Minneapolis Metro Area Foreclosure Activity Increases in 2009

Metrowide filings up 58 percent from 2008; down 3 percent from November

 

The Minneapolis metro area ended 2009 tallying 29,115 properties with foreclosure filings, a 58 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For December, the metro area reported 3,101 properties with foreclosure filings, a 3 percent decrease over the previous month, but still up 34 percent from December 2008. The metro area’s foreclosure rate — one in every 427 housing units received a foreclosure filing — was 75th highest among the 203 metro areas tracked in the RealtyTrac report.

 

“The number of foreclosure filings in the Minneapolis metro area declined slightly in December,  even though the total activity for the year was well above 2008 levels,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment remains steady, many of the area’s citizens are heading into 2010 out-of-work and possibly in danger of losing their homes.”

 

With one in every 45 housing units receiving a foreclosure filing during the year, the Minneapolis metro area’s foreclosure rate ranked 62nd highest among the 203 metro areas tracked in the RealtyTrac report.

 

Sherburne County posted metro area’s highest foreclosure rate in 2009

With one in every 28 housing units receiving a foreclosure filing in 2009, Sherburne County posted the highest county foreclosure rate in the metro area for 2009. Anoka County followed in second, reporting one in every 32 housing units receiving a foreclosure filing. Wright County came in third highest, reporting one in every 37 housing units receiving a foreclosure filing. Scott County was fourth highest with one in every 42 housing units receiving a foreclosure filing. Fifth highest rate was in Ramsey County, where one in every 43 housing units received a foreclosure filing during the year.

 

Hennepin County led metro area in foreclosure activity for 2009

Hennepin County led all counties in the metro area in foreclosure activity during 2009, reporting 10,711 properties with foreclosure filings for the year. Ramsey County came in second, documenting 4,970 properties with foreclosure filings. Reporting 3,919 properties with foreclosure filings for the year, Anoka County had the third highest total in the metro area. Dakota County was fourth highest, reporting 2,569 properties with foreclosure filings, followed by Washington County in fifth place, tallying 1,897 properties with foreclosure filings for all of 2009.

 

States ranks low nationally in foreclosure filings

Minnesota reported 31,967 properties with foreclosure filings for 2009, giving it the 22nd highest state total in the nation. This latest total represents a 56 percent increase from 2008. One in every 73 Minnesota housing units received a foreclosure filing during the 2009, the 20th highest state foreclosure rate in the nation.

 

Wisconsin reported 35,252 properties with foreclosure filings for 2009, giving it the 20th highest state total in the nation. This latest total represents a 79 percent increase from 2008. One in every 73 Minnesota housing units received a foreclosure filing during the 2009, the 19th highest state foreclosure rate in the nation.

 

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

Minnesota and Wisconsin each accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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:

Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

%Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Minneapolis Metro Area

29,115

2.20

45

57.80

n/a

Minnesota

31,697

1.38

73

56.28

174.27

Wisconsin

35,252

1.38

73

78.99

190.55

 

 

 

 

 

 

Sherburne

1,129

3.57

28

406.28

890.35

Anoka

3,919

3.15

32

297.06

2,739.86

Wright

1,309

2.73

37

36.92

68.47

Scott

1,084

2.40

42

27.98

165.69

Ramsey

4,970

2.32

43

76.37

428.72

 

           

Minneapolis Metro Area Top Foreclosure Totals by County:

Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

%Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Minneapolis Metro Area

29,115

2.20

45

57.80

n/a

Minnesota

31,697

1.38

73

56.28

174.27

Wisconsin

35,252

1.38

73

78.99

190.55

 

 

 

 

 

 

Hennepin

10,711

2.14

47

20.02

79.02

Ramsey

4,970

2.32

43

76.37

428.72

Anoka

3,919

3.15

32

297.06

2,739.86

Dakota

2,569

1.66

60

8.76

40.31

Washington

1,897

2.14

47

703.81

4,311.63

 

 

Minneapolis Metro Area Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Minneapolis Metro Area

0

0

1,608

88

1,405

3,101

427

n/a

n/a

Minnesota

0

0

1,664

0

1,673

3,337

691

0.53

n/a

Wisconsin

0

1,772

0

1,504

923

4,199

610

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Wright

0

0

62

0

155

217

221

1.66

3.13

Sherburne

0

0

9

0

125

134

236

1.55

2.92

Anoka

0

0

271

0

206

477

261

1.40

2.64

Scott

0

0

104

0

17

121

374

0.98

1.85

Saint Croix

0

0

0

64

18

82

405

0.90

1.51

 

 

Minneapolis Metro Area Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Minneapolis Metro Area

0

0

1,608

88

1,405

3,101

427

-2.73

33.55

Minnesota

0

0

1,664

0

1,673

3,337

691

-2.80

38.64

Wisconsin

0

1,772

0

1,504

923

4,199

610

-2.21

82.01

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

494

0

578

1,072

466

-2.81

-18.85

Anoka

0

0

271

0

206

477

261

-10.51

84.17

Ramsey

0

0

298

0

113

411

521

-19.25

94.79

Dakota

0

0

143

0

137

280

553

-9.97

67.66

Wright

0

0

62

0

155

217

221

56.12

57.25

 

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