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FORECLOSURES AND SHORT SALES IN THE TWIN CITIES HOUSING MARKET Q1 2009 UPDATE MINNEAPOLIS AREA Association -r REALTORS New Listings and Closed Sales Share of Market Lender-Mediated Traditional Total Activity That is Lender-Mediated Q1 Q1 Q1 1-Yr Q1 Q1 Q1 1-Yr 01 Q1 Q1 1-Yr Q1 Q1 Q1 2007 2008 2009 Change 2007 2008 2009 Change 2007 2008 2009 Change 2007 2008 2009 New Listings 2,232 5,713 7,785 +156.0% 25,294 19,398 13,786 -28.9% 27,526 25,111 21,571 -21.6% 8.1% 22.8% 36.1 Closed Sales 751 1,858 4,213 +147.4% 7,289 5,018 2,952 -41.2% 8,040 6,876 7,165 -10.9% 9.3% 27.0% 58.8% Share of Market Activity That Is Lender-Mediated Skimty: in New Listings ■Closed Sales 58.8% The share of closed sales hat are lender-mediated now far exceeds their 36.1% share of now listings. 27.0% 22.8% This is because the decline in traditional 8.1% 9.3% sales has been stronger than the decline in traditional now listings. Q1 01 Q1 2007 2008 2009 New Listings 35.000 30,000 —40,--Traditional 25,000 tLender-Mediated 20,000 f TM 5,000 f 10,000 i 5,ODOCompared to Q4 2008. i 2009 saw a slight increase in now lender- 01- 02- Q3- Q4- Q1- 02- 03- 04- 01- 02- 03 04- 01- 02- r 03- 04- 01- likely 2005 2005 2005 2005 2008 2008 2008 2008 2007 2007 2007 2007 2008 2008 2008 2008 2006 mediated due to seasonal re- Closed Sales 20,000 — -- ___ _ _ Traditional new listings — Traditional ' saw a seasonal 15,000 _- _ __- -.. tbump upwards as home Lender-Mediated sellers • - 10,000 — frequently but remain 23.9 percent down from last year at this time. 5.000 -- - 01- 02- Q3- Q4- Q1- 02- Q3- 04- 01- 02- Q3- Q4• 01- 02- 03 04• 01- 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2005 2006 ©2009 Minneapolis Area Association of REALTORS&