Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

October foreclosures up slightly in the Twin Cities

Posted by: Jim Buchta under Foreclosures Updated: January 5, 2012 - 3:49 PM

 

There’s more evidence that the Twin Cities housing market isn’t out of the woods yet, at least not when it comes to home prices. The foreclosure rate in the metro area increased from 2.04 percent in October 2010 to 2.16 percent in October of last year, according to new data from CoreLogic. That’s still well below the national rate, which averaged 3.51 percent in October 2011, up from 3.29 percent the previous year.

Foreclosure sales put downward pressure on home prices, so while the number of home sales are up, prices are down because foreclosure sales remain elevated.

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