Investing in a foreclosed Minneapolis home can mean that you can be sitting on an equity farm when the market turns around. The dropping prices of the Minneapolis market mean big deals on foreclosed homes in the Minneapolis area.
An auction on March 29, 2009, illustrates the number of foreclosed properties currently saturating the market in Minneapolis. The California-based Real Estate Disposition Corporation (REDC) sold 139 homes for an overall total of $10.8 million. This was a far cry from the over-350 homes it had expected to auction at the event.
A spokesman for REDC, Rick Weinberg, claimed that banks and lenders pulling homes from the auction at the last minute was to blame for roughly half of them going on the auction block. That may well be, but when $10,800,000 is divided by 139, the quotient is $77,697.84. The average estimated value of a home in Minneapolis in February 2009 was $261,872.
Now you can assume that these homes were all 1-bedroom condos with foundation and roof problems, or you can take REDC CEO Jeff Friedan’s statement that, “residents walked away with some incredible deals.”
According to the Minneapolis Foreclosure Recovery Plan, 3000 properties are projected to foreclose in 2009. The REDC auction is just a drop in the bucket when it comes to the amount of homes that will be coming on the market.
The “worst economic crisis since the Depression”, according to CNNMoney.com, can mean improving your economic situation by virtue of the fact that the market always turns around. Always. It may not be the same market, but it will be an improved one. The key to profiting by this is patience. Take the time to slowly improve the home and watch the statistics.
The Minneapolis Recovery Plan is another reason why you should think about buying now. Funding for Minneapolis home recovery programs is proposed at $660,000. There is a serious effort by the city to turn the Minneapolis home market around, a move that can mean fast profits by those who take advantage of foreclosure sales today. The city is moving to support home buyers and prevent foreclosures from creating urban “deserts” that are breeding grounds for crime and neighborhood degeneration.
Investing in a Minneapolis foreclosure is a way you can set your financial situation up to increase as a result of massive efforts to bring the market back up to par. Money spent now can be realized years down the road in equity if you “seize the day” and find a home you can restore to beauty and value.
Jerry Clifford has received the prestigious 100% Club award for his success as a real estate agent in the Minneapolis MN real estate area. He is certified as an ePRO and prides himself on attention to detail. If you need help in your search for New Hope Minnesota real estate, visit JerryClifford.com.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites