Foreclosure activity continues to rise in Minnesota. More than half the number of homes sold in Minnesota are due to foreclosure and smart buyers are taking advantage.
As unemployment continues to rise and homeowners default on their mortgages, property prices continue to fall providing buying opportunities not seen in a long time, if ever. Selling of homes by auction is becoming increasingly popular as auction companies move to clear stock either at live or online auction.
The Federal first time tax buyers credit is providing owner-occupiers and investors alike to buy homes cheaply due to many discount deals on offer. Many first time buyers are even putting in low offers on already discounted bank-owned properties.
Home prices are predicted to continue to fall in Minneapolis as builders also move to clear stock at reduced prices.