Minneapolis Metro Area Foreclosure Activity Rises in July

Foreclosure filings up 1 percent from June

 

Foreclosure activity in the Minneapolis metro area increased 1 percent in July to 2,905 properties with foreclosure filings, but was 24 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The Minneapolis metro area reported another small increase in foreclosure filings in July, though activity remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the area has continued to improve, falling far below the national average and helping to keep foreclosure activity in check.”

 

The Minneapolis Metro Area had the 22nd highest foreclosure total in the nation for the month among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 463 Minneapolis metro area housing units received a foreclosure filing in July, ranking 87th among the same 206 metro areas.

 

Anoka County posts metro area’s top foreclosure rate in July

One in every 211 housing units in Anoka County received a foreclosure filing in July, giving the county the top foreclosure rate in the metro area for the month. Wright County posted the second highest rate, with one in every 268 housing units receiving a foreclosure filing during the month. Coming in third was Sherburne County, where one in every 456 housing units received a foreclosure filing in July.

 

Hennepin County leads metro area in total foreclosures for July

Reporting 1,031 properties with foreclosure filings in July, Hennepin County led the metro area in total foreclosure activity. Second highest total was in Anoka County, reporting 596 properties with foreclosure filings. Ramsey County came in third highest, tallying 368 properties with foreclosure filings.

 

States ranked low nationally in foreclosure filings

Minnesota reported 3,124 properties with foreclosure filings in July, giving it the 26th highest state total in the nation. This latest total represents a 1 percent decrease from the previous month and is 24 percent below the level reported in July 2009. One in every 746 Minnesota housing units received a foreclosure filing during the month, the 28th highest state foreclosure rate in the nation.

 

Wisconsin reported 4,194 properties with foreclosure filings in July, giving it the 19th highest state total in the nation. This latest total represents a 3 percent decrease from the previous month, but is 10 percent above the level reported in July 2009. One in every 613 Wisconsin housing units received a foreclosure filing during the month, the 19th 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 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month, but was down almost 10 percent from the level reported in July 2009. One in every 397 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.

 

 

The Minneapolis Metro Area Top Foreclosure Rates by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Minnesota

14

0

1,428

0

1,682

3,124

746

0.53

n/a

Wisconsin

0

1,643

0

1,456

1,095

4,194

613

0.65

n/a

Minneapolis MSA

0

0

1,406

42

1,457

2,905

463

0.86

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

220

0

376

596

211

1.88

3.54

Wright

0

0

55

0

126

181

268

1.48

2.78

Sherburne

0

0

7

0

63

70

456

0.87

1.64

Washington

0

0

171

0

26

197

460

0.86

1.62

Hennepin

0

0

482

0

549

1,031

493

0.81

1.51

 

 

The Minneapolis Metro Area Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Minnesota

14

0

1,428

0

1,682

3,124

746

-0.51

-24.27

Wisconsin

0

1,643

0

1,456

1,095

4,194

613

-2.80

9.88

Minneapolis MSA

0

0

1,406

42

1,457

2,905

463

0.97

-23.99

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

482

0

549

1,031

493

-1.06

-37.44

Anoka

0

0

220

0

376

596

211

50.13

34.54

Ramsey

0

0

261

0

107

368

592

-0.54

-43.56

Dakota

0

0

96

0

137

233

674

-45.31

-31.87

Washington

0

0

171

0

26

197

460

41.73

11.93

 

 

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