Hennepin County Foreclosures and Pre-Foreclosures: 733 Notices of Default for November, 2009
There were unofficially 733 NODs (Notices of Default) issued in Hennepin County. Estimated values of these properties ranged from $40,000 to $3,000,000. One doesn’t know if 733 is a lot or a little, but consider the following for the Hennepin County real estate market:
Number of Properties Sold in November 2009: 1,377
Number of New Listings in November 2009: 1,348
Number of New Listings in November 2009 that were Bank Owned: 148
Number of New Listings in November 2009 that were Short Sales: 167
So, out of 1,348 new listings for the month of November in Hennepin County, there were 315 that were either bank owned or short sales. That’s a ratio of 23.4% of the listing inventory.
For the month of November we had more than 2x as many NODs compared to the distress sales listed. Most of these NODs will be on the market, on the MLS, come next May/June. (It should be noted that there is some duplication in these lists so it’s not exact. For example, some of the 733 NODs are actually listed already as a short sale so it may not quite be a 2x ratio).
If you want to search the Hennepin County Sheriff’s Foreclosure web site you can view the properties that have already had the Sheriff’s sale. Those properties are “in foreclosure” and are in the redemption period.
If you are interested in finding a great deal and would like to receive notification of these bank deals as well as pre-foreclosure properties, please sign up at DistressSalesTC.com.
Educate yourself about buying a foreclosure. Visit How To Buy Twin Cities Foreclosures for your free report.
