Minnesota Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 17 percent from April

 

Minnesota foreclosure activity fell in May to 2,949 properties with foreclosure filings, a 17 percent decrease from the previous month, but still 22 percent higher than the level reported in May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

Minnesota’s foreclosure activity headed downward in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate actually dropped slightly in April and is nearly 1 percent below the national average. This is definitely contributing to the recent decline in foreclosure filings.”

 

Minnesota ranked 23rd in the country in total foreclosures reported for the month. With one in every 781 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Five counties accounted for 81 percent of state’s foreclosure activity for May

Hennepin County led all counties, reporting 1,039 properties with foreclosure filings for the month. Ramsey County posted the second highest total, where 501 properties with foreclosure filings were reported. Anoka County had the third highest total, reporting 389 properties with foreclosure filings, followed by Dakota County, where 250 properties with foreclosure filings were tallied. Washington County held the fifth highest total, where 188 properties with foreclosure filings were reported for the month.

 

Anoka County posts state’s highest foreclosure rate for May

Anoka County posted the highest county foreclosure rate in the state, with one in every 320 housing units receiving a foreclosure filing during the month. Sherburne County had the second highest rate, with one in every 344 housing units receiving a foreclosure filing. Wright County posted the third highest rate, where one in every 377 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Minnesota represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Minnesota

6

0

1,857

0

1,086

2,949

781

-16.86

22.47

 

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

0

0

 n/a

-100.00

-100.00

Anoka

0

0

286

0

103

389

320

15.09

1,115.63

Becker

0

0

0

0

1

1

18,433

0.00

0.00

Beltrami

1

0

0

0

2

3

6,164

-90.00

50.00

Benton

0

0

0

0

4

4

4,105

-50.00

300.00

Big Stone

0

0

0

0

0

0

 n/a

 n/a

 n/a

Blue Earth

0

0

0

0

0

0

 n/a

-100.00

-100.00

Brown

0

0

0

0

0

0

 n/a

 n/a

-100.00

Carlton

0

0

0

0

0

0

 n/a

-100.00

-100.00

Carver

0

0

31

0

0

31

1,076

-27.91

-8.82

Cass

0

0

0

0

0

0

 n/a

-100.00

 n/a

Chippewa

0

0

0

0

4

4

1,497

0.00

-33.33

Chisago

0

0

7

0

16

23

836

-20.69

109.09

Clay

1

0

0

0

3

4

5,776

-63.64

-80.95

Clearwater

0

0

0

0

0

0

 n/a

 n/a

 n/a

Cook

1

0

0

0

0

1

5,516

0.00

 n/a

Cottonwood

0

0

0

0

0

0

 n/a

 n/a

 n/a

Crow Wing

0

0

0

0

3

3

13,262

-50.00

0.00

Dakota

0

0

128

0

122

250

620

37.36

-35.23

Dodge

0

0

0

0

1

1

7,824

0.00

 n/a

Douglas

0

0

0

0

0

0

 n/a

-100.00

-100.00

Faribault

0

0

1

0

1

2

3,650

-50.00

-60.00

Fillmore

0

0

2

0

0

2

4,856

-50.00

100.00

Freeborn

0

0

0

0

0

0

 n/a

 n/a

-100.00

Goodhue

0

0

1

0

7

8

2,504

-27.27

-68.00

Grant

0

0

0

0

0

0

 n/a

 n/a

 n/a

Hennepin

0

0

547

0

492

1,039

481

-26.21

21.81

Houston

0

0

0

0

0

0

 n/a

-100.00

 n/a

Hubbard

0

0

1

0

3

4

3,255

-55.56

33.33

Isanti

0

0

0

0

5

5

3,145

-28.57

400.00

Itasca

0

0

0

0

1

1

27,104

0.00

 n/a

Jackson

0

0

0

0

1

1

5,188

 n/a

 n/a

Kanabec

0

0

0

0

0

0

 n/a

-100.00

 n/a

Kandiyohi

3

0

0

0

9

12

1,653

71.43

-7.69

Kittson

0

0

1

0

0

1

2,744

 n/a

 n/a

Koochiching

0

0

0

0

0

0

 n/a

-100.00

-100.00

Lac Qui Parle

0

0

0

0

0

0

 n/a

 n/a

-100.00

Lake

0

0

0

0

0

0

 n/a

-100.00

-100.00

Lake Of The Woods

0

0

0

0

0

0

 n/a

 n/a

 n/a

Le Sueur

0

0

0

0

0

0

 n/a

-100.00

-100.00

Lincoln

0

0

0

0

0

0

 n/a

 n/a

 n/a

Lyon

0

0

0

0

0

0

n/a 

-100.00

-100.00

Mahnomen

0

0

0

0

0

0

 n/a

 n/a

 n/a

Marshall

0

0

0

0

0

0

 n/a

-100.00

 n/a

Martin

0

0

0

0

5

5

2,011

25.00

25.00

McLeod

0

0

0

0

0

0

 n/a

-100.00

-100.00

Meeker

0

0

0

0

0

0

 n/a

-100.00

 n/a

Mille Lacs

0

0

0

0

6

6

2,032

-71.43

100.00

Morrison

0

0

0

0

0

0

 n/a

-100.00

-100.00

Mower

0

0

0

0

0

0

 n/a

-100.00

-100.00

Murray

0

0

0

0

0

0

 n/a

 n/a

 n/a

Nicollet

0

0

0

0

0

0

 n/a

 n/a

 n/a

Nobles

0

0

0

0

0

0

 n/a

n/a 

 n/a

Norman

0

0

0

0

0

0

 n/a

-100.00

 n/a

Olmsted

0

0

23

0

0

23

2,570

-25.81

 n/a

Otter Tail

0

0

0

0

4

4

8,885

0.00

-71.43

Pennington

0

0

0

0

0

0

 n/a

 n/a

 n/a

Pine

0

0

0

0

0

0

 n/a

-100.00

-100.00

Pipestone

0

0

0

0

0

0

 n/a

 n/a

 n/a

Polk

0

0

1

0

0

1

14,635

0.00

 n/a

Pope

0

0

1

0

1

2

3,216

-66.67

100.00

Ramsey

0

0

422

0

79

501

428

-20.98

-7.73

Red Lake

0

0

0

0

0

0

 n/a

 n/a

 n/a

Redwood

0

0

0

0

0

0

 n/a

-100.00

 n/a

Renville

0

0

0

0

0

0

 n/a

-100.00

 n/a

Rice

0

0

1

0

38

39

607

77.27

25.81

Rock

0

0

0

0

0

0

 n/a

 n/a

-100.00

Roseau

0

0

0

0

0

0

 n/a

 n/a

 n/a

Saint Louis

0

0

1

0

24

25

3,996

-3.85

-77.88

Scott

0

0

106

0

2

108

419

-3.57

31.71

Sherburne

0

0

8

0

84

92

344

-16.36

736.36

Sibley

0

0

0

0

0

0

 n/a

-100.00

-100.00

Stearns

0

0

34

0

1

35

1,701

-18.60

218.18

Steele

0

0

0

0

1

1

14,963

-66.67

0.00

Stevens

0

0

0

0

0

0

 n/a

 n/a

 n/a

Swift

0

0

1

0

0

1

4,923

0.00

 n/a

Todd

0

0

0

0

0

0

 n/a

-100.00

-100.00

Traverse

0

0

0

0

0

0

 n/a

 n/a

 n/a

Wabasha

0

0

0

0

0

0

 n/a

-100.00

 n/a

Wadena

0

0

0

0

0

0

 n/a

-100.00

-100.00

Waseca

0

0

0

0

0

0

 n/a

-100.00

 n/a

Washington

0

0

173

0

15

188

471

-16.44

683.33

Watonwan

0

0

0

0

0

0

 n/a

 n/a

 n/a

Wilkin

0

0

0

0

0

0

 n/a

-100.00

 n/a

Winona

0

0

0

0

1

1

20,962

 n/a

 n/a

Wright

0

0

81

0

46

127

377

-7.97

-11.81

Yellow Medicine

0

0

0

0

1

1

4,970

0.00

 n/a

 

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