Still sifting through the finer points of the most recent “Foreclosures and Short Sales in the Twin Cities Market (which is a mouthful) Report” from the Minneapolis Area Association of Realtors, but two things jump out after a quick scan.
The first, is a graphic breakdown (above) of Lender-Mediated market share. Over 40% of all activity concerns lender-mediated properties. This falls into the “amazing but not surpising” category.
Then remember that lenders (like Willie Sutton, who robbed banks because “That’s where the money is”) tighten mortgage standards and raise rates wherever default and delinquency rise. This should tell you something about the future of lending on Condos and Townhomes. It won’t be getting easier.
The Full Report from the MAAR will be right here [Mplsrealtor.com]