Foreclosure Home Housing & Foreclosure Reports Minnesota Foreclosure Activity Rises in January

Minnesota Foreclosure Activity Rises in January

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Statewide filings up 15 percent from December

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,017 Minnesota properties in January, a 15 percent increase from December and 17 percent above the level reported for January 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Minnesota had the 17th highest foreclosure rate, reporting one in every 778 Minnesota housing units with a foreclosure filing in January.

Washington County posts top foreclosure rate in the state for January
 One in every 307 housing units in Washington County had a foreclosure filing in January — twice the national average and 2.5 times the state average — the highest foreclosure rate of all Minnesota counties for the month. Anoka County had the second highest rate of one in every 324 housing units with a foreclosure filing during the month — 1.9 times the national average and 2.4 times the state average. Hennepin County had the third highest rate of one in every 405 housing units with a foreclosure filing during the month — 1.5 times the national average and 1.9 times the state average.

Hennepin County leads state in foreclosure activity in January
 Hennepin County led all counties, reporting 1,257 properties with foreclosure filings for the month. Anoka County had the second highest total, reporting 391 properties with foreclosure filings. Washington County was third, reporting 301 properties with foreclosure filings. Fourth highest was Ramsey County, recording 230 properties with foreclosure filings. Dakota County was fifth highest, tallying 134 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in January
 Minnesota accounted for 1 percent of the 210,941 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by 3 percent from December, but was still down over 19 percent from the level reported in January 2011. One in every 624 U.S. housing units received a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Michigan, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued. “The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year. Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders. We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

 

Minnesota Top Foreclosure Rates By County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

n/a

n/a

Minnesota

0

0

1,394

0

1,623

3,017

778

0.80

n/a

 

 

 

 

 

 

 

 

 

 

Washington

0

0

142

0

159

301

307

2.03

2.54

Anoka

0

0

216

0

175

391

324

1.93

2.40

Hennepin

0

0

520

0

737

1,257

405

1.54

1.92

Scott

0

0

74

0

32

106

445

1.40

1.75

Mille Lacs

0

0

2

0

23

25

510

1.22

1.53

Minnesota Top Foreclosure Totals by County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X   HU (rate)

% Chg   Dec 11

% Chg   Jan 11

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

2.89

-19.28

Minnesota

0

0

1,394

0

1,623

3,017

778

14.93

17.21

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

520

0

737

1,257

405

24.95

16.93

Anoka

0

0

216

0

175

391

324

10.14

24.92

Washington

0

0

142

0

159

301

307

58.42

161.74

Ramsey

0

0

161

0

69

230

944

25.68

-26.05

Dakota

0

0

74

0

60

134

1191

30.10

-47.45

 


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