AdobeStock_84203053

CoreLogic just released a report looking back on the national foreclosure crisis… United States Residential Foreclosure Crisis: 10 Years Later.

That crisis is still affecting both buyers and sellers today, who are much more informed and cautious. It peaked in 2010, and over 7.7 million families lost their homes throughout the period between 2008 and 2012… no wonder buyers are more cautious!!

One of the key factors brought up by CoreLogic's chief economist is the connection between jobs and homeownership. At the peak of the crisis, the national unemployment rate was 7%. In February 2017 the nationally adjusted unemployment rate was 4.7%… with an even lower rate of 4.0% in Minnesota. A healthy economy is driven by jobs… which usually drives consumer confidence that leads to homeownership.

Foreclosures have been dropping steadily since their peak in 2010. CoreLogic's report suggests the country will be back to 2005 levels by the end of 2017.

In Minnesota, February foreclosed sales only accounted for 7.5% of total sales… a good sign for traditional sellers and a healthy real estate market… and a frustration for those in the renovation business who no longer have a big supply of foreclosure properties to renovate.

Sharlene Hensrud, RE/MAX Results - Minneapolis-St. Paul Realtor

HomesMSP Team - SharleneJohnAngela Minneapolis-St. Paul Relocation

RELATED POSTS

 

About Sharlene Hensrud

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

What are seller paid closing costs?

Buyers and sellers alike are often confused by 'seller paid closing costs'… what are they, exactly? First, let's look at what closing costs are in general. Both buyer and seller have closing costs and prepaids related to their sale or purchase… referring to expenses you must pay at the closing table beyond the seller paying off any.

Read More

Why are townhouse and condo association fees sometimes so high?

If you are considering buying a townhome or condominium don't forget to consider the cost of HOA (homeowner association) fees as well as the purchase price when calculating your monthly payments. When qualifying for a mortgage, HOA dues are added to monthly loan and tax payments to get your qualifying monthly payment. Including those fees means you will qualify for.

Read More

How much cash do I need to buy a home?

"How much money do I need?" is a common question from people thinking about buying a home. When asking the question buyers are often thinking about how much down payment they will need, but there are other costs involved as well. The percentages below are based on percent of purchase price. DOWN PAYMENT The minimum down payment depends on.

Read More