MINNESOTA FORECLOSURE ACTIVITY INCREASES 8 PERCENT IN JULY

ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

 

Yearly Total Up 145 Percent From July 2006

 

IRVINE, Calif. – Aug. 24, 2007 – Minnesota reported 1,047 foreclosure filings in July, an 8 percent increase from the previous month, and a 145 percent increase from July 2006, 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 million properties from nearly 2,500 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.

 

Minnesota foreclosures are up significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the home price appreciation rate for the state was nearly half that of the national average earlier this year. This is likely contributing to the overall rise.”

 

Minnesota ranked 24th in the country in total foreclosures reported for the month. The state’s foreclosure rate of one foreclosure filing for every 2,151 households ranked it 29th among the 50 states.

 

Hennepin County leads all in foreclosure activity for July

Hennepin County led the state in foreclosure activity for July, reporting 570 foreclosure filings. Dakota County reported the second highest county total, with 166 foreclosure filings. Wright County reported the third highest county total, with 89 foreclosure filings, followed by fourth place Ramsey County, with 32 foreclosure filings entering the foreclosure pipeline. Saint Louis County reported the fifth highest county total, with 30 foreclosure filings.

 

Wright County posts highest foreclosure rate

Wright County reported the highest county foreclosure rate in the state for July, with a rate of one foreclosure filing for every 502 households — 4.3 times the state average and 1.4 times the national average. Hennepin County posted the second highest foreclosure rate, with one foreclosure filing for every 863 households — 2.5 times the state average. Dakota County posted the third highest foreclosure rate, with one foreclosure filing for every 912 households — 2.4 times the state average. Faribault County came in fourth, with a foreclosure rate of one foreclosure filing for every 1,457 households — 1.5 times the state average. Scott County rounded out the state’s top five, with a rate of one foreclosure filing for every 1,468 households — 1.5 times the state average.

 

State contributes 1 percent to nation’s monthly total

Total foreclosure filings in Minnesota accounted for 1 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                    

                  Minnesota Foreclosure Market by County – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

Minnesota

20

855

0

0

172

1,047

2,151

0.32

n/a

 

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

0

0

n/a

0.00

0.00

Anoka

3

13

0

0

0

16

7,574

0.09

0.28

Becker

1

1

0

0

0

2

8,985

0.08

0.24

Beltrami

0

0

0

0

0

0

n/a

0.00

0.00

Benton

0

2

0

0

0

2

7,853

0.09

0.27

Blue Earth

0

2

0

0

0

2

12,290

0.06

0.18

Carlton

0

1

0

0

0

1

15,007

0.05

0.14

Carver

3

2

0

0

16

21

1,509

0.46

1.43

Cass

0

1

0

0

0

1

23,816

0.03

0.09

Chippewa

0

0

0

0

1

1

5,976

0.12

0.36

Chisago

1

4

0

0

0

5

3,738

0.19

0.58

Clay

0

4

0

0

5

9

2,432

0.29

0.88

Cottonwood

0

0

0

0

0

0

n/a

0.00

0.00

Crow Wing

0

0

0

0

0

0

n/a

0.00

0.00

Dakota

8

103

0

0

55

166

912

0.76

2.36

Dodge

0

0

0

0

0

0

n/a

0.00

0.00

Douglas

1

1

0

0

0

2

9,625

0.07

0.22

Faribault

0

2

0

0

3

5

1,457

0.48

1.48

Fillmore

0

0

0

0

0

0

n/a

0.00

0.00

Goodhue

0

0

0

0

0

0

n/a

0.00

0.00

Hennepin

0

570

0

0

0

570

863

0.80

2.49

Houston

0

0

0

0

0

0

n/a

0.00

0.00

Hubbard

0

0

0

0

1

1

12,912

0.05

0.17

Isanti

0

1

0

0

0

1

14,871

0.05

0.14

Itasca

0

1

0

0

0

1

26,368

0.03

0.08

Kandiyohi

0

0

0

0

2

2

9,763

0.07

0.22

Koochiching

0

0

0

0

1

1

7,993

0.09

0.27

Lake

0

0

0

0

0

0

n/a

0.00

0.00

Le Sueur

0

1

0

0

0

1

12,074

0.06

0.18

Lyon

0

0

0

0

0

0

n/a

0.00

0.00

Martin

0

0

0

0

4

4

2,499

0.28

0.86

McLeod

0

1

0

0

0

1

15,334

0.05

0.14

Mille Lacs

0

6

0

0

0

6

1,971

0.35

1.09

Morrison

0

0

0

0

0

0

n/a

0.00

0.00

Mower

0

2

0

0

0

2

8,447

0.08

0.25

Nicollet

0

1

0

0

0

1

12,431

0.06

0.17

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

Olmstead

0

5

0

0

0

5

11,461

0.06

0.19

Otter Tail

0

5

0

0

7

12

2,946

0.24

0.73

Pine

0

1

0

0

0

1

16,403

0.04

0.13

Polk

0

1

0

0

0

1

14,519

0.05

0.15

Pope

0

0

0

0

1

1

6,312

0.11

0.34

Ramsey

0

20

0

0

12

32

6,660

0.10

0.32

Redwood

0

1

0

0

0

1

7,316

0.09

0.29

Renville

0

1

0

0

0

1

7,477

0.09

0.29

Rice

0

2

0

0

0

2

11,360

0.06

0.19

Saint Louis

0

26

0

0

4

30

3,292

0.21

0.65

Scott

0

2

0

0

27

29

1,468

0.47

1.47

Sherburne

1

6

0

0

1

8

3,737

0.19

0.58

Stearns

0

2

0

0

0

2

28,827

0.02

0.07

Steele

0

1

0

0

0

1

14,512

0.05

0.15

Todd

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

Washington

1

6

0

0

0

7

12,079

0.06

0.18

Wilkin

0

0

0

0

0

0

n/a

0.00

0.00

Winona

0

1

0

0

0

1

20,769

0.03

0.10

Wright

1

56

0

0

32

89

502

1.38

4.29

 

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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