Glimmers of Hope in the Twin Cities Real Estate Market

19 Sep

While the headlines of many local publications have continued to lament the downturn in the Minneapolisreal estate market including the number of foreclosures continuing to increase in June of 2011, there are some recent reports of good news.  This is not to say that the real estate market has recovered or that it will not be a long road out but, every ray of hope is welcome in these times.  On September 9, 2011, an article in the St. Paul Pioneer Press reported that the percent of mortgage loans that were delinquent was reduced from the same time last year and was under the national average.  A link to that article is here. In addition, data released recently from the National Association of REALTORS® shows that the number of listings on the market in the Twin Cities area has reduced by over 20%.  A link to the data is here.  As lawyers advising clients on all areas of real estate, we continue alongside our clients, to watch various indicators of the direction the real estate market is heading.  We welcome the two indicators detailed in this blog post.

This blog entry is written by Chris Renz, a shareholder at Thomsen Nybeck. Chris practices in the litigation area of the firm with primary focus on real estate litigation, employment litigation, townhome and condominium law, and criminal law, particularly as the prosecutor for the Metropolitan Airports Commission.

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One Response to “Glimmers of Hope in the Twin Cities Real Estate Market”

  1. Michael Bolton September 20, 2011 at 1:34 am #

    Hi Chris,

    I ran across your blog looking for data about current foreclosures. My only concern about the foreclosure issue is the so-called shadow inventory. My guess is that the robo-signing fiasco has only delayed the inevitable, a flood of foreclosures. Time will tell.

    In my business, I can certainly see the inventory level of REO’s has fallen, but on the filp side I’m seeing an increase in the requests for REO appraisals. I sure hope we’re getting ready to pull out of this mess.

    Nice post, I’ll check back again!

    Michael

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