Minneapolis Metro Area Foreclosure Activity Falls in First Quarter

Metro area foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Minneapolis Metro Area fell 2 percent during the first quarter of 2010, but was still up 22 percent from the same period last year. In all, the metro area reported 8,305 properties with foreclosure filings during the quarter.

 

In March the metro area reported 3,478 properties with foreclosure filings, a 29 percent increase from the previous month and 18 percent above the level reported in March 2009. One in every 387 Minneapolis metro area housing units received a foreclosure filing during the month, the 70th highest metro area foreclosure rate among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

“Though the Minneapolis Metro Area reported a slight dip in foreclosure filings for the first quarter of 2010 compared to last quarter, activity remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures remain a problem there despite the metro area’s unemployment rate, which remained below the national average at 7.8 percent in March. As in many other parts of the country, that figure does not take into account those out-of-work residents who have simply given up their job searches, nor those who have taken part-time work because they cannot find full-time employment in the current economic climate.”

 

The Minneapolis Metro Area had the 21st highest foreclosure total in the nation for the quarter among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 162 Minneapolis metro area housing units received a foreclosure filing in the first quarter, ranking 80th among the same 203 metro areas.

 

Anoka County tops metro area in foreclosure rate for the first quarter

With one in every 116 housing units receiving a foreclosure filing — 1.2 times the national average and 2.2 times the state average — Anoka County had the highest county foreclosure rate in the metro area during the first quarter. Wright County came in second, with one in every 139 housing units receiving a foreclosure filing — on par with the national average and 1.8 times the state average. Sherburne County came in third, with one in every 142 housing units receiving a foreclosure filing — on par with the national average and 1.8 times the state average. 

 

Hennepin County led the metro area in total foreclosures for the first quarter

Hennepin County totaled the most foreclosure filings of any county in the metro area during the first quarter, reporting with 3,358 properties with foreclosure filings. Ramsey County had the second highest total, reporting 1,516 properties with foreclosure filings. Anoka County was third, reporting 1,083 properties with foreclosure filings. Reporting 760 properties with foreclosure filings for the quarter, Dakota County came in fourth, followed by Washington County, where 407 properties with foreclosure filings were reported.

 

States rank relatively low nationally in foreclosure filings

Minnesota reported 9,214 properties with foreclosure filings for the quarter, giving it the 24th highest state total in the nation. This represents a negligible change from the previous quarter but is still 28 percent above of the level reported in the first quarter 2009. One in every 253 Minnesota housing units received a foreclosure filing during the quarter, the 26th highest state foreclosure rate in the nation.

 

Wisconsin reported 11,644 properties with foreclosure filings for the quarter, giving it the 20th highest state total in the nation. This latest total represents a 3 percent decrease from the previous quarter, but is still 31 percent ahead of the level reported in the first quarter 2009. One in every 221 Wisconsin housing units received a foreclosure filing during the quarter, the 20th highest state foreclosure rate in the nation.

 

States are minor contributors to quarterly foreclosure total

Minnesota and Wisconsin each represented 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Minnesota

81

0

3,760

0

5,373

9,214

253

0.55

n/a

Wisconsin

0

5,415

0

3,160

3,069

11,644

221

0.63

n/a

Minneapolis Metro Area

0

1

3,575

114

4,615

8,305

162

0.85

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

580

0

503

1,083

116

1.19

2.18

Wright

0

0

128

0

221

349

139

0.99

1.82

Sherburne

0

0

10

0

215

225

142

0.97

1.78

Ramsey

0

0

696

0

820

1,516

144

0.96

1.76

Hennepin

0

0

1,332

0

2,026

3,358

151

0.91

1.67

 

 

Minneapolis Metro Area Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Minnesota

81

0

3,760

0

5,373

9,214

253

0.10

28.45

Wisconsin

0

5,415

0

3,160

3,069

11,644

221

-3.10

30.68

Minneapolis Metro Area

0

1

3,575

114

4,615

8,305

162

-2.05

22.13

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

1,332

0

2,026

3,358

151

12.87

21.67

Ramsey

0

0

696

0

820

1,516

144

2.02

41.42

Anoka

0

0

580

0

503

1,083

116

-21.35

43.06

Dakota

0

0

227

0

533

760

207

6.59

39.96

Washington

0

0

333

0

74

407

223

-18.44

7.96

 

 

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