Minnesota Foreclosure Activity Falls in October

Statewide filings down 15 percent from September

 

Minnesota reported 2,983 properties with foreclosure filings, down 15 percent from the previous month, but still 12 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Although Minnesota managed to lower its foreclosure activity in October, filings remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest monthly declines were seen in default notices, down 47 percent, and bank-owned properties (REOs), down 20 percent.”

 

Minnesota had the 24th highest foreclosure total in the nation for October. One in every 773 Minnesota housing units received a foreclosure filing during the month, the 27th highest state foreclosure rate in the nation.

 

Goodhue County posts state’s top foreclosure rate in October

With one in every 295 housing units receiving a foreclosure filing — 1.3 times the national average and 2.6 times the state average — Goodhue County posted the highest county foreclosure rate in the state for October. Anoka County ranked second, reporting one in every 297 housing units receiving a foreclosure filing — 1.3 times the national average and 2.6 times the state average. Ramsey County had the third highest rate, with one in every 357 housing units receiving a foreclosure filing — 1.1 times the national average and 2.2 times the state average. Fourth highest foreclosure rate was in Sherburne County, where one in every 368 housing units received a foreclosure filing during the month — 1.1 times the national average and 2.1 times the state average. Hennepin County had the fifth highest foreclosure rate, with one in every 441 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Hennepin County tops state in foreclosure total for October

Hennepin County led all counties, totaling 1,132 properties with foreclosure filings for October. Ramsey County was second highest, documenting 601 properties with foreclosure filings. Reporting 420 properties with foreclosure filings for the month, Anoka County was third highest in the state. Dakota County came in fourth, reporting 182 properties with foreclosure filings, while the fifth highest total was in Washington County, where 97 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Minnesota accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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.

 

 

Minnesota Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Minnesota

8

0

1,499

0

1,476

2,983

773

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Goodhue

0

0

0

0

68

68

295

1.31

2.62

Anoka

0

0

279

0

141

420

297

1.30

2.60

Ramsey

0

0

349

0

252

601

357

1.08

2.17

Sherburne

0

0

6

0

80

86

368

1.05

2.10

Hennepin

0

0

567

0

565

1,132

441

0.87

1.75

 

 

Minnesota Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Minnesota

8

0

1,499

0

1,476

2,983

773

-14.70

12.14

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

567

0

565

1,132

441

8.64

-29.03

Ramsey

0

0

349

0

252

601

357

4.52

146.31

Anoka

0

0

279

0

141

420

297

-2.55

663.64

Dakota

0

0

104

0

78

182

851

-47.55

25.52

Washington

0

0

75

0

22

97

914

-52.68

136.59

 

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