FORECLOSURE ACTIVITY UP 10 PERCENT IN MINNEAPOLIS METRO AREA FOR THE FIRST QUARTER

Foreclosure Filings Up 71 Percent From The First Quarter 2008

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 6,800 properties in the Minneapolis metro area in the first quarter, up 10 percent from the previous quarter and 71 percent above the first quarter 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 195 Minneapolis metro housing units received a foreclosure filing during the quarter, ranking the metro area’s foreclosure rate 74th highest among the 203 metro areas with populations over 200,000 tracked each quarter by RealtyTrac.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity continued to rise in the Minneapolis metro area in the first quarter of 2009, and nearly doubled from the amount reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The large inventory of foreclosure properties have become quite a burden for non-distressed sellers looking to get a reasonable price for their homes in this difficult market.”

 

Comprised of 13 counties in Minnesota and Wisconsin, the Minneapolis metro area’s total properties with foreclosure filings was the 23rd highest total among the 203 metro areas tracked in the RealtyTrac report, and the highest among any of the Minnesota or Wisconsin metro areas.

 

With one in every 101 housing units receiving a foreclosure filing during the first quarter — 3.2 times the state average and 1.6 times the national average — Sherburne County in Minnesota had the highest foreclosure rate in the metro area.  Wright County in Minnesota registered the second highest county foreclosure rate, with one in every 147 housing units receiving a foreclosure filing — 2.2 times the state average and 1.1 times the national average. Anoka County in Minnesota registered the third highest rate among metro counties, reporting one in every 165 housing units receiving a foreclosure filing — twice the state average and on par with the national average.

 

States rank low nationally in foreclosure activity and rate in Q1 2009

Both Minnesota and Wisconsin ranked well down the list in terms of total foreclosure activity and foreclosure rate nationally in the first quarter.

 

Wisconsin reported 8,910 properties with foreclosure filings for the quarter, giving it the 20th highest total among the 50 states. Reporting 7,173 properties with foreclosure filings for the quarter, Minnesota total was 23rd highest nationally.

 

One in every 287 Wisconsin housing units received a foreclosure filing during the quarter, ranking the state’s foreclosure rate No. 22 in the nation, while one in every 321 Minnesota housing units received a foreclosure filing, ranking its foreclosure rate No. 25.

 

States are minor contributors to nation’s foreclosure total in Q1 2009

Minnesota and Wisconsin each accounted for about 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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.

 

    Minneapolis Metro Area Foreclosure Market Data by County – Q1 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Minnesota

8

0

3,750

0

3,415

7,173

321

7.83

69.53

Wisconsin

0

4,367

67

2,083

2,393

8,910

287

57.70

57.09

Minneapolis MSA

0

1

3,555

93

3,151

6,800

195

9.71

70.85

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

426

0

331

757

165

1.61

2,510.34

Carver

0

0

93

0

10

103

324

30.38

43.06

Chisago

0

0

17

0

80

97

198

106.38

1,840.00

Dakota

0

0

215

0

328

543

285

31.48

-34.97

Hennepin

0

0

1,489

0

1,271

2,760

181

-17.69

63.22

Isanti

0

0

9

0

6

15

1,048

-25.00

 —

Ramsey

0

0

588

0

484

1,072

200

70.97

58.58

Scott

0

0

225

0

5

230

197

-13.86

53.33

Sherburne

0

0

28

0

284

312

101

345.71

1,980.00

Washington

0

0

343

0

34

377

235

338.37

1,785.00

Wright

0

0

122

0

203

325

147

9.43

14.44

Pierce

0

0

0

8

6

14

1,113

7.69

133.33

Saint Croix

0

1

0

85

109

195

170

7.73

-1.02

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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