Minneapolis Metro Area Foreclosure Activity Declines in January

Metro area filings down 20 percent from December

 

Foreclosure activity in the Minneapolis metro area fell in January to 2,492 properties with foreclosure filings, down 20 percent from the previous month, but still 40 percent ahead of the level reported in January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity declined in the Minneapolis Metro Area in January, although it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment has held steady at around 7 percent, many of the metro area’s citizens remain jobless and in imminent danger of losing their homes.”

 

The Minneapolis metro area had the 24th 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 540 Minneapolis metro area housing units received a foreclosure filing in January, ranking 87th among the same 203 metro areas.

 

Ramsey County posts top foreclosure rate in the metro area for January

With one in every 393 housing units receiving a foreclosure filing — on par with the national average and 2.1 times the state average — Ramsey County posted the metro area’s highest county foreclosure rate in January. Anoka County had the second highest rate, with one in every 444 housing units receiving a foreclosure filing — 1.9 times the state average. Dakota County was a close third, with one in every 446 housing units receiving a foreclosure filing — also 1.9 times the state average.

 

Hennepin County led the metro area in total foreclosure filings for January

Hennepin County led the MSA, totaling 847 properties with foreclosure filings in January. Ramsey County was second highest, documenting 554 properties with foreclosure filings. Reporting 352 properties with foreclosure filings for the month, Dakota County had the third highest total. Anoka County came in fourth highest, reporting 283 properties with foreclosure filings, followed by Washington County where 138 properties with foreclosure filings were reported.

 

States rank low nationally in foreclosure filings

Minnesota reported 2,813 properties with foreclosure filings for the month, giving it the 26th highest state total in the nation. This latest total represents a 16 percent decrease from the previous month, but is still 49 percent above of the level reported in January 2009. One in every 829 Minnesota housing units received a foreclosure filing during the month, the 29th highest state foreclosure rate in the nation.

 

Wisconsin reported 3,710 properties with foreclosure filings for the month, giving it the 21st highest state total in the nation. This latest total represents a 12 percent decline from the previous month, but is still 38 percent ahead of the level reported in January 2009. One in every 693 Wisconsin housing units received a foreclosure filing during the month, the 24th highest state foreclosure rate in the nation.

 

States are minor contributors to nation’s foreclosure total in January

Minnesota and Wisconsin each accounted for 1 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Minnesota

1

0

1,300

0

1,512

2,813

829

0.49

n/a

Wisconsin

0

1,850

0

875

985

3,710

693

0.59

n/a

Minneapolis Metro Area

0

0

1,227

29

1,236

2,492

540

0.76

n/a

 

 

 

 

 

 

 

 

 

 

Ramsey

0

0

236

0

318

554

393

1.04

2.11

Anoka

0

0

159

0

124

283

444

0.91

1.87

Dakota

0

0

110

0

242

352

446

0.91

1.86

Saint Croix

0

0

0

25

37

62

535

0.76

1.30

Wright

0

0

48

0

39

87

558

0.73

1.48

 

 

Minneapolis Metro Area Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Minnesota

1

0

1,300

0

1,512

2,813

829

-15.70

49.15

Wisconsin

0

1,850

0

875

985

3,710

693

-11.65

37.46

Minneapolis Metro Area

0

0

1,227

29

1,236

2,492

540

-19.64

39.84

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

466

0

381

847

600

-20.99

-19.10

Ramsey

0

0

236

0

318

554

393

34.79

241.98

Dakota

0

0

110

0

242

352

446

25.71

220.00

Anoka

0

0

159

0

124

283

444

-40.67

69.46

Washington

0

0

116

0

22

138

657

-34.60

762.50

 

 

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