Well…maybe not completely, but inventory for foreclosures in the Twin Cities Metro Area has definitely fallen to a level that no longer affects traditional home sales.
One thing that has been a constant though is the price brackets that have the majority of the distressed homes.
In the chart to the right we can see that about 45% of the Distressed Inventory, Foreclosures and Short Sales, are priced up to $120,000 and this share of distressed inventory continues to fall in the higher price brackets.
From the Minneapolis Association of Realtors
We’re seeing the return of a real estate market led by traditional listings and sales,” said Emily Green, President of the Minneapolis Area Association of REALTORS® (MAAR). “Coupled with more inventory – attractive inventory – it’s setting up to be an exciting year for buyers and sellers.
Distressed inventory has made up the majority of the lower price ranges, and that market is evaporating,” said Mike Hoffman, MAAR President-Elect. We can anticipate more negotiations and transactions with people rather than banks.