RealtyTrac has a good video about the wave of new foreclosures coming down the pipeline. Minnesota has 2,403 New Foreclosures which is running about the middle of the road for the entire nation. Wisconsin posted 3,841 new foreclosures and Illinois posted 12,493 new foreclosures.
Time will tell… The shadow inventory is potentially large, but I am clinging to optimism that Minnesota’s judicial foreclosure system allowed us to clear much of our shadow inventory through short sales quicker than the other states. Which would in part explain why we have suffered some of the largest price declines in the nation to date.
- US DATA: RealtyTrac’s Aug U.S. Foreclosure Market…. (forexlive.com)
- Foreclosures Rise; Repossessions Set Record (newcenturybroker.wordpress.com)
- Banks set stage for fresh wave of foreclosures (cbsnews.com)