Buyers flocked to the Twin Cities housing market in September to take advantage of attractive home prices and the sunsetting FHA seller-funded downpayment assistance program. There were 4,036 pending sales in September, which represented a whopping 42.2 percent increase over September's mark of 2,839. A hearty 41.6 percent of September’s pending sales were lendermediated foreclosures and short sales, up from 17.5 percent in September. The increased market share of these bargainpriced properties led to further declines in home prices. With all the uncertainties in the economy, it’s hard to predict right now if the sales upturn will continue. But the affordability and inventory choice picture is still very attractive, which bodes well for our long-term picture.

2010 Market Stats (by City)

Current Mortgage Rates:
30 yr – 5.25%, 15 yr – 4.75%, FHA 5.5 %, Jumbo (over 417k) - 6.125%

Article Links:
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For more information, call Josh at 612-501-0252