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Real estate opportunities abound in the United States, especially in metro areas that feature stable growth, strong economies, and an abundance of employment opportunities supported by vibrant cultures and other attractive features.
St. Paul, Minnesota is one example. The capital city of Minnesota, St. Paul is one half of the Twin Cities metropolitan area - the other being Minneapolis - that is home to 3.3 million people. Situated along the east bank of the Mississippi River, St. Paul is adjacent to Minneapolis and is an economic hub for business in the area and region as a whole. St. Paul is the home of the national headquarters of several major corporations, including biotech, chemical, and medical technology manufacturers. Additionally, St. Paul is a capital of arts, culture, and winter recreation, and also has more institutions of higher education per capita than almost every other city in the country.
Median home values for St. Paul and the greater St. Paul/Twin Cities area hover around $122,000, which is generally comparable - if not slightly above average - for cities of St. Paul's size across the country. Per square foot, St. Paul homes are valued at $102 (median). In terms of foreclosures, St. Paul typically reports 18-19 home foreclosures per 1,000 units, with a low of 6.56 in Como and a high of 30.48 in Payne Phallen.
Generally, for investment purposes, some of the best areas to target are neighborhoods and areas that are centrally located (for easy access to jobs and amenities) and relatively free of foreclosures.
With that in mind, some of the best areas and neighborhoods in St. Paul for investment include Baker-Annapolis, Battle Creek, Como, Core, East Midway, Eastview, Hamline-Midway, Highland, Lilydale, Macalester-Groveland, Mendota Heights, North St. Paul, Riverview, Vadnais Heights, and West Seventh.
Minnesota has a dual judicial/non-judicial foreclosure process that begins with a missed payment notice and a Notice of Default sent to the owner by the lender. Most foreclosures in Minnesota involve the non-judicial foreclosure process because most mortgages in the state include a Power of Sale clause that give the lenders the right to initiate foreclosure proceedings outside of the courts.
If the lender and the borrower cannot work out an arrangement, a public notice of sale is published once a week for six weeks prior to the foreclosure auction. After the home is sold at auction, the borrower has a redemption period in which he or she can make good on the amount owed and reclaim the house. On average, this period is six months long; it can be as short as five weeks or as long as 12 months or longer.
Typically, foreclosures in Minnesota, from start to finish, take four months to go through the pipeline.