We have not seen the bottom of this foreclosure market yet.  This is especially true in the winter season and an uncertain political climate.  While there is a bright note that the FHA has once again waived the Anti-Flipping rule to allow people to rehab homes and sell them quickly there are other gloomy stats.

CoreLogic’s Home Price Index shows a 4th straight month of housing price declines for November.  Prices fell 1.4% from October and are down 4.3% year over year.  Most of this decline is being driven by dropping prices on distressed properties (foreclosures and short sales), but if you remove them from the equation, retail homes still fell 0.6% in November.  Year over year, retail prices are up only slightly (which is actually decent news).

On the foreclosure front, serious delinquencies (mortgages that are more than 90 days past due or actually in foreclosure), declined to 9.3% in December.  This is down from a high of 10.4% in December 2009.  Foreclosures have stayed steady at 5.5% for 3 quarters ending June 2011.

In my opinion, we are seeing the market trying to figure out what to do.  I am not sure there are any other homes that can go into foreclosure in masse.  While we will see a steady stream, I think the flood is over.

The Minnesota Real Estate Team strongly believes in the importance of offering informative buying and selling seminars for those interested in real estate here in the Twin Cities area. As a result of this belief, the team has consistently offered these free seminars over the past six years on a monthly basis.

Perhaps you are a real estate investor looking to learn more about how to begin? With prices and interest rates low, as well as the large number of bank owned and short sale properties for sale here in the Twin Cities, real estate investors are realizing this market is one of opportunity.  At this seminar, we will also offer insight on what the current financing guidelines are for investment property, how a real estate investor decides upon what type of loan product to choose, and what options are available, from commercial loans, to rehab loans, to Fannie Mae and Freddie Mac. This is a great event if you have any interest in simply learning about fix and flip or buy and hold investment property here in Minnesota.

Whatever your real estate question may be, our team is pleased to offer these free seminars below. These seminars are held in Bloomington at 6:30.  Register for the seminar by filling out this quick registration form or call 612-281-5419 for more information.