No matter how much we protest or dislike the impact of the lender mediated real estate sales on the Saint Paul housing market, it is a fact of life. Lender mediated real estate sales are any sale in which the bank or lender has input into the decision about accepting an offer for the sale of the house. Prices in many neighborhoods have drastically decreased because of the number of homes on the market that are either bank owned (foreclosures) or are being sold for less than what is owed on the mortgage (short sale). Often the lender mediated prices are less than the sales from traditional owners who are not in financial trouble (Often the condition is less satisfactory as well.).
The following list ranks the Minneapolis/St. Paul Multiple Listing Service areas based on the percentage of lender mediated listings found in each metropolitan community during the 4th quarter of 2008. St. Paul neighborhoods are scattered throughout the list with the highest being St. Paul Central at 59.1% followed closely by Phalen at 58.8% and Hilcrest/Hazel Park/Dayton's Bluff with 56.0%. The lowest number of lender mediated listings was downtown Saint Paul at 10.8%. Statistics are quoted from "Foreclosures and Short Sales in the Twin Cities Housing Market Q4 2008 Update".
| 363 | Brooklyn Center | 65.90% |
| 305 | Minneapolis: North | 64.90% |
| 742 | St. Paul: Central | 59.10% |
| 714 | St. Paul: Phalen | 58.80% |
| 754 | Big Lake Township | 56.80% |
| 301 | Minneapolis: Camden | 56.30% |
| 716 | St. Paul: Hillcrest/Hazel Park/Dayton's Bluff | 56.00% |
| 771 | Spring Lake Park | 54.10% |
| 308 | Minneapolis: Powderhorn | 53.90% |
| 364 | Brooklyn Park | 52.70% |
| 728 | St. Paul: Riverview/Cherokee | 50.00% |
| 602 | South St. Paul | 49.70% |
| 713 | Bethel | 49.60% |
| 767 | Coon Rapids | 49.40% |
| 600 | West St. Paul | 48.70% |
| 720 | Southeast St. Paul | 48.00% |
| 361 | Crystal | 48.00% |
| 310 | Minneapolis: University | 46.70% |
| 770 | Hilltop/Columbia Heights | 45.40% |
| 738 | St. Paul: Home Croft/West 7Th | 42.90% |
| 769 | Anoka | 42.20% |
| 378 | Richfield | 41.50% |
| 306 | Minneapolis: Northeast | 41.20% |
| 303 | Minneapolis: Longfellow | 41.00% |
| 640 | Shakopee | 40.40% |
| 340 | Buffalo | 40.00% |
| 366 | Champlin | 39.90% |
| 760 | Ramsey | 39.70% |
| 722 | Newport/St. Paul Park/Cottage Grove | 39.60% |
| 758 | Northwestern Anoka County | 39.00% |
| 307 | Minneapolis: Phillips | 38.90% |
| 756 | Elk River | 36.10% |
| 744 | St. Paul: Como | 35.90% |
| 772 | Lexington/Circle Pines | 35.20% |
| 746 | St. Paul: St. Anthony/Midway | 35.10% |
| 608 | Inver Grove Heights | 34.60% |
| 362 | New Hope | 34.50% |
| 646 | Jordan | 34.20% |
| 768 | Fridley | 34.20% |
| 624 | Farmington | 34.10% |
| 780 | Sherburne County | 34.00% |
| 764 | Blaine | 34.00% |
| 612 | Burnsville | 33.80% |
| 304 | Minneapolis: Nokomis | 33.60% |
| 711 | Southern Chisago County | 33.30% |
| 712 | Maplewood/North St. Paul | 33.00% |
| 386 | Hopkins | 33.00% |
| 367 | Hennepin-North | 32.60% |
| 341 | Wright County | 32.30% |
| 707 | Ham Lake | 32.20% |
| 379 | Bloomington-East | 32.20% |
| 725 | Pine Springs/Lake Elmo/Oakdale | 31.90% |
| 616 | Rosemount | 31.70% |
| 762 | Andover | 31.50% |
| 650 | Belle Plaine | 31.30% |
| 644 | Savage | 30.90% |
| 748 | St. Paul: Town & Country/Merriam Park | 30.20% |
| 614 | Apple Valley | 29.70% |
| 709 | Forest Lake Area | 29.40% |
| 766 | Moundsview/New Brighton/St.Anthony | 28.90% |
| 632 | Rice County | 28.40% |
| 648 | New Prague/New Market/Elko | 28.10% |
| 397 | Chaska | 27.20% |
| 610 | Eagan | 26.50% |
| 710 | Northeast Anoka County | 26.20% |
| 360 | Robbinsdale | 25.20% |
| 705 | Lino Lakes/Hugo/Centerville | 25.20% |
| 617 | Hastings | 25.00% |
| 752 | St. Paul: Highland Area | 25.00% |
| 708 | White Bear Area | 23.90% |
| 706 | North Central Surburban | 23.10% |
| 642 | Prior Lake | 22.90% |
| 626 | Lakeville | 22.40% |
| 365 | Maple Grove/Osseo | 22.30% |
| 765 | Arden Hills/Shoreview | 22.20% |
| 368 | Hennepin-Northwest | 21.60% |
| 726 | Woodbury | 21.30% |
| 392 | Eden Prairie | 21.00% |
| 373 | Golden Valley | 18.90% |
| 394 | Carver County | 18.90% |
| 721 | Lakeland/Afton/Denmark | 18.70% |
| 380 | Bloomington-West | 17.90% |
| 391 | Saint Louis Park | 17.30% |
| 387 | Minnetonka | 17.30% |
| 740 | St. Paul: Crocus Hill | 17.20% |
| 309 | Minneapolis: Southwest | 17.10% |
| 374 | Plymouth | 16.60% |
| 750 | St. Paul: Mac/Groveland/River Road | 15.70% |
| 381 | Lake Minnetonka Area | 14.90% |
| 727 | Stillwater/Bayport | 14.70% |
| 630 | Northfield | 14.50% |
| 702 | Falcon Heights/Lauderdale/Roseville | 14.50% |
| 604 | Mendota/Lilydale/Mendota Heights | 14.30% |
| 660 | Goodhue County | 14.30% |
| 396 | Chanhassen | 14.10% |
| 398 | Victoria | 12.50% |
| 300 | Minneapolis: Calhoun-Isles | 11.60% |
| 741 | St. Paul: Downtown | 10.80% |
| 302 | Minneapolis: Central | 7.90% |
| 385 | Edina | 5.20% |
Additional posts about short sales can be found here:
Short Sale Woes
Short Sale Purchases
Short Sale Cautions
Queen of Short Sales
What a situation the banks and federal regulators have got us in. It is a total breakdown of the basic fiber of our society. People are really far off from where they should be. The moguls and politicians should be held accountable for this disaster. I hope that the money coming into the market by the Federal Reserve Bank and other government entities keeps this market coming back. Maybe 2010 could start to get this whole world right side up again. I see some encouragement in the numbers lately, let's hope it continues.
Posted by: Richard Stabile Bergen County Real Estate | April 03, 2009 at 06:24 PM