| Investing in a foreclosed Minneapolis home can | | | | drop in the bucket when it comes to the amount |
| mean that you can be sitting on an equity farm | | | | of homes that will be coming on the market. |
| when the market turns around. The dropping | | | | The "worst economic crisis since the Depression", |
| prices of the Minneapolis market mean big deals | | | | according to CNNMoney.com, can mean improving |
| on foreclosed homes in the Minneapolis area. | | | | your economic situation by virtue of the fact that |
| An auction on March 29, 2009, illustrates the | | | | the market always turns around. Always. It may |
| number of foreclosed properties currently | | | | not be the same market, but it will be an |
| saturating the market in Minneapolis. The | | | | improved one. The key to profiting by this is |
| California-based Real Estate Disposition | | | | patience. Take the time to slowly improve the |
| Corporation (REDC) sold 139 homes for an overall | | | | home and watch the statistics. |
| total of $10.8 million. This was a far cry from the | | | | The Minneapolis Recovery Plan is another reason |
| over-350 homes it had expected to auction at | | | | why you should think about buying now. Funding |
| the event. | | | | for Minneapolis home recovery programs is |
| A spokesman for REDC, Rick Weinberg, claimed | | | | proposed at $660,000. There is a serious effort |
| that banks and lenders pulling homes from the | | | | by the city to turn the Minneapolis home market |
| auction at the last minute was to blame for | | | | around, a move that can mean fast profits by |
| roughly half of them going on the auction block. | | | | those who take advantage of foreclosure sales |
| That may well be, but when $10,800,000 is | | | | today. The city is moving to support home |
| divided by 139, the quotient is $77,697.84. The | | | | buyers and prevent foreclosures from creating |
| average estimated value of a home in Minneapolis | | | | urban "deserts" that are breeding grounds for |
| in February 2009 was $261,872. | | | | crime and neighborhood degeneration. |
| Now you can assume that these homes were all | | | | Investing in a Minneapolis foreclosure is a way you |
| 1-bedroom condos with foundation and roof | | | | can set your financial situation up to increase as a |
| problems, or you can take REDC CEO Jeff | | | | result of massive efforts to bring the market |
| Friedan's statement that, "residents walked away | | | | back up to par. Money spent now can be realized |
| with some incredible deals." | | | | years down the road in equity if you "seize the |
| According to the Minneapolis Foreclosure | | | | day" and find a home you can restore to beauty |
| Recovery Plan, 3000 properties are projected to | | | | and value. |
| foreclose in 2009. The REDC auction is just a | | | | |