The number of bank and government foreclosed homes that were sold last year in Minnesota climbed higher when compared with 2009 levels. Figures for 2010 also posted the second highest foreclosure sales record for the state, with foreclosure properties sold totaling more than 25,000.
Foreclosed homes in Minneapolis and in the rest of the state remained high last year. Majority of these properties were offered at heavily discounted rates, effectively attracting majority of buyers who trekked to the region to make purchases last year. For the whole 2010, sales of foreclosed properties totaled 25,673, representing an 11% rise from 2010 levels, according to data released by the Minnesota Home Ownership Center.
The number of foreclosed homes in Minnesota that were sold last year was second highest to the full year total posted in 2008, when 26,251 foreclosed properties were sold. According to analysts, the figure shows how much foreclosures the state is holding, given that numbers declined during the fourth quarter because of the moratorium on foreclosure processing imposed by major lenders. However, even this did not stop full year figures from reaching record totals.
Analysts also stated that the continuous rise in the number of bank and government foreclosed homes is fueled by unemployment and household income reductions. The same is happening in almost all areas of the state, with a number of big counties in Minnesota recording double digit jumps in foreclosure sales.
In Dakota County, foreclosure sales jumped by 15% last year compared with 2009 levels. Meanwhile, foreclosed properties for sale that got sold in Sherburne County in 2010 were up by 19% from one year ago and St. Louis County posted an increase of 34% year-over-year. According to local housing industry analysts, these numbers will possibly increase further this year as more foreclosures enter the state's pipeline.
However, they did claim that the low prices might encourage a lot of reluctant homebuyers to make a purchase this year, which will help bring unsold property inventories down. But the biggest factor needed by the housing market to recover is more jobs. According to them, bank and government foreclosed homes will decline if more jobs are created since they will help promote consumer confidence and create more buyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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