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It’s been many years since we’ve seen home prices under $500,000 in Foxberry Farms located in Medina, MN. The neighborhood used to have a price range from $600,000 to $1.1 million. It has been slipping backwards each year for the past couple of years. In 2008, we saw a couple of properties sell in the low to mid $500,000s.  Now we had one just close for $480,000. (For disclosure purposes, this was my listing).
Previous blog post on 1115 Foxtail Drive, Medina, MN 55340.
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For other posts on Foxberry Farms in Medina, MN click here.
HousingWire is reporting that the FHA insured a record number of mortgages in June 2009. 194,000 mortgages were insured by the American Taxpayers – I mean, the FHA, during the month of June. That’s up 48% from one year ago.
FHA is predicting a 10% increase in “insurance claims” otherwise known in regular lingo as defaults for 2009. However, in a sign of continued deterioration in FHA loans, June’s claims jumped 26% over last year.
Somehow I don’t think this is going to end well for the American Taxpayer.
It seems that the Minnesota State forms for real estate transactions are updated every year and then go through more major revisions every other year. Effective August 1st, several new changes will take effect for purchase agreements and disclosures.
Perhaps the most important thing that has changed is a clarification about “business days” and how they are counted. With real estate transactions, there are deadlines that must be met otherwise the contract is to be cancelled. There are times where agents and the principals in the transaction don’t exactly agree as to when the business day count starts and when it expires. For example, there may be an inspection contingency that has 5 business days to complete from the date of Final Acceptance. The new forms now clearly articulate that the business day count is defined as “the first day following the occurance of the event specified and including subsequent calendar days which are not a Saturday, Sunday or a state or federal holiday unless stated elsewhere by the parties in writing. The deadline expires at midnight on the last day.”
This is definitely inside baseball for real estate agents, but for those who want to read all the changes, the 15 page pdf is linked here.
Hennepin County publishes its Notices of Default (NODs) Tuesday through Saturday. Yesterday seemed to be a pretty heavy day with 91 Notices of Default published with well over one third of these notices were from Bank of America or Countrywide.
The values for these properties ranged from $86,000 to $2.7 million according to the EMV (Estimated Market Value as provided by Hennepin County).
These homes are all considered pre-foreclosures as they have received the foreclosure notice announcing the date of the Sheriff’s sale. Most of the Sheriff’s sales will be in the next 4-6 weeks.  These properties are also candidates for short sales.
Perhaps these homeowners want to review my post from last night if they wish to delay the Sheriff’s sale.
This is a bit of a surpise…imagine being the real estate team working on this project for 4 and a half years and then being told it’s on hold.
Woodbury has been one of the leading cities in Minnesota for growth in housing and retail. It’s also fairly affluent. One would think Target would want a nice new Super Target in that area, but based upon this article from the Minneapolis St. Paul Business Journal, the numbers are no longer adding up.
