MINNEAPOLIS METRO FORECLOSURE ACTIVITY UP 36 PERCENT IN FEBRUARY

Foreclosure Activity Up 69 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Foreclosure filings were reported on 2,427 properties in the Minneapolis metro area in February, up 36 percent from the previous month a 69 percent increase from February 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 was up significantly in the Minneapolis metro area for both February and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Like in many parts of the country, while homes sales have started to come back a bit, home prices are continuing their downward trend. That plus growing unemployment is keeping foreclosure activity high throughout the metro area.”

 

Comprised of 13 counties in Minnesota and Wisconsin combined, the Minneapolis metro area’s total properties with foreclosure filings was the 23rd highest total among the 203 metro areas tracked in the RealtyTrac report, and the highest among any of the Minnesota or Wisconsin metro areas. One in every 545 Minneapolis metro housing units received a foreclosure filing during the month, ranking the metro area’s foreclosure rate 77th highest among the 203 metro areas tracked each month by RealtyTrac.

 

With one in every 305 housing units receiving a foreclosure filing during February — 2.9 times the state average and 1.4 times the national average — Chisago County in Minnesota had the highest foreclosure rate among all counties in the metro area. Sherburne County in Minnesota registered the second highest county foreclosure rate in the metro area, reporting one in every 337 housing units receiving a foreclosure filing — 2.7 times the state average and 1.3 times the national average. Saint Croix County in Wisconsin registered the third highest rate among metro counties, reporting one in every 442 housing units receiving a foreclosure filing — 1.9 times the state average and on par with the national average.

 

States rank low nationally in foreclosure activity and rate for February

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

 

Wisconsin reported 2,986 properties with foreclosure filings for the month, giving it the 21st highest total among the 50 states. Reporting 2,574 properties with foreclosure filings for the month, Minnesota total was 23rd highest nationally.

 

One in every 857 Wisconsin housing units received a foreclosure filing during the month, ranking the state’s foreclosure rate No. 22 in the nation, while one in every 895 Minnesota housing units received a foreclosure filing in February, ranking its foreclosure rate No. 23.

 

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

Minnesota and Wisconsin each accounted for about 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented an increase of 6 percent from the previous month and was nearly 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Minnesota

5

0

1,089

0

1,480

2,574

895

0.49

n/a

Wisconsin

0

1,645

0

567

774

2,986

857

0.51

n/a

Minneapolis MSA

0

0

1,059

38

1,330

2,427

545

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Anoka, MN

0

0

137

0

112

249

500

0.88

1.79

Carver, MN

0

0

45

0

7

52

642

0.69

1.40

Chisago, MN

0

0

3

0

60

63

305

1.44

2.93

Dakota, MN

0

0

80

0

120

200

775

0.57

1.16

Hennepin, MN

0

0

329

0

641

970

515

0.85

1.74

Isanti, MN

0

0

0

0

10

10

1,573

0.28

0.57

Ramsey, MN

0

0

235

0

158

393

545

0.35

0.92

Scott, MN

0

0

92

0

10

102

443

0.99

2.02

Sherburne, MN

0

0

8

0

86

94

337

1.31

2.66

Washington, MN

0

0

102

0

21

123

720

0.61

1.24

Wright, MN

0

0

28

0

62

90

532

0.50

1.30

Pierce, WI

0

0

0

3

3

6

2,598

0.17

0.33

Saint Croix, WI

0

0

0

35

40

75

442

1.00

1.94

 

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.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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