South Minneapolis Foreclosed Houes for Sale

I just read a interesting article. Did you know that 17% of all houses for sale are bank owned? Foreclosures are up 183% since last year! It is amazing. I was out looking again with a friend of mine who wants to buy a house to live in and rent out. We found one in South Minneapolis, over by Lake Nokomis, it’s a foreclosure. We put an offer on it. The funny thing is the supply is increasing so fast and most of these houses are in really bad shape. I mean, they are going to need to lower the price on a lot of this stuff if they want it to sell. My hardwood floor refinishing company was doing a job out in Woodbury about two months ago for a guy who owned a bunch of rentals. He didn’t think it was going to turn around for 3-5 years. I think he is right. I think it will be a while. Banks are taking a big hit and money is getting more expensive, their more cautious to loan money. Tight money, large supply, losing money, that is a combination for lower prices on real estate. There is a lot of money to be made out there in South Minneapolis, some are going act, others won’t.