Minneapolis Area Association of Realtors completed the August Report of Foreclosures and Short sales for the twin cites market.
We are still plagued by high levels of foreclosure and short sale inventory, but this too is showing signs of improvement. This has been one of the key problems to our housing market – although I point to our Jobs situation. Many of these foreclosure and short sales would not be if not for the high unemployment rate.
Year over year, we were down -23.9% in Foreclosure inventory equalling 2,466 foreclosure listings. We were also down -19% in Short Sale listings, equalling 4,847 Short Sale listings. At the same time our Traditional listings were down -21.8% or 16,210 traditional listings.
In 2009 Short Sales and Foreclosures account for approx 27.6% of the listings. In 2010 Short Sales and Foreclosures accounted for approx 30.77% of the listings, and in 2011 they accounted for approx 31% of the listings. (August only figures each year). We are depleting all inventories at a fairly even pace.
- The Banks Are Killing the Housing Market with Short Sale Policies (johnmurphyreports.com)