Minnesota Foreclosure Activity Slows Down in July

Statewide foreclosure filings down 1 percent from June

 

Foreclosure activity in Minnesota decreased 1 percent in July to 3,124 properties with foreclosure filings, 24 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Minnesota foreclosures were down in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which fell 18 percent during the month. The state’s unemployment rate has been heading down recently and is now nearly 3 percent below the national average. This is likely driving the recent decline.”

 

Minnesota ranked 26th in the country in total foreclosures reported for the month. With one in every 746 housing units receiving a foreclosure filing, its foreclosure rate ranked 28th among the 50 states.

 

Anoka County posts top county foreclosure rate in July

Anoka County posted the top foreclosure rate in Minnesota for the month, with one in every 211 housing units receiving a foreclosure filing in July. Wright County posted the second highest rate, with one in every 268 housing units receiving a foreclosure filing during the month. Coming in third was Sherburne County, where one in every 456 housing units received a foreclosure filing in July.

 

Hennepin County dominates state with top foreclosure total for July

Hennepin County led Minnesota in total foreclosure activity, reporting 1,031 properties with foreclosure filings in July. Second highest Anoka County reported 596 properties with foreclosure filings. Ramsey County came in third highest, tallying 368 properties with foreclosure filings. Fourth highest was Dakota County, where 233 properties with foreclosure filings were reported. Washington County was fifth, reporting 197 properties with foreclosure filings for the month.

 

State contributes 1 percent to nation’s monthly foreclosure total

Minnesota accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Minnesota

14

0

1,428

0

1,682

3,124

746

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

220

0

376

596

211

1.88

3.54

Wright

0

0

55

0

126

181

268

1.48

2.78

Sherburne

0

0

7

0

63

70

456

0.87

1.64

Washington

0

0

171

0

26

197

460

0.86

1.62

Hennepin

0

0

482

0

549

1,031

493

0.80

1.51

 

 

Minnesota Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Minnesota

14

0

1,428

0

1,682

3,124

746

-0.51

-24.27

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

482

0

549

1,031

493

-1.06

-37.44

Anoka

0

0

220

0

376

596

211

50.13

34.54

Ramsey

0

0

261

0

107

368

592

-0.54

-43.56

Dakota

0

0

96

0

137

233

674

-45.31

-31.87

Washington

0

0

171

0

26

197

460

41.73

11.93

 

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