Minneapolis Metro Area Foreclosure Activity Down in Second Quarter

Activity level decline 3 percent from previous quarter

Filings decrease 11 percent mid-year; up slightly in June

 

The Minneapolis metro area reported 8,048 properties with foreclosure filings for the second quarter of 2010, down 3 percent from the first quarter of the year and 6 percent below the level reported in the second quarter of 2009.

 

Activity level in the metro area fell during the first half of 2010, but rose for the month of June. For the first six months of the year, the metro area reported 15,230 properties with foreclosure filings, an 11 percent decline from the second half of 2009, but still 4 percent above the level reported mid-year 2009. In June the metro area tallied 2,877 properties with foreclosure filings, a slight increase from the previous month, but still down 8 percent from June 2009.

 

“Foreclosure activity in the Minneapolis metro area fell on both a quarterly and semi-annual basis compared to the same periods last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Some of this recent decline in foreclosures can be attributed to lower unemployment numbers which have improved to 7.3 percent, well below the national average.”

 

The Minneapolis Metro Area had the 24th highest foreclosure total in the nation for the quarter among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 167 Minneapolis metro area housing units received a foreclosure filing in the second quarter, ranking 85th among the same 206 metro areas.

 

Anoka County posts metro area’s top foreclosure rate for the quarter

Anoka County posted the highest county foreclosure rate in the metro area during the second quarter, as one in every 118 housing units received a foreclosure filing — 1.2 times the national average and 2.2 times the state average. With one in every 133 housing units receiving a foreclosure filing — 1.1 times the national average and two times the state average — Sherburne County had the second highest rate in the metro area. Wright Beach County had the third highest rate with one in every 133 housing units receiving a foreclosure filing — 1.1 times the national average and twice the state average.

 

Hennepin County leads metro area in total foreclosures for the second quarter

Hennepin County led the metro area in total foreclosures, reporting 3,100 properties with foreclosure filings for the quarter. Ramsey County had the second highest total, reporting 1,291 properties with foreclosure filings. Reporting 1,070 properties with foreclosure filings for the quarter, Anoka County came in third. Dakota County had the fourth highest total, reporting 916 properties with foreclosure filings, followed by Washington County reporting 406 properties with foreclosure filings for the quarter.

 

States rank mid-level nationally in foreclosure filings

Wisconsin reported 12,892 properties with foreclosure filings for the quarter, giving it the 18th highest state total in the nation. This latest total represents an 11 percent increase from the previous quarter and is 28 percent above the level reported in the second quarter 2009. One in every 199 Minnesota housing units received a foreclosure filing during the quarter, the 18th highest state foreclosure rate in the nation.

 

Minnesota reported 8,999 properties with foreclosure filings for the quarter, giving it the 26th highest state total in the nation. This latest total represents a 2 percent decrease from the previous quarter and is more than 1 percent below the level reported in the second quarter 2009. One in every 259 Minnesota housing units received a foreclosure filing during the quarter, the 27th highest state foreclosure rate in the nation.

 

States are minor contributors to nation’s quarterly total

Foreclosure activity in Minnesota and Wisconsin each represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Minnesota

79

0

4,255

0

4,665

8,999

259

0.56

n/a

Wisconsin

0

6,018

0

3,850

3,024

12,892

199

0.72

n/a

Minneapolis MSA

0

2

4,099

93

3,854

8,048

167

0.86

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

725

0

345

1,070

118

1.23

2.20

Sherburne

0

0

15

0

226

241

133

1.09

1.95

Wright

0

0

111

0

254

365

133

1.08

1.95

Hennepin

0

0

1,440

0

1,660

3,100

164

0.88

1.58

Ramsey

0

0

873

0

418

1,291

169

0.85

1.54

 

 

Minneapolis Metro Area Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Minnesota

79

0

4,255

0

4,665

8,999

259

-2.33

-1.48

Wisconsin

0

6,018

0

3,850

3,024

12,892

199

10.72

28.18

Minneapolis MSA

0

2

4,099

93

3,854

8,048

167

-3.09

-6.44

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

1,440

0

1,660

3,100

164

-7.68

-8.04

Ramsey

0

0

873

0

418

1,291

169

-14.84

-20.99

Anoka

0

0

725

0

345

1,070

118

-1.20

1.42

Dakota

0

0

268

0

648

916

171

20.53

34.71

Washington

0

0

337

0

69

406

223

-0.25

-24.81

 

 

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