Twin Cities Short Sales, Foreclosures Fall to 7%
The general public may not be aware, but local Realtors certainly are: the percentage of distressed sales in the Twin Cities is now about 7%.
That’s a far cry from the +50% level breached just four years ago.
Amongst other benign effects on the local housing market: 1) the downward tug on median sales prices is gone; and 2) there are dramatically fewer appraisal issues, caused by “outlier” distressed sales.
P.S.: the other, catch-all term for distressed sales is “lender-mediated.”
