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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Re-Blogged 1 time:

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  1. Lindsey Hasford 01/24/2012 11:08 PM

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Rainmaker
1,449,487
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert

Think of yourself as helping to fix this, :0

 

Blessings to you and your city,

Laura

January 24, 2012 09:00 PM #1
Rainmaker
444,129
Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

The good news is that once you get through it, there is a huge sigh of relief...

January 24, 2012 09:01 PM #2
Rainmaker
617,392
Deborah Byron Leffler BzyBee Real Estate Lady!
Keller Williams Realty Boise - Nampa, ID

Our area has much the same stas as your area does!   It is frustrating but so far this year I seem to be listing more equity sales!  yeah!!!

January 24, 2012 09:08 PM #3
Rainmaker
565,341
Kathy Sheehan
Movement Mortgage 770-634-4021 - Atlanta, GA
Branch Manager

Hopefully being second is only a one time occurrence!

January 24, 2012 09:09 PM #4
Rainmaker
561,219
Lindsey Hasford
Coldwell Banker Vision - Elk River, MN

I am not all that surprised. Watching Zimmerman suffer has been tough the last few years.

January 24, 2012 09:27 PM #5
Rainmaker
1,568,515
Debbie Gartner
Floor Coverings International Westchester NY & Stamford CT - White Plains, NY
The Flooring Girl - Westchester hardwood flooring

Ouch, that does hurt!

January 24, 2012 09:38 PM #6
Rainmaker
714,046
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

The main reason in my opinion is because the values in these cities got so high and most of the sale came from 2000 on and a lot of sales in 2003-2006...meaning that there just are not that many long term owners who are selling right now to even this out.

January 24, 2012 10:15 PM #7
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Thanks Laura.

Liz~That will be huge relief, hopefully I won't run out of Pepto Bismol before then.

Deborah~There's always a bright side if you look hard enough, and buyers that are buying now will do well in the future.

Lindsey~Thanks for the re-blog, and I agree with your statement about Otsego; it wasn't even in the top 20.

Debbie~It can only get better.

Chuck~I agree that is one of the many reasons that have been bandied about.

Have an AWESOME day!

 

January 25, 2012 05:53 AM #8
Rainmaker
1,898,949
Roy Kelley
Retired Real Estate Broker, Maryland Blogger - Gaithersburg, MD
Roy and Dolores Kelley Photographs

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 #9
Rainmaker
872,739
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

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 #10
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

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 #11
Rainmaker
338,276
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley R since 1976;408-565-8177

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 #12
Rainer
145,762
Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

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 #13
Anonymous
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Rainer
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