I just downloaded and began reading this insightful article on the foreclosure crisis. The headline stopped me in my tracks since it says we as a country have “a long way to go” in the foreclosure crisis.
If there is one thing I’ve learned in both real estate and my background as an analyst is that it is important to know when to peel back the data and decide what is relevant to my audience.
Hello Twin Cities – The report provides city data on page 41 of the report.
In our market a higher percent have already Completed Foreclosures as of Feb 2011 – 8.8% of total; and those who are defined as Seriously Delinquent borrowers as of Feb 2011 represent 5.8% of borrowers. Our numbers are close to the inverse of the national average.
With this in mind we as a metro area are seeing % of foreclosures vs. the overall market trending down. With fewer foreclosures putting downward pressure on home values the likelihood of foreclosure also goes down.
Select link below to read entire article