MINNEAPOLIS METRO FORECLOSURE ACTIVITY DOWN 23 PERCENT IN JANUARY

Foreclosure Filings Up 19 Percent From January 2008

 

IRVINE, Calif. – Feb 27, 2009 – Foreclosure filings were reported on 1,782 properties in the Minneapolis metro area in January, down 23 percent from the previous month, but still 19 percent higher than in January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

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 declined between December 2008 and January in the Minneapolis metro area, though it remains slightly ahead of the numbers reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The high number of foreclosure properties on the market continues to drive home prices down within the metro area, making it difficult for would be home sellers to get a reasonable price in this market.”

 

One in every 743 Minneapolis metro housing units received a foreclosure filing during the month, ranking the area’s foreclosure rate 97th among the 203 metro areas tracked each month by RealtyTrac.

 

Comprised of 13 counties in Minnesota and Wisconsin, the Minneapolis metro area’s total properties with foreclosure filings ranked 35th among the 203 metro areas tracked in the RealtyTrac report, and the highest among any of the Minnesota or Wisconsin metro areas.

 

With one in every 217 housing units receiving a foreclosure filing during January — 5.6 times the state average and 2.2 times the national average — Sherburne County in Minnesota had the highest foreclosure rate among all counties in the metro area. Hennepin County in Minnesota registered the second highest rate, reporting one in every 477 housing units receiving a foreclosure filing — 2.6 times the state average and on par with the national average. Third highest rate was Saint Croix County in Wisconsin, where one in every 582 housing units receiving a foreclosure filing — 1.6 times the state average.

 

States rank low nationally in foreclosure activity and rate for January

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

 

Wisconsin reported 2,699 properties with foreclosure filings for the month, giving it the 21st highest total among the 50 states. Reporting 1,886 properties with foreclosure filings for the month, Minnesota total was 25th highest nationally.

 

One in every 949 Wisconsin housing units received a foreclosure filing during the month, ranking the state’s foreclosure rate No. 25 in the nation, while one in every 1,222 Minnesota housing units received a foreclosure filing in January, ranking its foreclosure rate 28th nationally.

 

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

Minnesota and Wisconsin each accounted for about 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Minnesota

1

0

725

0

1,160

1,886

1,222

0.38

n/a

Wisconsin

0

1,078

0

671

950

2,699

949

0.49

n/a

Minneapolis MSA

0

1

714

28

1,039

1,782

743

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Anoka, MN

0

0

6

0

161

167

746

0.62

1.64

Carver, MN

0

0

0

0

6

6

5,560

0.08

0.22

Chisago, MN

0

0

1

0

10

11

1,748

0.27

0.70

Dakota, MN

0

0

4

0

106

110

1,409

0.33

0.87

Hennepin, MN

0

0

688

0

359

1,047

477

0.98

2.56

Isanti, MN

0

0

1

0

0

1

15,725

0.03

0.08

Ramsey, MN

0

0

7

0

155

162

1,323

0.35

0.92

Scott, MN

0

0

2

0

0

2

22,601

0.02

0.05

Sherburne, MN

0

0

4

0

142

146

217

2.15

5.64

Washington, MN

0

0

1

0

15

16

5,538

0.08

0.22

Wright, MN

0

0

0

0

51

51

940

0.50

1.30

Pierce, WI

0

0

0

3

3

6

2,598

0.18

0.37

Saint Croix, WI

0

1

0

25

31

57

582

0.80

1.63

 

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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