Minnesota Foreclosure Activity Decreases in May

Statewide foreclosure filings fell 3 percent from April

 

Foreclosure activity in Minnesota fell 3 percent in May to 3,167 properties with foreclosure filings but rose 7 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Minnesota foreclosures were down in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 6 percent for the month. The state’s unemployment rate has been decreasing recently and is now nearly 3 percent below the national average. This has definitely contributed to the recent decline.”

 

Minnesota ranked 24th in the country in total foreclosures reported for the month. With one in every 736 housing units receiving a foreclosure filing, its foreclosure rate ranked 27th among the 50 states.

 

Anoka County dominates foreclosure rate numbers in May

Anoka County posted the highest foreclosure rate in Minnesota for May, with one in every 285 housing units receiving a foreclosure filing — 2.6 times the state average. Kandiyohi came in second, with one in every 442 housing units receiving a foreclosure filing — 1.7 times the state average. Hennepin County had the third highest foreclosure rate, with one in every 444 housing units receiving a foreclosure filing — 1.7 times the state average. Ramsey County documented the fourth highest foreclosure rate, with one in every 485 housing units receiving a foreclosure filing.

 

Hennepin County tops in foreclosure total for May

Hennepin County came out on top, reporting 1,144 properties with foreclosure filings for the month. Ramsey County followed in second, documenting 449 properties with foreclosure filings. Reporting 441 properties with foreclosure filings for the month, Anoka County reported the third highest ranking. Dakota County was fourth highest, reporting 313 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

Minnesota accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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.

 

Minnesota Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Minnesota

42

0

1,619

0

1,506

3,167

736

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

343

0

98

441

285

1.40

2.58

Kandiyohi

25

0

0

0

20

45

442

0.90

1.67

Hennepin

0

0

559

0

585

1,144

444

0.90

1.66

Ramsey

0

0

282

0

167

449

485

0.82

1.52

Sherburne

0

0

3

0

62

65

492

0.81

1.50

 

Minnesota Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Minnesota

42

0

1,619

0

1,506

3,167

736

-3.27

7.39

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

559

0

585

1,144

444

-10.20

10.11

Ramsey

0

0

282

0

167

449

485

-8.37

-10.38

Anoka

0

0

343

0

98

441

285

51.55

13.37

Dakota

0

0

123

0

190

313

501

28.81

25.20

Washington

0

0

113

0

28

141

643

2.17

-25.00

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved