Twin Cities Foreclosure & Short Sale Report 2009 Q3
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Foreclosures and short sales in the Twin Cities Housing Market Q3 2009 Update A Special Research Report from the Minneapolis Area Association of REALTORS® Jeff Allen MAAR Research Manager www.mplsrealtor.com Aaron Dickinson REALTOR® www.twincitiesrealestateblog.com
Published on October 15, 2009
Lender-owned foreclosure inventory available for sale in the Twin Cities has fallen by 60 percent in the last year, falling from an estimated 4,886 at the end of last September to 1,960 this year. Short sales are a different story—basically holding steady over the last twelve months (Figure 1). Lender-owned foreclosures now account for only 7.9 percent of the total inventory, while short sales represent 17.4 percent of total inventory. The simple reason for this growing chasm is that foreclosures are selling roughly three times as frequently as short sales (Figure 2). Short sales are complicated transactions and many consumers have reported considerable delays and uncertainties associated with making an offer on a short sale home. These complications are likely the main cause of the relatively quiet sales activity.
Figure 1 | Foreclosure Inventory Declines
Foreclosures are properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are unique arrangements where the financial institution and indefault homeowner work together in an attempt to sell the home before it is foreclosed upon. It’s encouraging to see the number of vacant foreclosures drop as they’re absorbed by new homeowners. But it’s discouraging to see that short sales remain such a substantial drag on the market’s forward momentum, especially when we consider that a portion of these short sales will eventually become lender-owned foreclosures. For more information on the difference between the foreclosure market and the short sale market, take a look at pages 5 to 7 of this report.
Figure 2 | Foreclosures Sell Three Times as Often as Short Sales
Want to see how foreclosures and short sales are affecting various neighborhoods and cities within the Twin Cities metro area? Click here to access an interactive data board and in-depth neighborhood reports and commentary.
©2009 Minneapolis Area Association of REALTORS® |
Sponsored by Royal Credit Union
www.rcu.org
www.mplsrealtor.com
Inventory of Homes for Sale Lender-Mediated
Property Type
Traditional
Share of Total Inventory That Is Lender-Mediated
Total
10-2008
10-2008 10-2009 Change 10-2008 10-2009 Change 10-2008 10-2009 Change
All Properties Single-Family Detached Townhomes* Condominiums
10-2009
8,542
6,245
- 26.9%
23,511
18,584
- 21.0%
32,053
24,829
- 22.5%
26.6%
25.2%
6,575
4,408
- 33.0%
16,062
13,147
- 18.1%
22,637
17,555
- 22.4%
29.0%
25.1%
1,545
1,402
- 9.3%
4,765
3,358
- 29.5%
6,310
4,760
- 24.6%
24.5%
29.5%
422
435
+ 3.1%
2,684
2,079
- 22.5%
3,106
2,514
- 19.1%
13.6%
17.3%
*Includes twinhomes
Lender-Mediated Homes for Sale
10-2008 There are almost 2,300 fewer lender-mediated homes available for sale right now than there were a year ago, but they still comprise roughly one quarter of all available inventory.
10-2009 6,575
4,408
1,545
1,402 435
422
Single-Family Detached
Price Range
Townhomes
Lender-Mediated
Condominiums
Traditional
Share of Total Inventory That Is Lender-Mediated
Total
10-2008 10-2009 Change 10-2008 10-2009 Change 10-2008 10-2009 Change
Under $120,000 $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,001 $1,000,001 and above All Prices
3,138 1,574 1,485 1,106 642 355 220 22 8,542
1,925 1,157 1,249 898 516 305 168 27 6,245
- 38.7% - 26.5% - 15.9% - 18.8% - 19.6% - 14.1% - 23.6% + 22.7% - 26.9%
1,421 1,991 3,829 5,047 4,526 3,264 2,639 797 23,514
1,239 1,488 2,846 3,859 3,528 2,553 2,284 787 18,584
- 12.8% - 25.3% - 25.7% - 23.5% - 22.1% - 21.8% - 13.5% - 1.3% - 21.0%
4,559 3,565 5,314 6,153 5,168 3,619 2,859 819 32,056
Lender-Mediated Homes for Sale
3,164 2,645 4,095 4,757 4,044 2,858 2,452 814 24,829
- 30.6% - 25.8% - 22.9% - 22.7% - 21.7% - 21.0% - 14.2% - 0.6% - 22.5%
10-2008 10-2009
3,138
1,925 1,574
1,485 1,157
1,249
1,106
898 642
Under $120,000
$120,001 to $150,000
$150,001 to $190,000
$190,001 to $250,000
516
$250,001 to $350,000
355
305
$350,001 to $500,000
220
168
$500,001 to $1,000,001
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
22
10-2008
10-2009
68.8% 44.2% 27.9% 18.0% 12.4% 9.8% 7.7% 2.7% 26.6%
60.8% 43.7% 30.5% 18.9% 12.8% 10.7% 6.9% 3.3% 25.2%
Inventory is down in every price category but has dropped the fastest in the lower price ranges. Lendermediated inventory has actually grown in the $1 million and higher segment, but only slightly.
27
$1,000,001 and above
www.rcu.org
Median Prices Lender-Mediated Q3 2007
All Properties Single-Family Detached Townhomes* Condominiums *Includes twinhomes
Q3 2008
Q3 2009
Traditional
1-Yr Change
Q3 2007
Q3 2008
Q3 2009
Total 1-Yr Change
Q3 2007
Q3 2009
1-Yr Change
$165,000 $145,000 $125,000
- 13.8%
$236,500 $222,500 $207,500
- 6.7%
$229,900 $198,000 $174,000
- 12.1%
$175,000 $151,000 $133,000
- 11.9%
$258,246 $239,000 $223,000
- 6.7%
$250,000 $213,000 $189,000
- 11.3%
$148,000 $131,500 $111,000
- 15.6%
$187,000 $180,000 $164,000
- 8.9%
$184,000 $166,925 $142,500
- 14.6%
$111,500 $104,545 $91,125
- 12.8%
$176,150 $170,000 $153,615
- 9.6%
$171,900 $160,000 $134,900
- 15.7%
Q1 Median Sales Prices
Q3 2007
Q3 2008
Q3 2009 For all property types, home prices in the traditional market haven’t declined as precipitously as the lendermediated market.
$236,500
$229,900
$222,500 $207,500
$198,000 $174,000
$165,000
The overall median sales price for all properties is skewed downward by the increased market share of foreclosures and short sales.
$145,000 $125,000
- 13.9%
Q3 2008
- 12.1%
- 12.1%
Total
- 5.9%
- 13.8%
Lender-Mediated
- 6.7%
Traditional
Historical Median Sales Prices $260,000
Traditional $240,000
Lender-Mediated
$220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000
Q12005
Q22005
Q32005
Q42005
Q12006
Q22006
Q32006
Q42006
Q12007
Q22007
Q32007
Q42007
Q12008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
Q22008
Q32008
Q42008
www.rcu.org
Q12009
Q22009
Q32009
New Listings and Closed Sales Lender-Mediated
Traditional
Q3 2007
Q3 2008
Q3 2009
1-Yr Change
New Listings
3,575
7,340
6,688
- 8.9%
Closed Sales
1,006
3,729
5,121
+ 37.3%
Q3 2007
Q3 2008
Q3 2009
Share of Market Activity That is Lender-Mediated
Total
1-Yr Change
Q3 2007
Q3 2008
Q3 2009
1-Yr Change
Q3 2007
Q3 2008
Q3 2009
23,128 16,493 15,462
- 6.3%
26,703 23,833 22,150
- 7.1%
13.4%
30.8%
30.2%
10,434
- 0.6%
11,440 12,234 13,576
+ 11.0%
8.8%
30.5%
37.7%
8,505
8,455
Share of Market Activity That Is Lender-Mediated 37.7%
New Listings Closed Sales
30.8%
30.5%
Demand for lendermediated homes is growing much faster than the new supply coming on the market.
30.2%
13.4% The traditional market is seeing listings and sales decline at roughly the same rate.
8.8%
Q3 2007
Q3 2008
Q3 2009
New Listings 35,000 30,000
Traditional
25,000
Lender-Mediated
20,000 15,000 10,000 5,000 0
Q12005
Q22005
Q32005
Q42005
Q12006
Q22006
Q32006
Q42006
Q12007
Q22007
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Closed Sales
New lender-mediated listings dropped slightly in Q2 2009 vs. Q1 2009 and have remained relatively flat for 6 quarters in a row.
20,000
Traditional Lender-Mediated
15,000
10,000
5,000
0
Q12005
Q22005
Q32005
Q42005
Q12006
Q22006
Q32006
Q42006
Q12007
Q22007
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
Q22009
Q32009
www.rcu.org
However, with rising unemployment and increasing mortgage defaults, high levels of new foreclosures are likely to continue into 2010.
New Listings
9-2009 LO: 1,198 SS: 960
2,000
Lender-Owned Short-Sales
1,500
1,000
500
0 1-2007
1-2008
Inventory of Homes Available
1-2009
10-2009 LO: 1,960 SS: 4,314
6,000
Lender-Owned Short-Sales
5,000 4,000 3,000 2,000 1,000 0 1-2007
1-2008
Months Supply of Inventory
1-2009
10-2009 LO: 1.5 SS: 13.9
45
Lender-Owned Short-Sales
40 35 30 25 20 15 10 5 0 1-2007
1-2008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
1-2009
www.rcu.org
Pending Sales
9-2009 LO: 1,319 SS: 469
2,000
Lender-Owned Short-Sales
1,500
1,000
500
0 1-2007
1-2008
Closed Sales
1-2009
9-2009 LO: 1,161 SS: 345
2,000
Lender-Owned Short-Sales
1,500
1,000
500
0 1-2007
1-2008
Median Sales Price
1-2009
9-2009 LO: $119K SS: $150K
$225,000
Lender-Owned Short-Sales
$200,000
$175,000
$150,000
$125,000
$100,000 1-2007
1-2008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
1-2009
www.rcu.org
Sales Price Per Square Foot
9-2009 LO: $76 SS: $93
$150
Lender-Owned Short-Sales
$125
$100
$75
$50 1-2007
1-2008
Pct. of Orig. List Price Received
1-2009
9-2009 LO: 96.6% SS: 86.9%
100%
Lender-Owned Short-Sales
95%
90%
85%
80% 1-2007
1-2008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
1-2009
www.rcu.org
Postscript: Explanation of Methodology
The Q3 2009 Update relies in part upon the analysis of subjective remarks that REALTORS® employ when listing properties in the Twin Cities Regional Multiple Listing Service, and in part upon data fields in this same system called “In Foreclosure,” “BankOwned” and “Short Sale.” These fields allow users to mark properties that fit within these legal definitions. A property is “Lender-Mediated” when any of the following rules are met: • In Foreclosure = “Yes”
• Lender-Owned = “Yes”
• Short Sale = “Yes”
• One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: • bank owned • short sale • bank approv • lender approv • 3rd party approv • foreclosure • preforeclosure • forclosure
• preforclosure • subject to bank • subject to 3rd • subject to lender • redemption • shortsale • reo • hud acquire
• subject to corp • corporate owned • corp owned • corp. owned • bank-owned • short-sale • 3rd-party approval • third-party approval
• subject to third • hud-acquire • hud-acquired • corporate-owned • corp-owned • corp owner • subj to corp
Note: properties containing these specific phrases in the same remark fields are NOT considered lender-mediated • not a foreclosure • not a forclosure • no foreclosure • no forclosure • not foreclosure • not forclosure
• not a short sale • not a shortsale • not a short-sale • not short sale • not shortsale • not short-sale
• no short sale • no shortsale • no short-sale • not a bank • not bank • no bank
• tired of short sale • tired of shortsale • tired of short-sale • tired of foreclosure • tired of forclosure
A property is a “Lender-Owned Foreclosure” when any of the following rules are met: • Lender-Owned = “Yes” • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks:
Properties containing the “Not,” “No,” and “Tired” phrases listed above are not counted.
• bank owned • bank-owned • bank-owned • foreclosure
• forclosure • reo • hud acquire • hud-acquire
• hud-acquired • corporate owned • corporate-owned • corp owned
• corp. owned • corp-owned • corp owner
A property is a “Short Sale” when any of the following rules are met: • Short Sale = “Yes” • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: Properties containing the “Not,” “No,” and “Tired” phrases listed above are not counted.
• short sale • shortsale • short-sale • in foreclosure • in forclosure
• preforeclosure • preforclosure • bank approv • lender approve • subject to bank
©2009 Minneapolis Area Association of REALTORS® |
• subject to lender • redemption • subject to corp • subj to corp • 3rd-party approval
Sponsored by Royal Credit Union
• third-party approval • 3rd party approve • subject to third • subject to 3rd
www.rcu.org
www.mplsrealtor.com
Published on October 15, 2009
Lender-owned foreclosure inventory available for sale in the Twin Cities has fallen by 60 percent in the last year, falling from an estimated 4,886 at the end of last September to 1,960 this year. Short sales are a different story—basically holding steady over the last twelve months (Figure 1). Lender-owned foreclosures now account for only 7.9 percent of the total inventory, while short sales represent 17.4 percent of total inventory. The simple reason for this growing chasm is that foreclosures are selling roughly three times as frequently as short sales (Figure 2). Short sales are complicated transactions and many consumers have reported considerable delays and uncertainties associated with making an offer on a short sale home. These complications are likely the main cause of the relatively quiet sales activity.
Figure 1 | Foreclosure Inventory Declines
Foreclosures are properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are unique arrangements where the financial institution and indefault homeowner work together in an attempt to sell the home before it is foreclosed upon. It’s encouraging to see the number of vacant foreclosures drop as they’re absorbed by new homeowners. But it’s discouraging to see that short sales remain such a substantial drag on the market’s forward momentum, especially when we consider that a portion of these short sales will eventually become lender-owned foreclosures. For more information on the difference between the foreclosure market and the short sale market, take a look at pages 5 to 7 of this report.
Figure 2 | Foreclosures Sell Three Times as Often as Short Sales
Want to see how foreclosures and short sales are affecting various neighborhoods and cities within the Twin Cities metro area? Click here to access an interactive data board and in-depth neighborhood reports and commentary.
©2009 Minneapolis Area Association of REALTORS® |
Sponsored by Royal Credit Union
www.rcu.org
www.mplsrealtor.com
Inventory of Homes for Sale Lender-Mediated
Property Type
Traditional
Share of Total Inventory That Is Lender-Mediated
Total
10-2008
10-2008 10-2009 Change 10-2008 10-2009 Change 10-2008 10-2009 Change
All Properties Single-Family Detached Townhomes* Condominiums
10-2009
8,542
6,245
- 26.9%
23,511
18,584
- 21.0%
32,053
24,829
- 22.5%
26.6%
25.2%
6,575
4,408
- 33.0%
16,062
13,147
- 18.1%
22,637
17,555
- 22.4%
29.0%
25.1%
1,545
1,402
- 9.3%
4,765
3,358
- 29.5%
6,310
4,760
- 24.6%
24.5%
29.5%
422
435
+ 3.1%
2,684
2,079
- 22.5%
3,106
2,514
- 19.1%
13.6%
17.3%
*Includes twinhomes
Lender-Mediated Homes for Sale
10-2008 There are almost 2,300 fewer lender-mediated homes available for sale right now than there were a year ago, but they still comprise roughly one quarter of all available inventory.
10-2009 6,575
4,408
1,545
1,402 435
422
Single-Family Detached
Price Range
Townhomes
Lender-Mediated
Condominiums
Traditional
Share of Total Inventory That Is Lender-Mediated
Total
10-2008 10-2009 Change 10-2008 10-2009 Change 10-2008 10-2009 Change
Under $120,000 $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,001 $1,000,001 and above All Prices
3,138 1,574 1,485 1,106 642 355 220 22 8,542
1,925 1,157 1,249 898 516 305 168 27 6,245
- 38.7% - 26.5% - 15.9% - 18.8% - 19.6% - 14.1% - 23.6% + 22.7% - 26.9%
1,421 1,991 3,829 5,047 4,526 3,264 2,639 797 23,514
1,239 1,488 2,846 3,859 3,528 2,553 2,284 787 18,584
- 12.8% - 25.3% - 25.7% - 23.5% - 22.1% - 21.8% - 13.5% - 1.3% - 21.0%
4,559 3,565 5,314 6,153 5,168 3,619 2,859 819 32,056
Lender-Mediated Homes for Sale
3,164 2,645 4,095 4,757 4,044 2,858 2,452 814 24,829
- 30.6% - 25.8% - 22.9% - 22.7% - 21.7% - 21.0% - 14.2% - 0.6% - 22.5%
10-2008 10-2009
3,138
1,925 1,574
1,485 1,157
1,249
1,106
898 642
Under $120,000
$120,001 to $150,000
$150,001 to $190,000
$190,001 to $250,000
516
$250,001 to $350,000
355
305
$350,001 to $500,000
220
168
$500,001 to $1,000,001
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
22
10-2008
10-2009
68.8% 44.2% 27.9% 18.0% 12.4% 9.8% 7.7% 2.7% 26.6%
60.8% 43.7% 30.5% 18.9% 12.8% 10.7% 6.9% 3.3% 25.2%
Inventory is down in every price category but has dropped the fastest in the lower price ranges. Lendermediated inventory has actually grown in the $1 million and higher segment, but only slightly.
27
$1,000,001 and above
www.rcu.org
Median Prices Lender-Mediated Q3 2007
All Properties Single-Family Detached Townhomes* Condominiums *Includes twinhomes
Q3 2008
Q3 2009
Traditional
1-Yr Change
Q3 2007
Q3 2008
Q3 2009
Total 1-Yr Change
Q3 2007
Q3 2009
1-Yr Change
$165,000 $145,000 $125,000
- 13.8%
$236,500 $222,500 $207,500
- 6.7%
$229,900 $198,000 $174,000
- 12.1%
$175,000 $151,000 $133,000
- 11.9%
$258,246 $239,000 $223,000
- 6.7%
$250,000 $213,000 $189,000
- 11.3%
$148,000 $131,500 $111,000
- 15.6%
$187,000 $180,000 $164,000
- 8.9%
$184,000 $166,925 $142,500
- 14.6%
$111,500 $104,545 $91,125
- 12.8%
$176,150 $170,000 $153,615
- 9.6%
$171,900 $160,000 $134,900
- 15.7%
Q1 Median Sales Prices
Q3 2007
Q3 2008
Q3 2009 For all property types, home prices in the traditional market haven’t declined as precipitously as the lendermediated market.
$236,500
$229,900
$222,500 $207,500
$198,000 $174,000
$165,000
The overall median sales price for all properties is skewed downward by the increased market share of foreclosures and short sales.
$145,000 $125,000
- 13.9%
Q3 2008
- 12.1%
- 12.1%
Total
- 5.9%
- 13.8%
Lender-Mediated
- 6.7%
Traditional
Historical Median Sales Prices $260,000
Traditional $240,000
Lender-Mediated
$220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000
Q12005
Q22005
Q32005
Q42005
Q12006
Q22006
Q32006
Q42006
Q12007
Q22007
Q32007
Q42007
Q12008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
Q22008
Q32008
Q42008
www.rcu.org
Q12009
Q22009
Q32009
New Listings and Closed Sales Lender-Mediated
Traditional
Q3 2007
Q3 2008
Q3 2009
1-Yr Change
New Listings
3,575
7,340
6,688
- 8.9%
Closed Sales
1,006
3,729
5,121
+ 37.3%
Q3 2007
Q3 2008
Q3 2009
Share of Market Activity That is Lender-Mediated
Total
1-Yr Change
Q3 2007
Q3 2008
Q3 2009
1-Yr Change
Q3 2007
Q3 2008
Q3 2009
23,128 16,493 15,462
- 6.3%
26,703 23,833 22,150
- 7.1%
13.4%
30.8%
30.2%
10,434
- 0.6%
11,440 12,234 13,576
+ 11.0%
8.8%
30.5%
37.7%
8,505
8,455
Share of Market Activity That Is Lender-Mediated 37.7%
New Listings Closed Sales
30.8%
30.5%
Demand for lendermediated homes is growing much faster than the new supply coming on the market.
30.2%
13.4% The traditional market is seeing listings and sales decline at roughly the same rate.
8.8%
Q3 2007
Q3 2008
Q3 2009
New Listings 35,000 30,000
Traditional
25,000
Lender-Mediated
20,000 15,000 10,000 5,000 0
Q12005
Q22005
Q32005
Q42005
Q12006
Q22006
Q32006
Q42006
Q12007
Q22007
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Closed Sales
New lender-mediated listings dropped slightly in Q2 2009 vs. Q1 2009 and have remained relatively flat for 6 quarters in a row.
20,000
Traditional Lender-Mediated
15,000
10,000
5,000
0
Q12005
Q22005
Q32005
Q42005
Q12006
Q22006
Q32006
Q42006
Q12007
Q22007
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
Q22009
Q32009
www.rcu.org
However, with rising unemployment and increasing mortgage defaults, high levels of new foreclosures are likely to continue into 2010.
New Listings
9-2009 LO: 1,198 SS: 960
2,000
Lender-Owned Short-Sales
1,500
1,000
500
0 1-2007
1-2008
Inventory of Homes Available
1-2009
10-2009 LO: 1,960 SS: 4,314
6,000
Lender-Owned Short-Sales
5,000 4,000 3,000 2,000 1,000 0 1-2007
1-2008
Months Supply of Inventory
1-2009
10-2009 LO: 1.5 SS: 13.9
45
Lender-Owned Short-Sales
40 35 30 25 20 15 10 5 0 1-2007
1-2008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
1-2009
www.rcu.org
Pending Sales
9-2009 LO: 1,319 SS: 469
2,000
Lender-Owned Short-Sales
1,500
1,000
500
0 1-2007
1-2008
Closed Sales
1-2009
9-2009 LO: 1,161 SS: 345
2,000
Lender-Owned Short-Sales
1,500
1,000
500
0 1-2007
1-2008
Median Sales Price
1-2009
9-2009 LO: $119K SS: $150K
$225,000
Lender-Owned Short-Sales
$200,000
$175,000
$150,000
$125,000
$100,000 1-2007
1-2008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
1-2009
www.rcu.org
Sales Price Per Square Foot
9-2009 LO: $76 SS: $93
$150
Lender-Owned Short-Sales
$125
$100
$75
$50 1-2007
1-2008
Pct. of Orig. List Price Received
1-2009
9-2009 LO: 96.6% SS: 86.9%
100%
Lender-Owned Short-Sales
95%
90%
85%
80% 1-2007
1-2008
© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union
1-2009
www.rcu.org
Postscript: Explanation of Methodology
The Q3 2009 Update relies in part upon the analysis of subjective remarks that REALTORS® employ when listing properties in the Twin Cities Regional Multiple Listing Service, and in part upon data fields in this same system called “In Foreclosure,” “BankOwned” and “Short Sale.” These fields allow users to mark properties that fit within these legal definitions. A property is “Lender-Mediated” when any of the following rules are met: • In Foreclosure = “Yes”
• Lender-Owned = “Yes”
• Short Sale = “Yes”
• One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: • bank owned • short sale • bank approv • lender approv • 3rd party approv • foreclosure • preforeclosure • forclosure
• preforclosure • subject to bank • subject to 3rd • subject to lender • redemption • shortsale • reo • hud acquire
• subject to corp • corporate owned • corp owned • corp. owned • bank-owned • short-sale • 3rd-party approval • third-party approval
• subject to third • hud-acquire • hud-acquired • corporate-owned • corp-owned • corp owner • subj to corp
Note: properties containing these specific phrases in the same remark fields are NOT considered lender-mediated • not a foreclosure • not a forclosure • no foreclosure • no forclosure • not foreclosure • not forclosure
• not a short sale • not a shortsale • not a short-sale • not short sale • not shortsale • not short-sale
• no short sale • no shortsale • no short-sale • not a bank • not bank • no bank
• tired of short sale • tired of shortsale • tired of short-sale • tired of foreclosure • tired of forclosure
A property is a “Lender-Owned Foreclosure” when any of the following rules are met: • Lender-Owned = “Yes” • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks:
Properties containing the “Not,” “No,” and “Tired” phrases listed above are not counted.
• bank owned • bank-owned • bank-owned • foreclosure
• forclosure • reo • hud acquire • hud-acquire
• hud-acquired • corporate owned • corporate-owned • corp owned
• corp. owned • corp-owned • corp owner
A property is a “Short Sale” when any of the following rules are met: • Short Sale = “Yes” • One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: Properties containing the “Not,” “No,” and “Tired” phrases listed above are not counted.
• short sale • shortsale • short-sale • in foreclosure • in forclosure
• preforeclosure • preforclosure • bank approv • lender approve • subject to bank
©2009 Minneapolis Area Association of REALTORS® |
• subject to lender • redemption • subject to corp • subj to corp • 3rd-party approval
Sponsored by Royal Credit Union
• third-party approval • 3rd party approve • subject to third • subject to 3rd
www.rcu.org
www.mplsrealtor.com
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