Ouch! My Own City Is the 2nd Worst For Foreclosures

By
Real Estate Appraiser with Michael S. Bolton,Inc.

 

Usually coming in first or even second is considered a good thing. However, not when that is being the second worst city within the Twin Cities market for the highest percentage of foreclosure sales. This is according to the new statistics put out by our RMLS this week, which covers the surrounding 13 counties.

Although this is something that I've been telling anyone that will listen for the past year, that our city has a problem, now at least I have some confirmation.


 

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  1. Lindsey Hasford 01/24/2012 11:08 PM
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Rainmaker
1,763,749
Roy Kelley
Retired Real Estate Broker, Maryland Blogger

It is a good time for real estate investors to build their rental portfolios.  Some are successfully renting to families that lost their homes in foreclosure.

January 25, 2012 10:13 AM
Rainmaker
783,768
Joe Petrowsky
Your Mortgage Consultant for Life
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

You are however part of the solution. This will pass and when it does, your market are will become that much stronger.

January 25, 2012 10:42 AM
Rainer
145,762
Michael S. Bolton
MN Appraiser
Michael S. Bolton,Inc.

Roy, You're absolutely right, all we need is a whole lot more of them.

Joe, Yes it will past, it just feels like a huge kidney stove right now.

Have an AWESOME day!

 

January 25, 2012 07:58 PM
Rainmaker
335,435
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Whoa, that's a tough market Michael.  That'll take some time to turn around, but eventually it will.  Is Zimmerman a newly developed area that grew rapidly between 2002-2006 with new home construction?  Those are the markets hardest hit out here.

January 25, 2012 11:50 PM
Rainer
145,762
Michael S. Bolton
MN Appraiser
Michael S. Bolton,Inc.

Lloyd~You're right on, it's an older city that had a ton of new construction during that period. It's interesting that the pattern seems to the same throughout many parts of the country.

Have an AWESOME day!

 

January 26, 2012 05:36 AM
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Michael S. Bolton

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