Rochester MN Foreclosed Homes For Sale
Although the foreclosure process is something that’s been around for as long as we’ve had mortgages, most Americans were unfamiliar with the concept until the Great Recession hit. With the recession, home values plummeted $6 trillion, or almost 30 percent of their value.
To top it off, almost 9 million Americans lost their jobs during this time period. Unable to pay their bills and with no home equity to tap into, they quickly sunk underwater in their mortgages. In fact, experts estimate that almost one-fourth of American homeowners had mortgage balances that exceeded the value of their homes.
Lenders foreclosed on these borrowers at unprecedented rates. Today, Minnesota’s foreclosure rate has dwindled to 0.05 percent. Home values are rising and many Rochester homeowners have regained the equity they lost. But not all homeowners are breathing a sigh of relief. Household wealth is still at rock bottom and some Rochester homeowners aren’t making as much as they did pre-recession. Every month they struggle to pay the bills, the mortgage included.
So, yes, we have fewer foreclosures in Rochester than we did in years past, but they haven’t completely disappeared. If you have your heart set on buying a foreclosure in Rochester you’ll have to be diligent in checking for new listings. Or, just make it easy on yourself and hire Team Lindahl to help you in your home search. If there’s a foreclosure in a Rochester neighborhood, you can bet he’ll be able to tell you all about it.
Feel free to search for Rochester foreclosures here on RochesterRealEstate.com. We feature the largest portfolio of foreclosures for sale in Rochester.
Foreclosed Homes For Sale in Rochester MN
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Listing information last updated on January 18th, 2021 at 12:20am CST.