MINNEAPOLIS METRO FORECLOSURE ACTIVITY UP 12 PERCENT IN APRIL

Foreclosure Activity Up 89 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 3,312 properties in the Minneapolis metro area in April, up 12 percent from the previous month and 89 percent above the level reported in April 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 400 Minneapolis metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate 64th highest among the 203 large metro areas with populations exceeding 200,000 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 rose again in the Minneapolis metro area in April, nearing double the amount reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “A major contributing factor to this trend is the metro area’s unemployment, which continues to be high even as Minnesota’s job market as a whole appears to be improving slightly.”

 

Comprised of 13 counties in Minnesota and Wisconsin, the Minneapolis metro area’s total properties with foreclosure filings was the 23rd highest total among the 203 large metro areas tracked in the RealtyTrac report, and the highest among all metro areas in Minnesota and Wisconsin combined.

 

With one in every 288 housing units receiving a foreclosure filing during April — 2.3 times the state average and 1.3 times the national average — Sherburne County in Minnesota had the highest foreclosure rate among all counties in the metro area. Ramsey County in Minnesota registered the second highest county foreclosure rate in the metro area, reporting one in every 338 housing units receiving a foreclosure filing — 1.9 times the state average and 1.1 times the national average. Wright County in Minnesota registered the third highest rate among metro counties, reporting one in every 347 housing units receiving a foreclosure filing — 1.9 times the state average and 1.1 times the national average.

 

States rank low nationally in foreclosure activity and rate for April

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

 

Wisconsin reported 3,861 properties with foreclosure filings for the month, giving it the 17th highest total among the 50 states. Reporting 3,547 properties with foreclosure filings for the month, Minnesota total was 20th highest nationally.

 

One in every 663 Wisconsin housing units received a foreclosure filing during the month, ranking the state’s foreclosure rate No. 20 in the nation, while one in every 650 Minnesota housing units received a foreclosure filing in April, ranking its foreclosure rate No. 18.

 

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

Minnesota and Wisconsin each accounted for about 1 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Minnesota

62

0

2,280

0

1,205

3,547

650

15.27

82.84

Wisconsin

0

2,162

0

788

911

3,861

663

1.29

71.98

Minneapolis MSA

48

1

2,192

50

1,021

3,312

400

12.12

88.61

 

 

 

 

 

 

 

 

 

 

Anoka, MN

0

0

248

0

90

338

369

-6.37

704.76

Carver, MN

0

0

39

0

4

43

776

-4.44

26.47

Chisago, MN

0

0

6

0

23

29

663

31.82

123.08

Dakota, MN

0

0

96

0

86

182

851

-36.14

-24.79

Hennepin, MN

0

0

1,060

0

348

1,408

355

37.63

69.84

Isanti, MN

0

0

0

0

7

7

2,246

75.00

600.00

Ramsey, MN

0

0

346

0

288

634

338

22.63

194.88

Scott, MN

0

0

109

0

3

112

404

-5.88

45.45

Sherburne, MN

48

0

19

0

43

110

288

52.78

243.75

Washington, MN

0

0

209

0

16

225

394

-6.64

525.00

Wright, MN

0

0

60

0

78

138

347

-29.95

-9.21

Pierce, WI

0

0

0

27

1

28

557

833.33

1,300.00

Saint Croix, WI

0

1

0

23

34

58

572

-10.77

-28.40

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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