Let’s face it, loan modifications, short sales and foreclosures have impacted the housing market in the Twin Cities, and they’re not going away any time soon.

A homeowner first course of action should be to try and work out a loan modification with their lender. If there does not happen, then the homeowner should consider a short sale. A short sale is an arrangement that a home owner makes with the lender to accept less than what is owed on the property. This is often done to try and sell a property before it goes into foreclosure. As a last resort the lender will foreclose on a property. A foreclosed property is one in which the lender has repossessed the property from the homeowner and now the lender owns it.

First quarter statistics for the Roseville area show the number of lender-mediated homes for sale up 56.3% compared to this time last year. While traditional (non-lender mediated) homes for sale were down 33.3% compared to this time last year.

Here to see the specific information about the Roseville short sale and foreclosure housing market.