Foreclosures & Short Sales 
There are currently 10 blog entries related to this category.
Twin Cities Foreclosure & Short Sales Up in 2009
Monday, January 25th, 2010 at 10:39pm. 112 Views, 0 Comments.
Mortgage foreclosures and short sales accounted for nearly half of all housing sales within the Twin Cities during 2009. They will likely continue to play a major role in the 13-county metro area’s housing activity in 2010.
According to the Minneapolis Area Association of Realtors, foreclosures and short sales to account for about 43% of all housing sales in the Twin Cities. Prior to 2006, foreclosures and short sales accounted for less than 5% of all home sales.
All that activity also had a major impact on the metro area’s median sales price and the area’s housing inventory. The Twin Cities closed out 2009 with a median home price of about $170,000, down from $195,000 in 2008. The Twin Cities median home price has been brought down by the high number of…
Minnesota Foreclosure Snapshot
Monday, January 4th, 2010 at 8:36pm. 105 Views, 0 Comments.
The Minneapolis/St. Paul metropolitan area ranks as one of the most active in the nation in the number of delinquent or at-risk home mortgages. It is also one of the areas with among the most mortgages modified under the Obama Administration’s Homes Affordable Modification Program. 11,627 Twin Cities Metro area mortgages have been modified under the program through November, making it the 13th most active metropolitan area. Minnesota, as a whole, ranks 18th among the states, with 14,154 loans modified, or about 2% of the total. That bodes well for the area, as it will hopefully prevent more homes from going into foreclosure.
Nationwide, about 1.7 million homeowners were on the verge of foreclosure in the fall. Those homes will be put up for sale in the…
Home Affordable Modification Program to Expand
Monday, November 30th, 2009 at 9:26am. 125 Views, 1 Comments.
The Obama administration plans to expand a program aimed at stemming foreclosures and helping more people to remain in their homes. Known as the Home Affordable Modification Program, its goal is to convert troubled home loans into new loans with lower monthly payments:
Under a $75 billion Treasury program, companies that agree to lower payments for troubled borrowers collect $1,000 initially from the government for each loan, followed by $1,000 annually for up to three years.
The government support, which is provided from the $700 billion financial bailout program, is aimed at providing cash incentives for mortgage providers to accept smaller mortgage payments rather than foreclosing on homes.
The renewed effort will increase pressure on mortgage companies…
How Foreclosures Affect Your Home Sale
Tuesday, November 18th, 2008 at 7:51pm. 131 Views, 0 Comments.
Though for the past several months, the number of pending home sales has gone up and the excessive inventory of unsold homes has been slowly going down, the Twin Cities real estate market still faces some challenges. Rising unemployment, sagging wage growth, higher down-payment requirements, and stricter mortgage qualifications are all weighing progress down. Moreover, the rising number of foreclosures sales and short-sales taking place are particularly hitting home sellers hard.
A sharp rise in foreclosures across the country is being blamed for declines in home prices that have shaken the economy. The foreclosure crisis has directed lenders and the government to launch extensive efforts to keep people in their homes, even if it means renegotiating…
U.S. Launches Mortgage Aid Program
Tuesday, October 7th, 2008 at 8:52pm. 95 Views, 0 Comments.
The federal government kicked off a program last week that aims to prevent foreclosures by letting approximately 400,000 troubled homeowners exchange their mortgages for more affordable loans. It will be up to the lenders, rather than borrowers, to decide if they will participate in the program, which requires them to take a loss on the initial loan. This new $300 billion, three-year program is designed to help out borrowers who owe more on their loans than their homes are worth.
To qualify, borrowers must be spending more than 31% of their income on mortgage payments. Loans that were acquired this year are excluded, except for those completed on Jan 1. Borrowers must have made at least six months worth oof payments on their loans.
The program,…
Tips to Sell a Vacant House
Sunday, September 28th, 2008 at 10:19pm. 116 Views, 0 Comments.
Last week, I wrote some tips for first time home buyers. Specifically, things they should do and shouldn't do when preparing to buy a home. But buyers are only part of the equation, sellers are another big part. This week, I’ll talk about some tips for people who are trying to sell homes. I’ll start with the subject of vacant homes, since there are so many homes which have been foreclosed on or whose owners got too impatient to wait for it to sell.
After years and the real estate business, I can say that the idea a home is sitting vacant while it is on the market is almost an immediate turn-off for potential buyers. Often their imagination runs rampant with ideas of an unkempt yard, scarred walled, filthy floors, possibly even stolen wiring and copper…
Short Sales Explained
Thursday, July 17th, 2008 at 3:03pm. 155 Views, 0 Comments.
There has been a lot of talk these days about “short sales.” As these types of sales used to be more uncommon, they are a growing trend. Not everyone knows what a short sale is, though!
A “short sale” is what happens when a seller negotiates with their lender to sell a home for less than the debt owed on the mortgage. Short sales are an alternative to foreclosure or bankruptcy proceedings for owners who can no longer keep their mortgage payments current. Because it means the lender is accepting less than what is due, not all of them will be so keen to allow short sales or discounted payoffs. Furthermore, not all sellers or properties qualify for short sales.
If you’re a seller that can’t make your next payment or you’re a buyer thinking of…
Saint Paul to Help Homeowners Facing Foreclosure
Friday, July 11th, 2008 at 8:11am. 128 Views, 0 Comments.
St. Paul officials have put some money down on two new loan programs to help homeowners facing foreclosure and buyers unable to secure financing. The city's Housing and Redevelopment Authority board has approved putting $625,000 into funds for two mortgage incentive programs that will leverage dollars from private organizations. The money will help current homeowners refinance out of bad mortgages and provide an incentive for people to purchase vacant or foreclosed properties in Saint Paul.
The $625,000 comes from the Invest St. Paul program, a $17 million initiative to improve four struggling neighborhoods. Because of lowering property values, home vacancies, and mortgage foreclosures, the neighborhoods of Frogtown, North End, Lower East Side and…
Tougher Rules to Buy Vacant Homes in Saint Paul
Wednesday, July 2nd, 2008 at 5:40pm. 98 Views, 0 Comments.
Last week on Wednesday, the St. Paul City Council unanimously approved the last of several reforms aimed at preventing vacant homes from languishing. After months of negotiations and many compromises, real estate leaders are on board with the plan, too.
Council Member Dan Bostrom, says "We're trying to save our neighborhoods here." He first proposed the reforms in January when the city's list of registered vacant buildings had topped 1,600. As of the time of this post, the number of vacant buildings in Saint Paul was 1,973. 1291 of these are single-family residential dwellings.
Many of the homes are unoccupied after lenders foreclosed on the homeowners. Out-of-state lenders don't tend to them. As a result, these vacant homes become targets for gangs,…
Saint Paul Foreclosure Prevention Workshops
Tuesday, June 3rd, 2008 at 6:57pm. 74 Views, 0 Comments.
The City of St. Paul and the Minnesota Home Ownership Center are sponsoring a series of foreclosure prevention workshops. The meetings are for people who are concerned about making mortgage payments, know someone who is in financial trouble, or just want more information.
Mortgage lenders and community-based organizations will be available to offer free advice and answer questions, and attendees will be able to hear short presentations on legal rights and the foreclosure process. Two similar workshops last fall drew more than 250 people each.
The next scheduled workshop will be held on Thursday, June 5 from 4:30–8:30 p.m. It will be held at the Eagan Community Center, 1501 Central Pkwy, Eagan.
For more information, call the Home Ownership Center…
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