Foreclosure Trends Report: Hennepin County vs Ramsey County Minnesota

Jan. 21, 2011 - PRLog -- Santa Barbara, CA --- In response to an increase in customer inquiries on foreclosure listings in the twin cities of Minneapolis - St Paul, Minnesota, RealtyStore conducted an analysis of the REO foreclosure inventories in both Hennepin County and Ramsey County Minnesota. RealtyStore's analysis considered the total of 4,293 foreclosures recorded across both counties, including bank foreclosures, HUD homes, Freddie Mac, Fannie Mae foreclosure inventory and foreclosed houses from the VA. Overall, Hennepin County has a larger percentage of its foreclosure inventory actively listed for sale (48% have list prices) and Ramsey County posts a lower median foreclosure price versus market levels (a 50% lower median price), according to RealtyStore, the leading provider of residential foreclosure listings and data nationwide.

On a combined basis, foreclosures would comprise 25% of all homes for sale, if all current foreclosures were listed for sale today and added to the current inventory of 14,232 homes up for sale. In each county, less than 50% of foreclosures are currently listed for re-sale. Those REO foreclosure properties which are not yet listed for sale create a tangible, standing shadow inventory of foreclosed houses in the area. These figures only count completed foreclosures, and do not include the much larger number of homes served pre-foreclosure notices which are still actively working through the foreclosure process.

Bank foreclosures account for 88% of all foreclosures in the area, and 80% of all active foreclosure listings across both counties.

"The level of bank ownership in Hennepin and Ramsey counties is considerably higher than we typically see in other county studies," noted Peter Ranck, Vice President for RealtyStore. "And, although government foreclosures from Fannie Mae and Freddie Mac make up less of the area's total inventory, these government entities show a higher foreclosure listing rate than we see elsewhere, meaning Fannie-Freddie are actively marketing a greater portion of their inventory in Hennepin and Ramsey than in other counties researched recently."

A more detailed pricing analysis by REO foreclosure seller was also conducted. In Hennepin County, the median price of a real estate foreclosure is $109,400. Ramsey County foreclosures show a median price of $84,250. These prices are 48% below the overall median home price in Hennepin County ($209,900) and 50% below the median home price in Ramsey County ($167,000). Detailed listings of Minnesota foreclosure listings are shown at http://www.realtystore.com/foreclosures/minnesota-foreclo... .

List prices range from $14,000 to $1.99 million for bank foreclosures in Hennepin County. In Ramsey County, bank foreclosures currently list from $7,500 to $836,000.

Bank foreclosures can be accessed by http://www.realtystore.com/foreclosures/bank-foreclosures... .

For more information about real estate foreclosures, visit http://www.realtystore.com/foreclosures

Reporting methodology
RealtyStore Foreclosure Trends studies provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)