MINNEAPOLIS METRO FORECLOSURE ACTIVITY DOWN 14 PERCENT IN NOVEMBER

Foreclosure Activity Up 83 Percent From November 2007

 

IRVINE, Calif. – Dec. 31, 2008 – Foreclosure filings were reported on 2,069 properties in the Minneapolis metro area in November, down 14 percent from the previous month but still 83 percent higher than in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 633 Minneapolis metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate 94th highest among the 230 metro areas tracked each month by RealtyTrac.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity for November in the Minneapolis metro area slowed down for the first time in four months, but was still well ahead of the numbers reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “As in many major metropolitan areas around the country, the Minneapolis metro is suffering from rising unemployment and double-digit home price depreciation when compared on a yearly basis. Despite some recent monthly increases in home sales, until these economic fundamentals are corrected, foreclosure activity will continue to plague the metro area.

 

Comprised of 13 counties in Minnesota and Wisconsin, the Minneapolis metro area’s total properties with foreclosure filings was the 27th highest total among the 230 metro areas tracked in the RealtyTrac report, and the highest among any of the  Minnesota or Wisconsin metro areas.

 

With one in every 280 housing units receiving a foreclosure filing during November —  3.7 times the state average and 1.7 times the national average — Anoka County in Minnesota had the highest foreclosure rate among all counties in the metro area. Saint Croix County in Wisconsin registered the second highest county foreclosure rate in the metro area, reporting one in every 412 housing units receiving a foreclosure filing — 3.1 times the state average and 1.2 times the national average. Wright County, Minn., registered the third highest rate among metro counties, reporting one in every 497 housing units receiving a foreclosure filing — 2.1 times the state average and on par with the national average.

 

States rank low nationally in foreclosure activity and rate for November

Both Minnesota and Wisconsin ranked well down the list in terms of total foreclosure activity and foreclosure rate nationally in November.

 

Minnesota reported 2,187 properties with foreclosure filings for the month, giving it the 24th highest total among the 50 states. Reporting 1,967 properties with foreclosure filings for the month, Wisconsin total was 27th highest nationally.

 

One in every 1,044 Minnesota housing units received a foreclosure filing during the month, ranking the state’s foreclosure rate No. 25 in the nation, while one in every 1,288 Wisconsin housing units received a foreclosure filing in November, ranking its foreclosure rate No. 29.

 

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

Minnesota and Wisconsin each accounted for about 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Minnesota

9

0

557

0

1,621

2,187

1,044

0.47

n/a

Wisconsin

0

503

0

839

625

1,967

1,288

0.38

n/a

Minneapolis MSA

5

2

516

31

1,515

2,069

633

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Anoka, MN

0

0

10

0

431

441

280

1.74

3.73

Carver, MN

0

0

0

0

24

24

1,359

0.36

0.77

Chisago, MN

0

0

2

0

16

18

1,056

0.46

0.99

Dakota, MN

0

0

9

0

129

138

1,113

0.44

0.94

Hennepin, MN

3

0

456

0

535

994

499

0.98

2.09

Isanti, MN

0

0

3

0

3

6

2,563

0.19

0.41

Ramsey, MN

1

0

13

0

153

167

1,280

0.38

0.82

Scott, MN

0

0

6

0

51

57

775

0.63

1.35

Sherburne, MN

0

0

8

0

19

27

1,149

0.42

0.91

Washington, MN

0

0

6

0

14

20

4,354

0.11

0.24

Wright, MN

1

0

3

0

90

94

497

0.98

2.10

Pierce, WI

0

1

0

1

2

4

3,838

0.13

0.34

Saint Croix, WI

0

1

0

30

48

79

412

1.18

3.13

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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