Minnesota Foreclosures are Available at Attractive Prices
With over 28,000 Minnesota foreclosures on the market, primarily in the greater Minneapolis area, there are many homes for a prospective homeowner to explore. The volume of Minnesota foreclosures is somewhat less than Wisconsin to the east, but substantially greater than the adjacent states west and south, which have smaller metropolitan centers.
The state’s unemployment rate is healthier than many states, currently more than 2% below the national average. Further, the average household income is the largest for all states not bordering the Atlantic Ocean.
Of the cities that we are highlighting on this page, none have seen average price increases over the last month. However, several cities and towns have seen substantial drops in the average price of foreclosed homes sold during the last month-to-month comparison, including:
* The average price of Shakopee foreclosures fell by 9.75% during the last month. There are182 foreclosed homes now listed on the market with an average price of $130,200.
* The average price of Hastings foreclosures fell by 20.14% during the last month. There are currently 196 foreclosed homes available on the market at an average price of $130,000.
* The average price of Osseo foreclosures fell by 15.3% during the last month. There are 518 foreclosed homes available at an average price of $124,900.
* The average price of Minneapolis foreclosures fell by 15.74% during the last month. There are over 10,000 foreclosed homes available in Minneapolis at an average price of $164,900. This is a large concentration of foreclosed homes and comprises four out of every ten foreclosed homes in the state.
Known as the Land of 10,000 Lakes, many of the summer activities revolve around water. Outdoor activities include a variety of hunting and fishing. Minnesota is the source of the Mississippi river, which flows through the state and separates Minneapolis and St. Paul.
The Minneapolis/St. Paul metro area, commonly known as the Twin Cities, is the economic engine for the state, with over 60% of the states’ population. Minneapolis developed as the center of grain milling in the northern plains, driven by waterpower from the falls that are located on the river at that point. There are professional sports teams in the state, including baseball, basketball, football and hockey, along with major college teams.
A family that is looking to purchase a Minnesota foreclosure will find a wide variety of homes with attractive prices to look at. That, combined with historically low mortgage interest rates, make this market one where a home purchase can result in a lower monthly cost than rent for a comparable home.
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