The Minneapolis Area Association of Realtors has compiled the numbers for the end of year. Of key interest in the report is the fact that lender mitigated listings (fancy pants terminology for properties that are either 1. owned by the bank via foreclosure or 2. sold in preforeclosure by the owner while negotiating a loss with the bank) were down 4.3% for the fourth quarter. This is a ray of hope on a cloudy day (literally, a very cloudy day on this Monday in February). Currently, inventory is the enemy. The glut of inventory coupled with decreasing amounts of buyers is responsible for the depreciation experienced in the last 2 years. For things in the market to stabilize, we will continue to need reports similar to this. Those of you looking to take advantage of buying opportunities this is also something to take note of as less bank owned properties = less "steals" in the future.
Here is the report from the Association. If you would like to discuss the numbers in the report, please don't hesitate to email or call. I would be happy to talk about what the numbers mean for your particular area.
The association puts together a very nice Youtube video of information affectionetly referred to as "The Skinny". It is almost always useful information. Feel free to watch the video here.