Minnesota Foreclosure Activity Unchanged in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Minnesota remained the same during the first quarter of 2010, and was up 28 percent from the same period last year. In all, the state reported 9,214 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 3,762 properties with foreclosure filings, a 25 percent increase from the previous month, and 22 percent above the level reported in March 2009. One in every 620 Minnesota housing units received a foreclosure filing during the month, the 26th highest state foreclosure rate.

 

“After dropping during the fourth quarter of last year, Minnesota foreclosures stay put for the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate continues to remain well below the national average, and home sales have really picked up recently. If these trends continue, we may see foreclosures decline here this year.”

 

Minnesota ranked 24th in the country in total foreclosures reported for the first quarter. With one in every 253 housing units receiving a foreclosure filing, its foreclosure rate ranked 26th among the 50 states.

 

Anoka County tops in foreclosure rate for the first quarter

Anoka County posted the highest county foreclosure rate in Minnesota during the first quarter, as one in every 116 housing units received a foreclosure filing — 2.2 times the state average. Wright County came in second, with one in every 139 housing units receiving a foreclosure filing — 1.8 times the state average. Sherburne County came in third highest foreclosure rate, with one in every 142 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Hennepin County led state in total foreclosures for the first quarter

Hennepin County documented 3,358 properties with foreclosure filings for the quarter. Ramsey County was second, reporting 1,516 properties with foreclosure filings. Reporting 1,083 properties with foreclosure filings for the month, Anoka County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Minnesota represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: DefaultNotice 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Minnesota

81

0

3,760

0

5,373

9,214

253

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

580

0

503

1,083

116

1.19

2.18

Wright

0

0

128

0

221

349

139

0.99

1.82

Sherburne

0

0

10

0

215

225

142

0.97

178

Ramsey

0

0

696

0

820

1,516

144

0.96

1.76

Hennepin

0

0

1,332

0

2,026

3,358

151

0.91

1.67

 

 

 

Minnesota Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Minnesota

81

0

3,760

0

5,373

9,214

253

0.00

28.45

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

1,332

0

2,026

3,358

151

0.91

1.67

Ramsey

0

0

696

0

820

1,516

144

0.96

1.76

Anoka

0

0

580

0

503

1,083

116

1.19

2.18

Dakota

0

0

227

0

533

760

207

0.67

1.23

Washington

0

0

333

0

74

407

223

0.62

1.14

 

 

 

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