Lender-Owned Short Sales 10.1 6.7 27.5 9.2 1.6 18.0 9.6 3.3 13.9 9-2008 9-2009 9-2010 50 Historical Months Supply of Inventory Traditional Lender-Owned Short Sales - 9.0% + 4.7% - 75.7% + 104.5% - 34.7% - 22.4% Traditional Lender-Owned Short Sales 10.1 6.7 27.5 9.2 1.6 18.0 9.6 3.3 13.9 9-2008 9-2009 9-2010 30 40 50 Historical Months Supply of Inventory Traditional Lender-Owned Short Sales - 9.0% + 4.7% - 75.7% + 104.5% - 34.7% - 22.4% Traditional Lender-Owned Short Sales 10.1 6.7 27.5 9.2 1.6 18.0 9.6 3.3 13.9 9-2008 9-2009 9-2010 0 10 20 30 40 50 1 2007 1 2008 1 2009 1 2010 Historical Months Supply of Inventory Traditional Lender-Owned Short Sales - 9.0% + 4.7% - 75.7% + 104.5% - 34.7% - 22.4% Traditional Lender-Owned Short Sales 10.1 6.7 27.5 9.2 1.6 18.0 9.6 3.3 13.9 9-2008 9-2009 9-2010 0 10 20 30 40 50 1-2007 1-2008 1-2009 1-2010 Historical Months Supply of Inventory Traditional Lender-Owned Short Sales - 9.0% + 4.7% - 75.7% + 104.5% - 34.7% - 22.4% © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 9
  10. 10. Foreclosures and Short Sales in the Twin Cities September 2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union 10 Postscript: Explanation of Methodology This report relies in part upon the analysis of subjective remarks that REALTORS® employ when listing properties in the Twin Cities Regional Multiple Listing Service, and in part upon data fields in this same system called “In Foreclosure,” “Bank-Owned” and “Short Sale.” These fields allow users to mark properties that fit within these legal definitions. A property is a “Lender-Owned Foreclosure” when any of the following rules are met: • Lender-Owned = “Yes” • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: • bank owned • bank-owned • bank-owned • reo • hud acquire • hud-acquire • corporate-owned • corp owned • corp. owned A property is a “Short Sale” when any of the following rules are met: • Short Sale = “Yes” • bank owned • bank-owned • bank-owned • foreclosure • forclosure • reo • hud acquire • hud-acquire • hud-acquired • corporate owned • corporate-owned • corp owned • corp. owned • corp-owned • corp owner • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: • bank owned • bank-owned • bank-owned • foreclosure • forclosure • reo • hud acquire • hud-acquire • hud-acquired • corporate owned • corporate-owned • corp owned • corp. owned • corp-owned • corp owner • short sale • shortsale • short-sale • in foreclosure • in forclosure • preforeclosure • preforclosure • bank approv • lender approve • subject to bank • subject to lender • redemption • subject to corp • subj to corp • 3rd-party approval • third-party approval • 3rd party approve • subject to third • subject to 3rd Note: properties containing these specific phrases in the same remark fields are NOT counted in either category: • bank owned • bank-owned • bank-owned • foreclosure • forclosure • reo • hud acquire • hud-acquire • hud-acquired • corporate owned • corporate-owned • corp owned • corp. owned • corp-owned • corp owner • short sale • shortsale • short-sale • in foreclosure • in forclosure • preforeclosure • preforclosure • bank approv • lender approve • subject to bank • subject to lender • redemption • subject to corp • subj to corp • 3rd-party approval • third-party approval • 3rd party approve • subject to third • subject to 3rd • not a foreclosure • not a forclosure • not a short sale • not a shortsale • no short sale • no shortsale • tired of short sale • tired of shortsale ® • bank owned • bank-owned • bank-owned • foreclosure • forclosure • reo • hud acquire • hud-acquire • hud-acquired • corporate owned • corporate-owned • corp owned • corp. owned • corp-owned • corp owner • short sale • shortsale • short-sale • in foreclosure • in forclosure • preforeclosure • preforclosure • bank approv • lender approve • subject to bank • subject to lender • redemption • subject to corp • subj to corp • 3rd-party approval • third-party approval • 3rd party approve • subject to third • subject to 3rd • not a foreclosure • not a forclosure • no foreclosure • no forclosure • not foreclosure • not forclosure • not a short sale • not a shortsale • not a short-sale • not short sale • not shortsale • not short-sale • no short sale • no shortsale • no short-sale • not a bank • not bank • no bank • tired of short sale • tired of shortsale • tired of short-sale • tired of foreclosure • tired of forclosure The methodology was developed by Aaron Dickinson, REALTOR® with Edina Realty (www.twincitiesrealestateblog.com) and Jeff Allen, MAAR Research Manager (www.mplsrealtor.com). © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 10

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