Foreclosures might have peaked in Minneapolis

  • Article by: STEVE BRANDT , Star Tribune
  • Updated: March 23, 2011 - 1:14 PM

The numbers are dropping, possibly because foreclosures started here earlier. Problems with the glut of empty houses continue.

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avreaderOct. 3, 08 1:17 PM

there arent many left to foreclose on...

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DavegaebertOct. 3, 08 1:34 PM

will be in more affluent neighborhoods as a massive number of Option ARM loans will recast starting in late 2009 and peak into 2011. These loans featured interest only payments and other schemes which suckered the buyer into taking on more then they could afford under the premise they could refi later after the property went up in value. No this headline is wrong - we're a long way from a bottom in housing prices. Just look around at the denial. They're is still mucho over priced real estate on the market that will be cut down in value before we have reached bottom. The stupid thing about the "bailout" is that nothing was done to rid Wall Street of these types of derivative financial instruments. The same pieces are in place in the system that got us in trouble already.

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dupreeOct. 3, 08 1:54 PM

this is what happens when you let idiots buy houses.

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lexlugerOct. 3, 08 2:17 PM

Now that TJ Waconia is shut down, one would expect this

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the_vfoxOct. 4, 08 5:54 AM

line is that the foreclosures are still up, just by not as much. When the option arms start hitting, the Lexus and BMW crowd will be feeling the pain next. This housing market is still overpriced by 40k for the median. Until it reaches a correct median price, it will still head down.

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Michael68Oct. 4, 08 7:51 AM

Forbes magazine recently wrote an article about which real estate markets were projected to recover first. Mpls-St. Paul was # 8 on the list.

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paulsworkshopOct. 4, 08 8:23 AM

The monthly "Foreclosures have peaked in Minnesota." I'm starting to feel ticked that reality still hasn't set in and the Scandal ridden Star and Trib won't print the facts because they want to keep collecting ad revenue from those in the housing sector. Read DAVEGAEBERT'S first comment above and add heating and fuel costs to "escape to the burbs" and you'll start seeing a trend to the next crisis. Here it is: It is going to cost $1,000's of dollars a month to heat your macmansion in the burbs. It will also cost you $100's of dollars a month to get back and forth to them. Couple that with depreciating property values and Conclusion: The dollar value of foreclosures is going to outstrip the "number" of foreclosures exponentially. Your little 850 billion dollar bailout is just a drop in the bucket from our predicted 6 trillion dollars of bad paper. Ad 3 trillion dollars in consumer debt that will go unpaid in the next 4 years and we're now we're really talking some real numbers. Isn't this exciting? I'm so happy that our great peacemakers in Washington just "fixed" all of our problems with the bailout bill. Not.

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PeaceseekOct. 4, 0810:18 AM

set off another loss since, the new property taxes increased this year. Losing jobs and raising taxes all year.. hmmmm

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pfbramOct. 4, 0811:34 AM

A lot of places in the burbs are much cheaper than the cities. Decent neighborhoods in Minneapolis or St. Paul are still way over-priced. I got a modest 60's suburban ranch home, full basement, one of the more energy efficient homes ever made in large-scale. Old WWII or earlier bungalows in the cities had better have a lot of updates or they'll leak heat in the winters like a sieve.

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jazzicreationzOct. 6, 08 1:04 AM

Being that the house I live in is going to be put up for Sheriff Sale on November 4th; I find it very hard to believe that the foreclosures in Minneapolis have peaked. As I pack and lament over finding the money with much hope that someone will be willing to rent to us with our dog and 2 cats, I still wonder why? Then I remember the $4,000 it cost to heat the house last winter while we racked up the electricity using space heaters because we were cold, the underemployment of my husband, the ARM mortgage he was talked into and promised he could get out of, my chronic medical problems that required $800 a month COBRA payments while he worked temp to hire, the idea of staying in a neighborhood that has killings, stabbings and shootings and I try to think "maybe its not so bad" That is when I am not crying because I don't know where we will live, or how we will afford to move, or how low the thermostat needs to be to save $$ to move yet high enough to prevent the water pipes from bursting. American dream? NOT! I'm terrified and I don't think we are the only people still facing this kind of uncertainty. God help us all!

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