More Twin Cities homes staying out of foreclosure
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Fewer Twin Cities homes are going into foreclosure or being sold for less than what's owed on them, and real estate brokers say that's helping the housing market.
Listings and sales of homes in foreclosure or being sold short dropped significantly while sales of properties not in trouble rose at a double-digit rate, the Minneapolis Area Association of Realtors said Wednesday.
Some measures of housing demand might suggest a slowdown. In November, for instance, new listings were down about 5 percent year-over-year. Sales were down, too.
But the median sale price for all properties stood at $195,000 for a third straight month, about a 13 percent annual increase, according to the Realtor's group.
Homes in foreclosure or subject to short sales sold for much less. And prices for so-called traditional sales were higher on average.
On average, homes are spending 75 days on the market. Sellers are getting about 95 percent of their original asking prices -- the highest mark since 2005, the group said.
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