Tag Archive | "Banks"

Minnesota real estate sales up.

The good news is house sales in Minnesota showed an increase last month. The bad news – prices are continuing downward.

Tha average sales price of a home in MN fell 5.1 percent to just under 131k. A year ago that figure was 138k.

The Cities had almost an 11% increase in sales.

A lot of the sales were from Banks unloading foreclosed properties and short sales. It’s a painful process for many to see their homes continue to drop in value- but I think we have to go through it in order to get the market back to equilibrium.

The one good effect is that the overall housing inventory is falling substantially as these distressd properties are being snatched up. That is necesary to bring a balance back between supply and demand.

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Divided regulator passes pay proposal

Banks’ pay plans would be linked to the amount of fees they would have to contribute to a multi-billion dollar fund insuring depositors’ savings, under a preliminary proposal passed in a divided vote by a US regulator

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Obama to target banks with new levy

The Obama administration, under increasing pressure from Democrats in Congress to take punitive action against banks, is readying a new levy on the finance sector that will form part of the budget to be presented in February.

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Lehman warns on ‘unreasonable’ US claims

Big banks seeking windfall profits by ‘outrageously unreasonable’ claims against Lehman Brothers’ US business will be forced to prove their case in court

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Pay-outs at rescued banks face fresh scrutiny

Andrew Cuomo, the New York attorney-general, raised the political heat on Wall Street pay, asking the top US financial institutions that received billions of dollars in public bail-out money for detailed information on bonuses

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FDIC eyes linking levies to bank pay

US banks’ contributions to a fund that insures depositors’ savings could be linked to regulators’ assessment of bank pay plans, under proposed rules

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Minnesota Foreclosures

Minnesota Foreclosures

There is a growing opportunity in foreclosed homes in MN and repossessions, including Hennepin County property. Obviously the number of foreclosed homes in MN has been a major problem and the trend is expected to continue for some time. Depending on your circumstances, this fact can result in overwhelming hardship or – it can be the opportunity of a lifetime.

Even though we all experience compassion for those going through difficult times it is also true that economic downturns also create some amazing opportunities for those who put themselves in the right place at the right time – sometimes in a huge way. We can take advantage of the financial opportunities out there (it would be irresponsible not to), and still have compassion and be pro-active in helping members of our community who need it.

For now it is worth pointing out that the number of foreclosed homes in MN and Hennepin County property in particular are quite substantial and this will most certainly result in some buyers picking up some real steals.

If you are contemplating a property purchase in the future, in addition to searching the mls online mn listings, I suggest you also at least look here into foreclosed homes in MN. There are la few services and websites which promise to provide access to this information but unfortunately most promise a great deal and deliver much less and are generally quite expensive. That is why a little research beforehand in this regard can save you a lot of aggravation, time and money. By all means have a look at what is out there, but I am quite confident you will end up here.

Depending on your timing you may be shocked at what you can get and where. It is not just “bad” neighborhoods which are suffering the rash of foreclosures in Minnesota (as well as throughout the country) but every price range of home is being affected. And with the huge inventory of foreclosed homes in MN banks are finding themselves holding, opportunities arise where some of this inventory is being cleared at bargain basement prices.

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