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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.

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

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Foreclosure and Short Sale- September 2010 Presentation Transcript

  • 1. Foreclosures and Short Sales in the Twin Cities September 2010 Contents New Listings 2 Pending Sales 3 Closed Sales 4 Median Sales Price 5 Percent of Original List Price Received 6 Days on Market Until Sale 7 Inventory of Homes for Sale 8 Months Supply of Inventory 9 Explanation of Methodology 10 “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. Foreclosures and Short Sales in the Twin Cities September 2010 New Li ti N Listings 9-2008 9-2009 9-2010 5,314 5,088 4,519 1,748 1,200 1,269 1,047 850 927 - 4.3% - 11.2% - 31.4% + 5.8% + 23.2% - 11.5% Traditional Lender-Owned Short Sales Traditional Historical New Listings Lender-Owned Short Sales 12 000 12,000 10,000 8,000 6,000 4,000 2,000 0 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 2
  • 3. Foreclosures and Short Sales in the Twin Cities September 2010 Pending S l P di Sales 9-2008 9-2009 9-2010 2,778 2,146 2 146 1,664 1,146 1,207 907 266 383 337 + 29.5% - 40.1% + 5.3% - 24.9% + 44.0% - 12.0% Traditional Lender-Owned Short Sales Traditional Historical Pending Sales Lender-Owned Short Sales 4,500 4 500 4,000 3,500 3,000 2,500 2,000 2 000 1,500 1,000 500 0 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 3
  • 4. Foreclosures and Short Sales in the Twin Cities September 2010 Closed S l Cl d Sales 9-2008 9-2009 9-2010 2,576 2,608 1,608 1,240 1,185 816 251 352 307 + 1.2% - 38.3% - 4.4% - 31.1% + 40.2% - 12.8% Traditional Lender-Owned Short Sales Traditional Historical Closed Sales Lender-Owned Short Sales 4,500 4 500 4,000 3,500 3,000 2,500 2,000 2 000 1,500 1,000 500 0 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 4
  • 5. Foreclosures and Short Sales in the Twin Cities September 2010 Median S l P i M di Sales Price 9-2008 9-2009 9-2010 $212,000 $215,250 $200,000 $179,000 $179 000 $136,650 $150,000 $143,000 $118,900 $114,950 - 5.7% + 7.6% - 13.0% - 3.3% - 16.2% - 4.7% Traditional Lender-Owned Short Sales Traditional Historical Median Sales Price Lender-Owned Short Sales $250 000 $250,000 $225,000 $200,000 $175,000 $150,000 $125,000 $100,000 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 5
  • 6. Foreclosures and Short Sales in the Twin Cities September 2010 Percent of Original List Price Received P t f O i i l Li t P i R i d 9-2008 9-2009 9-2010 100% 96.7% 95% 93.6% 93.8% 92.3% 90.0% 90.0% 90% 86.4% 87.0% 85.4% 85% 80% + 0.1% - 1.6% + 7.4% - 6.9% + 0.7% - 1.8% Traditional Lender-Owned Short Sales Traditional Historical Percent of Original List Price Received Lender-Owned Short Sales 100% 95% 90% 85% 80% 1-2007 1-2008 1-2009 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 6
  • 7. Foreclosures and Short Sales in the Twin Cities September 2010 Days on Market U til Sale D M k t Until S l 9-2008 9-2009 9-2010 196 207 185 139 145 126 129 118 109 - 9.5% + 2.4% - 18.5% - 8.0% - 5.9% + 11.9% Traditional Lender-Owned Short Sales Traditional Historical Days on Market Lender-Owned Short Sales 250 225 200 175 150 125 100 75 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 7
  • 8. Foreclosures and Short Sales in the Twin Cities September 2010 Inventory of Homes for Sale I t fH f S l 9-2008 9-2009 9-2010 23,543 18,689 19,134 4,890 4,477 4 477 5,195 5,175 2,261 3,064 - 20.6% + 2.4% - 53.8% + 35.5% + 16.0% - 0.4% Traditional Lender-Owned Short Sales Traditional Historical Inventory Lender-Owned Short Sales 35,000 35 000 30,000 25,000 20,000 15,000 15 000 10,000 5,000 0 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 8
  • 9. Foreclosures and Short Sales in the Twin Cities September 2010 Months S M th Supply of Inventory l fI t 9-2008 9-2009 9-2010 27.5 18.0 13.9 10.1 9.2 9.6 6.7 3.3 1.6 - 9.0% + 4.7% - 75.7% + 104.5% - 34.7% - 22.4% Traditional Lender-Owned Short Sales Traditional Historical Months Supply of Inventory Lender-Owned Short Sales 50 40 30 20 10 0 1-2007 1 2007 1 2008 1-2008 1 2009 1-2009 1 2010 1-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 9
  • 10. Foreclosures and Short Sales in the Twin Cities September 2010 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 • reo • corporate-owned • bank-owned • hud acquire • corp owned • bank-owned • hud-acquire • corp. owned • foreclosure • hud-acquired • corp-owned • forclosure • corporate owned • corp owner A property is a “Short Sale” when any of the following rules are met: • Short Sale = “Yes” • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: • short sale • preforeclosure • subject to lender • third-party approval • shortsale • preforclosure • redemption • 3rd party approve • short-sale • bank approv • subject to corp • subject to third • in foreclosure • lender approve • subj to corp • subject to 3rd • in forclosure • subject to bank • 3rd-party approval Note: properties containing these specific phrases in the same remark fields are NOT counted in either category: • not a foreclosure • not a short sale • no short sale • tired of short sale • not a forclosure • not a shortsale • no shortsale • tired of shortsale • no foreclosure • not a short-sale • no short-sale • tired of short-sale • no forclosure • not short sale • not a bank • tired of foreclosure • not foreclosure • not shortsale • not bank • tired of forclosure • not forclosure • not short-sale • no bank 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