Number of Foreclosed Properties for Sale in Central MN Declining Rapidly
The total number of active and pending foreclosed properties that are available on the St Cloud MLS has declined from a high of 450 early this spring to just under 350 the other day. That is a very encouraging statistic if that trend continues.
The worry is that the banks are holding back on putting a large number of foreclosed properties on the market in an effort to stabilize prices and allow them to recoup more money when they do decide to put them up for sale. With these being such crazy times, it is tough to say how good or bad something is going to be without all the information. Not knowing exactly how many potential properties are being withheld from the market by the banks creates a huge variable in any current real estate statistic.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud MN
http://StCloudEdina.com - Home of the e-Market Analysis (Free on-line home value estimator)
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