Minneapolis Metro Area Foreclosure Activity Climbs in February

Metro area filings increase 8 percent from January

 

Foreclosure activity in the Minneapolis metro area rose in February to 2,690 properties with foreclosure filings, up 8 percent from the previous month and 11 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity increased in the Minneapolis metro area in February, remaining above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “This uptick reflects the current economic climate in Minneapolis, where unemployment has held steady at around 7 percent, but does not take into account those out-of-work residents who have simply given up their job searches, or those who have taken part-time work because they cannot find full-time employment.”

 

The Minneapolis metro area had the 22nd highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 500 Minneapolis metro area housing units received a foreclosure filing in February, ranking 82nd among the same 203 metro areas.

 

Wright County posts top foreclosure rate in the metro area for February

With one in every 342 housing units receiving a foreclosure filing — 1.2 times the national average and 2.3 times the state average — Wright County posted the metro area’s highest county foreclosure rate in February. Anoka County was second, with one in every 401 housing units receiving a foreclosure filing — on par with the national average and 1.9 times the state average. Sherburne County came in third highest, with one in every 410 housing units receiving a foreclosure filing — in line with the national average and 1.9 times the state average.

 

Hennepin County led the metro area in total foreclosures for February

Hennepin County led all counties in the metro area, totaling 1,118 properties with foreclosure filings for February. Ramsey County was second, documenting 506 properties with foreclosure filings for the month. Reporting 314 properties with foreclosure filings, Anoka County ranked third highest. Dakota County came in fourth, reporting 204 properties with foreclosure filings. The fifth highest total was in Wright County, where 142 properties with foreclosure filings were reported for the month.

 

States rank relatively low nationally in foreclosure filings

Minnesota reported 3,007 properties with foreclosure filings for the month, giving it the 25th highest state total in the nation. This latest total represents a 7 percent increase from the previous month and is 17 percent above of the level reported in February 2009. One in every 775 Minnesota housing units received a foreclosure filing during the month, the 27th highest state foreclosure rate in the nation.

 

Wisconsin reported 3,994 properties with foreclosure filings for the month, giving it the 16th highest state total in the nation. This latest total represents an 8 percent increase from the previous month and 34 percent ahead of the level reported in February 2009. One in every 643 Wisconsin housing units received a foreclosure filing during the month, the 18th highest state foreclosure rate in the nation.

 

States are minor contributors to nation’s monthly foreclosure total

Minnesota and Wisconsin each accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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.

 

 

Minneapolis metro area Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Minnesota

22

0

1,316

0

1,669

3,007

775

0.54

n/a

Wisconsin

0

1,805

0

1,179

1,010

3,994

643

0.65

n/a

Minneapolis Metro Area

0

1

1,258

39

1,392

2,690

500

0.84

n/a

 

 

 

 

 

 

 

 

 

 

Wright

0

0

59

0

83

142

342

1.22

2.27

Anoka

0

0

204

0

110

314

401

1.04

1.94

Sherburne

0

0

3

0

75

78

410

1.02

1.89

Ramsey

0

0

314

0

192

506

431

0.97

1.80

Hennepin

0

0

412

0

706

1,118

455

0.92

1.71

 

 

Minneapolis metro area Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Minnesota

22

0

1,316

0

1,669

3,007

775

6.90

16.82

Wisconsin

0

1,805

0

1,179

1,010

3,994

643

7.65

33.76

Minneapolis Metro Area

0

1

1,258

39

1,392

2,690

500

7.95

10.84

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

412

0

706

1,118

455

32.00

15.26

Ramsey

0

0

314

0

192

506

431

-8.66

28.75

Anoka

0

0

204

0

110

314

401

10.95

26.10

Dakota

0

0

67

0

137

204

769

-42.05

2.00

Wright

0

0

59

0

83

142

342

63.22

57.78

 

 

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