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 Kristen Leigh Painter.

Posts about Foreclosures

H&M coming to Burnsville Center

Posted by: Jim Buchta Updated: May 19, 2014 - 3:21 PM

Fast-fashion retailer H&M (short for Hennes & Mauritz) is opening a new store in Burnsville Center. Look for it this fall. The opening is part of a broader expansion by the Swedish company “in the North,” according to a news release Monday.

The 18,000-square-foot Burnsville store will feature clothing for women, men, young women and young men (or “young ladies and young men,”) kids, and a stores-within-the store for accessories, lingerie, maternity and plus-size. Since opening its first state-side store on Fifth Avenue in New York 14 years ago, H&M has expanded rapidly with some 311 stores nationwide.

Stores locally include Mall of America, Calhoun Square, Southdale, Maplewood, Woodbury Lakes and Ridgedale.

Mortgage delinquencies in Minnesota fall, 44th lowest in the nation

Posted by: Jim Buchta Updated: May 15, 2014 - 11:05 AM

The delinquency rate for residential mortgage loans at the end of the first quarter in Minnesota was 3.76 percent, a decrease of 76 basis points from the fourth quarter of 2013, according to a national survey by the Mortgage Bankers Association (MBA).

The rate excludes loans in the process of foreclosure, but the percentage of loans in the state on which foreclosure was started was also down, falling 11 basis points to 0.28 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell 16 basis points to 1.01 percent.

Across the nation, the average delinquency rate was 5.69 percent, down 102 basis points from 6.71 percent in the fourth quarter of 2013. Among the 50 states and the District of Columbia, Minnesota ranked 44th in delinquencies and 41st in foreclosures started. Mississippi ranked first in delinquencies with a rate of 10.46 percent and New Jersey ranked first in foreclosure starts with a rate of 1.06 percent. .

For sale house listings post biggest gain in more than three years

Posted by: Jim Buchta Updated: May 12, 2014 - 10:52 AM

It's been a less-than-stellar spring housing market in many parts of the Twin Cities, but the recovery marches on, though at a more moderate pace than last year. Here's a look at what happened during April, according to a monthly sales reports released this morning by the Minneapolis and St. Paul Area Associations of Realtors.

  • The median sales price all closings increased 8.0 percent to $197,000 - the 26 straight month of year-over-year price gains.
  • Closed sales fell 11.9 percent to 3,806.
  • Pending sales declined 3.9 percent to 5,127 properties.
  • While foreclosure sales fell 41.8 percent, traditional sales increased 1.4 percent.
  • New listings rose 10.2 percent to 7,776 newly listed homes, with traditional new listings rising 25.7 percent compared to last year at this time. Of those new listings, foreclosure listings fell 41.6 percent and 49.6 percent, respectively.
  • The inventory of homes for sale now stands at 14,429 properties, a 1.5-percent increase and the largest increase since January 2011.
  • Foreclosures and short sales now make up just 11.4 percent of all new listings compared with 22.4 percent last year.
  • On average, homes spent 89 days on the market, down 8.2 percent from last April and sellers are receiving an average of 95.9 percent of their original list price.

Stay tuned for a full report in the Tuesday paper.

More Minnesota home buyers are paying CA$H

Posted by: Jim Buchta Updated: May 8, 2014 - 10:58 AM

One third of all home sales in Minnesota during the first quarter were paid for with cash - a significant increase over last year, according to a new survey by the National Association of Realtors. That increase, in Minnesota and across the country, is somewhat perplexing to the experts. From January through March in Minnesota, 34 percent of all sales were cash compared with just 19 percent two years.

Last year many cash deals were foreclosures that were being bought be investors with plenty of money to spend, but those distressed sales have been waning. Lawrence Yun, NAR's chief economist, said the findings are counterintuitive.

“Distressed home sales, most popular with investors who pay cash, have declined notably in the past two years, yet the share of all-cash purchases has risen,” he said. “At the same time, investors have declined as a market share, indicating other changes have been underway in the marketplace.”

Those distress sales declined from 26 percent of the national market in 2012 to 17 percent in 2013 and 15 percent in the first quarter of this year; NAR projects distressed homes to drop to a single-digit market share by the fourth quarter. All-cash purchases rose from 29 percent in 2012 to 31 percent in 2013 and 33 percent in the first quarter of 2014.

Twin Cities house price gains in the top-10 nationwide

Posted by: Jim Buchta Updated: May 6, 2014 - 4:43 PM

A new monthly report shows that house prices in the Twin Cities metro, including foreclosures and short sales, increased by 9.0 percent in March 2014 compared with last year,according to CoreLogic's House Price Indicator. From February to March house prices in the Twin Cities increased by 0.7 percent.

That was the ninth-biggest year-over-year gain among the nation's largest metro areas and only slightly below the national average, which stood at 11.1 percent.

CoreLogic's HPI is a unique look at what's happening to house prices because it tracks repeat-sales of the same homes over time, including single-family attached and single-family detached homes. Stay tuned for the April sales report from the Minneapolis Area Association of Realtors, which we'll publish here on May 12. That report will include closings, pending sales and a detailed look at what's selling in this area.

More about negative equity in Minnesota

Posted by: Jim Buchta Updated: April 18, 2014 - 10:47 AM

With house prices on the rise, the number of homeowners who owe more than their house is worth has been steadily declining - good news because more people are able to sell their houses without taking a loss. In Minnesota, only 9 percent of all homeowners with a mortgage are still "seriously underwater," which means the debt on the property is exceeds the property's estimated market value by 25 percent higher, according to a first-quarter report from RealtyTrac. That's compared with 17 percent nationwide and much higher averages in Sunbelt states, including Las Vegas, where the negative equity rate was 37 percent.

The report also reveals a somewhat troubling and surprising trend: 35 percent of all homeowners nationwide who are in foreclosure have equity in their home, a slight increase from last year and the previous quarter. Minnesota tied with the Boston metro-area for the highest level of foreclosures, topping out at 58 percent. RealtyTrac's Darren Blomquist's speculates that foreclosure equity is on the rise because homeowners aren't aware that they have any equity at all, so fail to attempt selling the house before it's too late.  

“Many distressed homeowners with equity may not realize they have equity and in some cases have vacated the property already, assuming that foreclosure is inevitable,” he said.

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