Total foreclosure filings up 16 percent from Q2, Up 100 percent from Q3 2008.

Minnesota reported 10,620 properties with foreclosure filings in the third quarter of 2009, an increase of 16 percent from the previous quarter and 100 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Minnesota foreclosures were up during the third quarter and have doubled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 69 percent for the year. While the state’s unemployment rate is well below the national average, its home sales have not picked up this year as they have in many other states. This is likely giving distressed homeowners fewer options.”

Minnesota ranked 20^th in the country in total foreclosures reported for the third quarter. With one in every 217 housing units receiving a foreclosure filing, its foreclosure rate ranked 18^th among the 50 states.

Foreclosure activity in the North Star State was down 5 percent in September from the previous month to 3,497 properties with foreclosure filings, but elevated on a yearly basis, up 63 percent from September 2008. The state’s foreclosure rate was 23^rd highest in the nation for the month — with one in every 659 housing units receiving a foreclosure filing.

Anoka County posts state’s top foreclosure rate in the third quarter

Anoka County posted the highest county foreclosure rate in the state for the third quarter, with one in every 90 housing units receiving a foreclosure filing — 1.5 times the national average and 2.4 times the state average. Sherburne County was second, with one in every 107 housing units receiving a foreclosure filing during the quarter — twice the state average. Ramsey County posted the third highest foreclosure rate, where one in every 113 housing units received a foreclosure filing — 1.9 times the state average.

Five counties accounted for 78 percent of foreclosure activity in the third quarter

Hennepin County led the way, tallying 3,642 properties with foreclosure filings for the quarter. Ramsey County came in second highest, reporting 1,893 properties with foreclosure filings. Anoka County came in third, tallying 1,377 properties with foreclosure filings. Dakota County posted the fourth highest foreclosure activity for the quarter, reporting 876 properties with foreclosure filings. Washington County documented 538 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Minnesota accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Minnesota Top Foreclosure Rates by County – Q3 2009

Minnesota Top Foreclosure Totals by County – Q3 2009

Minnesota Top Foreclosure Rates by County – Sept 2009

Minnesota Top Foreclosure Totals by County – Sept 2009