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Is Your City in a "Declining Market" PART 3 (And A Cool Tool!)

Recently I posted 2 articles regarding Declining Markets.

Is Your City in a "Declining Market"?

Is Your City in a "Declining Market"? Part 2

One of the most common questions I get asked by Real Estate Agents and clients is:

"How Can I Tell Find Out What Areas Are Considered A Declining Market"?

Minnesota markets have been hit hard, just as many others have across the country.  As of February 1st, the Office of Federal Housing Enterprise Oversight came out with a fresh new list and let me tell you...it has grown significantly!

Here is a very user friendly tool to help you with your own neighborhoods and markets in determining if you are also in this labeled group.

 LIST OF DECLINING MARKETS

After you click on the above link, hit CTRL "F" on your computer.  Type the zip code into the dialogue box that pops up and click on "next".  If your zipcode does not appear in the list, that is GOOD NEWS!  You are not in a declining market and do not face all of the new mortgage restrictions.

For a refresher on mortgage restrictions in a declining market, please refer to my first post: "Is Your City in a Declining Market".

Minnesota Mortgage Mom

Sherri Sherpy

St Paul, MN

6 comments • Sherri Sherpy • February 12 2008 04:41PM

Comments

Sherri:  I clicked on the List of Declining Markets but couldn't get the website. 
Posted by DALIA KIBBY (Keller Williams Realty Partners SW) over 2 years ago
If anyone else experiences this, let me know.  It works when I click on it. Did you get the attached version that I sent you, Dalia?
Posted by Sherri Sherpy (Mortgage & Investment Consultants) over 2 years ago
We're past that! Our market is already on the rebound.
Posted by Mott Marvin Kornicki • REALTOR® • 786-229-7999 (SIB REALTY, Llc) over 2 years ago
Lucky you, Mott!  I wish I could say the same about ours!
Posted by Sherri Sherpy (Mortgage & Investment Consultants) over 2 years ago

I already know I'm in a declining market here in D.C.  This IS going to be a great tool for all those other places I don't live and do loans in!

 

Thank-you!

Posted by Matthew Rosov, Certified Mortgage Planning Specialist (Amerisave Mortgage Corporation) over 2 years ago
You are very welcome, Matthew!  Let's hope these markets change soon!
Posted by Sherri Sherpy (Mortgage & Investment Consultants) over 2 years ago

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