Minnesota Foreclosure Activity Rises in February

Statewide filings increase 7 percent from January

 

Foreclosure activity in Minnesota rose in February to 3,007 properties with foreclosure filings, up 7 percent from the previous month and 17 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity ticked up in Minnesota in February and remained well above the level reported for this time last year, even as the state’s unemployment rate of 7.3 percent fell well below the national level,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment appears low in the North Star State compared to other areas of the nation, Minnesota has a notable 2.3 percent fewer jobs than at this time last year, which directly affects foreclosure activity.”

 

One in every 775 Minnesota housing units received a foreclosure filing in February, the 27th highest rate in the nation.

 

Wright County posts top foreclosure rate in the state for February

Wright County posted the state’s highest county foreclosure rate in February, with one in every 342 housing units receiving a foreclosure filing — 2.3 times the state average. Anoka County was second, with one in every 401 housing units receiving a foreclosure filing — 1.9 times the state average. Sherburne County came in third highest, with one in every 410 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Hennepin County led the state in total foreclosures in February

Hennepin County led the way, totaling 1,118 properties with foreclosure filings for the month. Ramsey County was second, documenting 506 properties with foreclosure filings. Anoka County ranked third highest, reporting 314 properties with foreclosure filings for the month. Dakota County came in fourth place, reporting 204 properties with foreclosure filings, while the fifth highest total was in Wright County, where 142 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Minnesota accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Minnesota

22

0

1,316

0

1,669

3,007

775

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Wright

0

0

59

0

83

142

342

1.22

2.27

Anoka

0

0

204

0

110

314

401

1.04

1.94

Sherburne

0

0

3

0

75

78

410

1.02

1.89

Ramsey

0

0

314

0

192

506

431

0.97

1.80

Hennepin

0

0

412

0

706

1,118

455

0.92

1.71

 

 

Minnesota Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Minnesota

22

0

1,316

0

1,669

3,007

775

6.90

16.82

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

412

0

706

1,118

455

32.00

15.26

Ramsey

0

0

314

0

192

506

431

-8.66

28.75

Anoka

0

0

204

0

110

314

401

10.95

26.10

Dakota

0

0

67

0

137

204

769

-42.05

2.00

Wright

0

0

59

0

83

142

342

63.22

57.78

 

 

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