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).