Article By Jim Buchta at StarTribune.com
Foreclosure inventory in Minnesota was among the lowest in the nation, bolstering the notion that foreclosure prevention efforts and a strong economy have been a boon to the state’s homeowners, according toCoreLogic’s National Foreclosure Report.
The states with the lowest foreclosure inventory rate, which represents the number of homes at some stage in the foreclosure process, during February were Alaska (0.3 percent), Minnesota (0.4 percent), Arizona (0.4 percent), Colorado (0.4 percent) and Utah (0.4 percent).
Nationwide, the national foreclosure inventory included approximately 434,000, or 1.1 percent, compared with 571,000 homes, or 1.5 percent, in February 2015.
Completed foreclosures or the total number of homes lost to foreclosure, declined 10 percent compared with February 2015 to just 38,000 properties. Compared with a peak of 117,776 in September 2010, completed foreclosures fell 71.3 percent.
CoreLogic said that since the start of the financial crisis in September 2008, there have been about 6.2 million completed foreclosures across the country. Since homeownership rates peaked in the second quarter of 2004, there have been approximately 8.2 million homes lost to foreclosure.
Frank Nothaft, chief economist for CoreLogic attributed the trend to income growth and improved. “Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” he said in a statement.
The states with the highest number of completed foreclosures for the 12 months ending in February 2016 were Florida (72,000), Michigan (49,000), Texas (29,000), California (25,000) and Ohio (23,000), all o which accounted for almost half of all completed foreclosures nationally.
St. Paul, Minnesota – March 14, 2016
The Saint Paul Area Association of REALTORS® reported today that Twin Cities home sellers are in motion and adding to a record low inventory of homes at the start of a warmer-than-normal early spring. February saw inventory levels fall 19.4 percent over February 2015 to 10,953 units. With just 2.3 months supply of inventory, sellers are well positioned to attract buyers as the spring selling season begins.
“The buyers are out there, and we are seeing many sales involving multiple offers,” said Bob Clark, 2016 President, Saint Paul Area Association of REALTORS®.
Increases in new listings in February are a positive sign that sellers are getting ready. Listings climbed 3.0 percent over prior year to 5,848. Sellers benefit as prices continue to gain traction. The Median Sales Price increased 3.7 percent to $207,395. Their selling experience has also been a quick one: Days on Market was down 9.4 percent to 96 days. Pending Sales were also up 6.7 percent to 4,032.
“Sellers are in a very good position right now, with homes selling at higher prices than we’ve seen in more than eight years, and at an average of 10 days more quickly than this time last year,” said Clark. “We advise would-be sellers to consult their REALTOR® for an updated Cost Market Analysis.”
Nationally, housing starts were up by 10.8 percent at the end of 2015 when compared to 2014. The unemployment rate is holding low and steady at or near 4.9 percent—with Minnesota even lower at 3.7 percent. Meanwhile, mortgage rates continue to astound, staying below 4.0 percent, and we have witnessed an unprecedented 70 consecutive months of private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market continues to lack supply.