Today I looked at the numbers of foreclosure sales in Eden Prairie, for the month of October. As I did yesterday I compared these numbers with North Minneapolis homes, sold in October as well.
Based on information from the Regional Multiple Listing Service of Minnesota for the month of October, there were 46 total homes sold in Eden Prairie with 13 marked as foreclosures. Again, this indication would include bank owned homes, short sale properties, and homes in the foreclosure process. There were 6 marked as ‘not disclosed’. Worst case scenario, if you assume those 6 are foreclosed properties that would give a 41% rate of foreclosed homes sold in Eden Prairie. This seems high, but it is a good indicator that the inventory of foreclosed homes in Eden Prairie may be finally selling. This is what needs to happen for our market to turn around. As I stated in yesterday’s article , the total number of foreclosures in Eden Prairie was around the 20% mark.
In contrast, in the North Minneapolis area for the month of October, there were 89 homes sold. 56 homes were marked as foreclosures, 13 marked as no, and 19 as not disclosed. This would be 84% of the sales there being foreclosed real estate. Again, hopefully an indicator that our excess inventory of foreclosed properties being cleared off the market. A great indicator for everyone!
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