John Murphy Reports

A few days ago, KARE 11 News ran one of their Extras on the rise of short sales in the Twin Cities.   Here is a link to the text of the piece.  If I can find the video, I’ll post it.

Below is an important statement found in the KARE 11 story:

“Presently, approximately 25% of homes listed for sale in the Twin Cities are “lender-owned”, that is: either short sales or foreclosures. Wells Fargo Home Mortgage Vice President Gwen Oberg in Fort Mill, South Carolina is an expert in short sales. “The real estate markets, of course, are in some trouble and we have seen a big uptick in short sales interest. We’re always looking to try to keep the customer in their property. (However) A short sale is actually a great option other than foreclosure.” A better deal for the bank as well? “Usually, yes, that is the case.”

Short sales often are a better option for everyone involved…buyer, seller and the bank.

The former estate of the Pillsbury family is set to be auctioned December 9, 2009 by Chicago-based Sheldon Good & Company.   Originally listed for $53.5 million, this 13 acre, 40,000+ square foot home on Bracketts Point is one of a kind.

Sealed bids are in process so be sure to get your bids in on time!

Here’s the Star Tribune story as well as the link to the auction house.

Recently the Builders Association of the Twin Cities (BATC) released its monthly market indicators report.    The 4 page pdf report is power packed with excellent snapshots of the Twin Cities and U.S. real estate stats.

The Minneapolis Area Association of Realtors recently published the October 2009 update on foreclosures and short sales in the Twin Cities.  They have decided to publish this report on a monthly basis now which is great news!   Aaron Dickinson of Edina Realty and Jeff Allen from the association are the ones behind this excellent work.

The interesting thing to note is the continual decline of REOs, bank owned properties.   From what I am hearing, the banks are holding these back for a number of reasons.   Perhaps the main reason is many people are trying to do mortgage modifications.

With the reduction in inventory of bank owned homes, the months supply now of foreclosures in the Twin Cities is only 1.4 months!   What a change in the past 2 years when it was 9.2 months supply of REOs.  (See page 9 of the 10 page report).