Foreclosed Homes and South Minneapolis Real Estate

Foreclosure, foreclosure, foreclosure! That is all I see. Almost 50% of homes on the market in Minneapolis right now are lender mediated homes. This is a 65% increase from October 2007. Furthermore, foreclosed homes for sale under $120,000 are up 120% since October 2007. Does this make sense? Most of the houses on the market right now are foreclosures. That is crazy. This truly is showing how irresponsible lenders and borrowers have been over the year 4-5 years. There was too much cheap money going around and too little due diligence. Where are all these people who lived in these houses? Are they renting or did they buy another house? I imagine that a lot are renting. I don’t know the numbers right now, but one could conclude that the rental market is heating up and is going to continue to heat up. I think this is the greatest time to buy residential real estate since 1945. Prices are extremely low, the housing supply is very high and from all the numbers I’ve seen it is going to take a while to eliminate the supply. Call me today if you’re looking to take advantage of this great wealth building opportunity. There are a lot of great south Minneapolis homes for sale today!