KEYC - Mankato News, Weather, Sports -Foreclosures Increasing in Mankato

Foreclosures Increasing in Mankato

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MANKATO, Minn. -

Foreclosures often don't end up on For Sale advertisements, as those in the know tend to pounce on the best opportunities.

Realty Trac specializes in publishing foreclosure records with the goal of making the information more easily accessible for everyone.
 
Realty Trac VP Daren Blomquist says, "When people talked about real estate trends and the market the concept of foreclosure was often left out. We've had a goal of bringing these foreclosures to light so people can see how they are impacting the overall real estate market."

That means that some very favorable deals can be found in the foreclosure market, affecting prices for everyone.
 
Realtor Peg Ganey says, "The banks aren't in the business of hanging on to property. So they want to get rid of it, so that's going to affect the price of every other person out there who's not in foreclosure that might like to sell, and they can't compete with the banks."

According to Realty Trac, there were 51 foreclosures in the city in 2010 and 88 in 2011. Last month, there were 11. If that pace holds for the rest of the year, foreclosures in 2012 could reach 132.

While the numbers are getting worse, those we spoke with say it is a sign of a weaker economy, and pointed out that the Mankato rate is still 72 times smaller than the rest of the country.