Minnesota Foreclosure Activity Fell in Second Quarter

Activity level fell two percent from Q1

Foreclosure filings decrease 9 percent mid-year; down one percent in June

 

Minnesota reported 8,999 properties with foreclosure filings for the second quarter of 2010, a two percent fall from the first quarter and one percent below the level reported in the second quarter of 2009.

 

Activity level in Minnesota fell during the first half of 2010 as well as for the month of June. For the first six months of the year, Minnesota reported 17,109 properties with foreclosure filings, a 9 percent fall in activity from the second half of 2009, but still 10 percent above the level reported mid-year 2009. In June the state tallied 3,140 properties with foreclosure filings, a decrease of 1 percent from the previous month and down 6 percent from June 2009.

 

“Foreclosure activity in Minnesota fell over the first half of this year, with fewer filings than in the last half of 2009, and additional improvements reported between the first and second quarters of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s job market also appears to be improving as unemployment recently fell to 6.8 percent – which is great news for out-of-work residents struggling to keep their homes.”

 

One in every 259 Minnesota housing units received a foreclosure filing during the quarter, giving the state the 27th highest foreclosure rate in the nation.

 

Anoka County posts state’s top foreclosure rate for the quarter

Anoka County posted the highest county foreclosure rate in Minnesota during the second quarter, with one in every 118 housing units receiving a foreclosure filing — 2.2 times the state average. Rice County reported the second highest foreclosure rate, with one in every 127 housing units receiving a foreclosure filing — twice the state average. Sherburne County had the third highest foreclosure rate, with one in every 133 housing units receiving a foreclosure filing — twice the state average.

 

Hennepin County leads state in total foreclosures for the second quarter

Hennepin County led Minnesota in total foreclosures, reporting 3,100 properties with foreclosure filings for the quarter. Ramsey County had the second highest total, reporting 1,291 properties with foreclosure filings. Reporting 1,070 properties with foreclosure filings for the quarter, Anoka County came in third. Dakota County was fourth, reporting 916 properties with foreclosure filings. Fifth highest total was Washington County, where 406 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Minnesota represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Minnesota

79

0

4,255

0

4,665

8,999

259

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

725

0

345

1,070

118

1.23

2.20

Rice

0

0

2

0

185

187

127

1.13

2.03

Sherburne

0

0

15

0

226

241

133

1.09

1.95

Wright

0

0

111

0

254

365

133

1.08

1.95

Hennepin

0

0

1,440

0

1,660

3,100

164

0.88

1.58

 

 

Minnesota Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Minnesota

79

0

4,255

0

4,665

8,999

259

-2.33

-1.48

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

1,440

0

1,660

3,100

164

-7.68

-8.04

Ramsey

0

0

873

0

418

1,291

169

-14.84

-20.99

Anoka

0

0

725

0

345

1,070

118

-1.20

1.42

Dakota

0

0

268

0

648

916

171

20.53

34.71

Washington

0

0

337

0

69

406

223

-0.25

-24.81

 

 

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