According to the Minneapolis Association of Realtors
“Foreclosures and short sales are showing early signs of slowing. During the fourth quarter of 2008, there were 4.3 percent fewer new lender-mediated listings than in the third quarter. That's the first quarter-to-quarter decrease since 2003.”
The association has released a new interactive data tool that allows you to sort neighborhoods and cities within the Minneapolis/Saint Paul region. You can find it here: www.mplsrealtor.com/downloads/market/Lender-Mediated/Main.htm
While the signs look like positive, don’t think we are out of the water just yet, many analyst are still saying that the next wave of foreclosures is coming between 2009-2011 with all the Conventional Option ARM loans that are set to start adjusting in right now.
If you are in the Short Sale Business, then you will be busy for a very long time and buyers will be getting some very good deals over the next few years. I was just thinking that when this next wave of foreclosures hits, the lenders will be more prepared to negotiate and accept short sales then they were when the first way of Subprime loans start to default because market values have already dropped considerably. Whereas when the Subprime mortgages started to go into default, the markets were just starting to slow down.
If you are prepared to work Short Sales, then I think you will do very well over the next couple of years and I do believe this market will be the one most investors will be focusing on. If you are in the short sale business, then one resource you will want to know about is HSA. HSA (Home Seller Assist) is an organization that provides funding and proof of funds for Short Sales. For more information about HSA, go to my website at: www.BestCashInfo.com