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Foreclosed Residential Property Listings Remain the Same As 2009

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By : John Cutts    99 or more times read
Houses in residential property listings and other foreclosure types in certain areas of Minnesota did not exhibit any significant change during the first six months of 2010 when compared with the same six-month period of 2009. Despite the lack of movement, analysts are predicting that home values will decline in most areas of the state during the year's second half.

Minneapolis foreclosure listings are some of those that recorded increases during the first half of the year, although not as high as some metro cities of the U.S. In Crow Wing County, foreclosure rates remain almost the same as 2009. January-June 2010 saw the county recording foreclosures that are just three less than the number posted during the same 2009 period.

The overall foreclosure listings in Minnesota expanded slightly, although not in any way that could create further imbalance in the state's housing market. The statewide numbers are also helped by local areas, like Crow Wing, that did not record increased foreclosure activities.

However, although foreclosed residential property listings in the county are short by three properties compared with the previous year, the number is already more than the total foreclosures recorded in the whole year of 2006. This led housing market analysts to declare that the county, as well as the whole state, is still far from any significant recovery.

Analysts also warn state residents that the lists of home foreclosures in Minnesota will likely expand during the second half of the current year. According to them, the list of pending foreclosures provides a glimpse of what is to come in the second half. During the first six months of the year, pendency notices, which indicate that properties are likely to end up getting foreclosed, totaled 281. A big percentage of this number is expected to lead into foreclosure before the current year ends.

Furthermore, analysts are predicting that the values of residential properties in the state will decline by two to eight percent before the current year ends. They stated that the lack of change in some of the areas in terms of foreclosure is only temporary and changes in activities will be evident in the coming second half. Analysts expect residential property listings in most areas of Minnesota to increase by as early as the end of July.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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