MINNESOTA FORECLOSURE ACTIVITY DOWN 1 PERCENT IN SEPTEMBER

Statewide Filings Increase 42 Percent From September 2007

 

IRVINE, Calif. – Monday, Oct. 27, 2008 – Minnesota reported 2,144 properties with foreclosure filings in September, a 1 percent decrease from the previous month but 42 percent ahead of the level reported for September 2007, 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.

 

“Although Minnesota foreclosures were down slightly in September, the numbers are still up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home values fell below the national average statewide during the past year. Plus, the state’s unemployment rate is slightly above the national average. Over the past year these two indicators have been major contributing factors to the overall rise in foreclosures.”

 

Minnesota ranked 23rd in the country in total foreclosures for the month. With one in every 1,065 households receiving a foreclosure filing, its foreclosure rate ranked 26th among the 50 states.

 

Five counties dominate state’s foreclosure activity for September

Five Minnesota counties accounted for 88 percent of all foreclosure activity in the state for September. Hennepin County led the way, reporting 1,316 properties with foreclosure filings for the month. Ramsey County documented the state’s second highest total, reporting 272 properties with foreclosure filings. Third highest was Dakota County, reporting 136 properties with foreclosure filings. Scott County came in fourth place, documenting 102 properties with foreclosure filings, followed by Wright County, with 60 properties with foreclosure filings.

 

Hennepin County posts top foreclosure rate for September

With one in every 377 households receiving a foreclosure filing for the month — 2.8 times the state average and 1.3 times the national average — Hennepin County tallied the highest county foreclosure rate in the state in September. Scott County posted the state’s second highest rate, with one in every 433 households receiving a foreclosure filing during the month — 2.5 times the state average and 1.1 times the national average. The third highest rate in the state was reported in Wright County, where one in every 779 households received a foreclosure filing in September — 1.4 times the state average.

 

State a minor contributor to nation’s foreclosure total in September

Minnesota accounted for 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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.

 

                Minnesota Foreclosure Market Data by County – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Minnesota

10

0

714

0

1,420

2,144

1,065

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

1

1

16,043

0.03

0.07

Anoka

0

0

9

0

11

20

6,165

0.08

0.17

Becker

0

0

0

0

2

2

9,112

0.05

0.12

Beltrami

0

0

1

0

2

3

6,129

0.08

0.17

Benton

0

0

3

0

0

3

5,345

0.09

0.20

Big Stone

0

0

0

0

0

0

 n/a

0.00

0.00

Blue Earth

0

0

1

0

1

2

12,512

0.04

0.09

Brown

0

0

0

0

0

0

 n/a

0.00

0.00

Carlton

0

0

0

0

1

1

15,322

0.03

0.07

Carver

0

0

2

0

26

28

1,165

0.41

0.91

Cass

0

0

0

0

1

1

25,183

0.02

0.04

Chippewa

0

0

0

0

0

0

 n/a

0.00

0.00

Chisago

0

0

2

0

2

4

4,751

0.10

0.22

Clay

2

0

6

0

1

9

2,501

0.19

0.43

Clearwater

0

0

0

0

0

0

 n/a

0.00

0.00

Cook

0

0

0

0

0

0

 n/a

0.00

0.00

Cottonwood

0

0

0

0

0

0

 n/a

0.00

0.00

Crow Wing

0

0

0

0

1

1

39,130

0.01

0.03

Dakota

1

0

31

0

104

136

1,129

0.42

0.94

Dodge

0

0

1

0

0

1

7,747

0.06

0.14

Douglas

0

0

0

0

1

1

19,687

0.02

0.05

Faribault

0

0

4

0

1

5

1,459

0.33

0.73

Fillmore

0

0

0

0

0

0

 n/a

0.00

0.00

Freeborn

0

0

0

0

1

1

14,145

0.03

0.08

Goodhue

0

0

2

0

11

13

1,529

0.31

0.70

Grant

0

0

0

0

0

0

 n/a

0.00

0.00

Hennepin

3

0

594

0

719

1,316

377

1.26

2.83

Houston

0

0

0

0

0

0

 n/a

0.00

0.00

Hubbard

0

0

0

0

2

2

6,493

0.07

0.16

Isanti

0

0

0

0

2

2

7,690

0.06

0.14

Itasca

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

0

0

0

0

0

 n/a

0.00

0.00

Kanabec

0

0

2

0

1

3

2,524

0.19

0.42

Kandiyohi

0

0

0

0

8

8

2,465

0.19

0.43

Kittson

0

0

0

0

0

0

 n/a

0.00

0.00

Koochiching

0

0

3

0

0

3

2,687

0.18

0.40

Lac Qui Parle

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

0

0

2

2

3,706

0.13

0.29

Lake Of The Woods

0

0

0

0

0

0

 n/a

0.00

0.00

Le Sueur

0

0

0

0

1

1

12,325

0.04

0.09

Lincoln

0

0

0

0

1

1

3,145

0.15

0.34

Lyon

0

0

2

0

0

2

5,479

0.09

0.19

Mahnomen

0

0

0

0

1

1

2,812

0.17

0.38

Marshall

0

0

0

0

0

0

 n/a

0.00

0.00

Martin

0

0

0

0

5

5

2,012

0.24

0.53

Mcleod

0

0

1

0

0

1

15,562

0.03

0.07

Meeker

0

0

0

0

0

0

 n/a

0.00

0.00

Mille Lacs

0

0

1

0

0

1

12,043

0.04

0.09

Morrison

0

0

0

0

1

1

15,738

0.03

0.07

Mower

0

0

2

0

4

6

2,824

0.17

0.38

Murray

0

0

0

0

0

0

 n/a

0.00

0.00

Nicollet

0

0

0

0

0

0

 n/a

0.00

0.00

Nobles

0

0

0

0

0

0

 n/a

0.00

0.00

Norman

0

0

0

0

0

0

 n/a

0.00

0.00

Olmsted

0

0

1

0

1

2

29,172

0.02

0.04

Otter Tail

0

0

0

0

18

18

1,972

0.24

0.54

Pennington

0

0

0

0

1

1

6,265

0.08

0.17

Pine

0

0

3

0

0

3

5,517

0.09

0.19

Pipestone

0

0

0

0

0

0

 n/a

0.00

0.00

Polk

0

0

0

0

0

0

 n/a

0.00

0.00

Pope

0

0

2

0

1

3

2,126

0.22

0.50

Ramsey

3

0

20

0

249

272

786

0.60

1.35

Red Lake

0

0

1

0

0

1

1,940

0.24

0.55

Redwood

0

0

0

0

0

0

 n/a

0.00

0.00

Renville

0

0

0

0

0

0

 n/a

0.00

0.00

Rice

0

0

0

0

21

21

1,106

0.43

0.96

Rock

0

0

0

0

0

0

 n/a

0.00

0.00

Roseau

0

0

0

0

0

0

 n/a

0.00

0.00

Saint Louis

1

0

5

0

36

42

2,367

0.20

0.45

Scott

0

0

3

0

99

102

433

1.10

2.46

Sherburne

0

0

3

0

6

9

3,446

0.14

0.31

Sibley

0

0

0

0

0

0

 n/a

0.00

0.00

Stearns

0

0

1

0

5

6

9,806

0.05

0.11

Steele

0

0

0

0

1

1

14,730

0.03

0.07

Stevens

0

0

0

0

0

0

 n/a

0.00

0.00

Swift

0

0

0

0

0

0

 n/a

0.00

0.00

Todd

0

0

0

0

0

0

 n/a

0.00

0.00

Traverse

0

0

0

0

0

0

 n/a

0.00

0.00

Wabasha

0

0

0

0

0

0

 n/a

0.00

0.00

Wadena

0

0

0

0

0

0

 n/a

0.00

0.00

Waseca

0

0

0

0

0

0

 n/a

0.00

0.00

Washington

0

0

3

0

12

15

5,805

0.08

0.18

Watonwan

0

0

0

0

0

0

 n/a

0.00

0.00

Wilkin

0

0

0

0

1

1

3,248

0.15

0.33

Winona

0

0

0

0

0

0

 n/a

0.00

0.00

Wright

0

0

5

0

55

60

779

0.61

1.37

Yellow Medicine

0

0

0

0

0

0

 n/a

0.00

0.00

 

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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