3/13/2024 0 Comments Mac walters minnesotaIn October, there were only 443 foreclosure sales, a 41 percent decline compared with last year. ![]() The downturn in home sales is being blamed on a positive, fundamental shift: As fewer foreclosures come in, investors flee.ĭuring September, the mortgage delinquency rate in Minnesota fell to just 2.4 percent, nearly half the national average, according to CoreLogic. Instead, the downturn is being blamed on a positive, fundamental shift in the buyer pool: With fewer foreclosures coming to market, investors are fleeing. “That helps strengthen prices, which in turn encourages more sellers to list their homes, giving motivated buyers more options.”įor housing, October is never a month worth remembering, but the most recent downturn is part of a long-term trend that’s raised concerns that the housing recovery has stalled. ![]() “Traditional activity is going strong,” said Emily Green, president of the Minneapolis Area Association of Realtors (MAAR). A surprise dip in mortgage rates last month did little to warm home buyers.ĭuring October, there were 4,523 home sales in the 13-county metro area, a 1.5 percent decline compared with last year, according to a monthly sales report from the Minneapolis Area Association of Realtors.Īnd far fewer of those sales were foreclosures, helping boost the median price of those deals 7.2 percent to $209,000.
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