MINNESOTA FORECLOSURE ACTIVITY UP 29 PERCENT IN AUGUST

Statewide Foreclosure Activity Increases 49 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 2,161 Minnesota properties in August, an increase of 29 percent from the previous month, and 49 percent above the level reported for August 2007, 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 1.5 million properties from over 2,200 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.

 

“With an additional 3,100 jobs cut in August, Minnesota’s unemployment rate hit 6.2 putting it above the national average for the second month in a row,” said James J. Saccacio, chief executive officer of RealtyTrac. “Workers in the professional services and manufacturing industries appear to be suffering the worst as the state’s foreclosure activity once again heats up.”

 

Minnesota ranked 23rd in the country in total properties with foreclosure filings reported for August. One in every 1,057 Minnesota households received a foreclosure filing during the month, ranking 25th among the 50 states.

 

Hennepin County accounts for more then half of state’s foreclosure activity

Hennepin County led the state reporting 1,239 properties with foreclosure filings for the month. Dakota County came in second highest, reporting 255 properties with foreclosure filings. Third highest was Ramsey County, reporting 134 properties with foreclosure filings. Wright County came in fourth place, documenting 99 properties with foreclosure filings. Saint Louis County came in fifth highest, reporting 82 properties with foreclosure filings during the month.

 

Hennepin County reports highest foreclosure rate list for August

Hennepin County posted the top county foreclosure rate in the state, with one in every 400 households receiving a foreclosure filing during the month — 2.6 times the state average. Wright County posted the second highest foreclosure rate, where one in every 472 households received a foreclosure filing — 2.2 times the state average. Scott County posted the third highest foreclosure rate, where one in every 552 households received a foreclosure filing — 1.9 times the state average.

 

State a minor contributor to nation’s foreclosure total in August

Minnesota accounted for less than one percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Minnesota

69

0

868

0

1,224

2,161

1,057

0.39

n/a

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

1

1

16,043

0.03

0.07

Anoka

2

0

8

0

8

18

6,850

0.06

0.15

Becker

0

0

0

0

0

0

n/a

0.00

0.00

Beltrami

0

0

1

0

3

4

4,597

0.09

0.23

Benton

0

0

1

0

2

3

5,345

0.08

0.20

Big Stone

0

0

0

0

0

0

n/a

0.00

0.00

Blue Earth

0

0

1

0

1

2

12,512

0.03

0.08

Brown

0

0

1

0

1

2

5,802

0.07

0.18

Carlton

0

0

1

0

0

1

15,322

0.03

0.07

Carver

24

0

5

0

24

53

615

0.68

1.72

Cass

0

0

0

0

0

0

n/a

0.00

0.00

Chippewa

0

0

3

0

4

7

855

0.49

1.24

Chisago

1

0

1

0

2

4

4,751

0.09

0.22

Clay

0

0

7

0

2

9

2,501

0.17

0.42

Clearwater

0

0

0

0

0

0

n/a

0.00

0.00

Cook

0

0

0

0

0

0

n/a

0.00

0.00

Cottonwood

0

0

0

0

0

0

n/a

0.00

0.00

Crow Wing

0

0

1

0

2

3

13,043

0.03

0.08

Dakota

7

0

168

0

80

255

602

0.69

1.75

Dodge

0

0

0

0

3

3

2,582

0.16

0.41

Douglas

0

0

0

0

1

1

19,687

0.02

0.05

Faribault

1

0

7

0

4

12

608

0.68

1.74

Fillmore

0

0

0

0

1

1

9,657

0.04

0.11

Freeborn

0

0

1

0

2

3

4,715

0.09

0.22

Goodhue

2

0

1

0

9

12

1,656

0.25

0.64

Grant

0

0

0

0

0

0

n/a

0.00

0.00

Hennepin

4

0

426

0

809

1,239

400

1.04

2.64

Houston

0

0

0

0

0

0

n/a

0.00

0.00

Hubbard

0

0

0

0

9

9

1,443

0.29

0.73

Isanti

0

0

1

0

5

6

2,563

0.16

0.41

Itasca

1

0

0

0

0

1

26,787

0.02

0.04

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Kanabec

0

0

0

0

1

1

7,573

0.05

0.14

Kandiyohi

0

0

0

0

6

6

3,286

0.13

0.32

Kittson

0

0

0

0

0

0

n/a

0.00

0.00

Koochiching

0

0

1

0

0

1

8,060

0.05

0.13

Lac Qui Parle

0

0

0

0

1

1

3,785

0.11

0.28

Lake

0

0

0

0

2

2

3,706

0.11

0.29

Lake Of The Woods

0

0

0

0

1

1

3,486

0.12

0.30

Le Sueur

0

0

1

0

1

2

6,163

0.07

0.17

Lincoln

0

0

0

0

1

1

3,145

0.13

0.34

Lyon

0

0

0

0

0

0

n/a

0.00

0.00

Mahnomen

0

0

0

0

0

0

n/a

0.00

0.00

Marshall

0

0

0

0

0

0

n/a

0.00

0.00

Martin

0

0

0

0

9

9

1,118

0.37

0.95

McLeod

0

0

1

0

0

1

15,562

0.03

0.07

Meeker

0

0

0

0

0

0

n/a

0.00

0.00

Mille Lacs

0

0

2

0

2

4

3,011

0.14

0.35

Morrison

0

0

0

0

0

0

n/a

0.00

0.00

Mower

0

0

0

0

0

0

n/a

0.00

0.00

Murray

0

0

0

0

0

0

n/a

0.00

0.00

Nicollet

0

0

2

0

0

2

6,299

0.07

0.17

Nobles

0

0

1

0

1

2

4,279

0.10

0.25

Norman

0

0

0

0

0

0

n/a

0.00

0.00

Olmsted

0

0

2

0

1

3

19,448

0.02

0.05

Otter Tail

1

0

8

0

0

9

3,944

0.11

0.27

Pennington

0

0

0

0

0

0

n/a

0.00

0.00

Pine

0

0

2

0

1

3

5,517

0.08

0.19

Pipestone

0

0

0

0

0

0

n/a

0.00

0.00

Polk

0

0

0

0

0

0

n/a

0.00

0.00

Pope

0

0

1

0

1

2

3,189

0.13

0.33

Ramsey

3

0

88

0

43

134

1,596

0.26

0.66

Red Lake

0

0

0

0

0

0

n/a

0.00

0.00

Redwood

0

0

0

0

0

0

n/a

0.00

0.00

Renville

0

0

1

0

0

1

7,482

0.06

0.14

Rice

0

0

0

0

12

12

1,935

0.21

0.55

Rock

0

0

0

0

1

1

4,257

0.10

0.25

Roseau

0

0

0

0

1

1

7,491

0.06

0.14

Saint Louis

16

0

35

0

31

82

1,212

0.34

0.87

Scott

1

0

5

0

74

80

552

0.75

1.91

Sherburne

1

0

10

0

10

21

1,477

0.28

0.72

Sibley

0

0

0

0

1

1

6,437

0.06

0.16

Stearns

0

0

1

0

1

2

29,418

0.01

0.04

Steele

0

0

0

0

1

1

14,730

0.03

0.07

Stevens

0

0

0

0

0

0

n/a

0.00

0.00

Swift

0

0

0

0

0

0

n/a

0.00

0.00

Todd

0

0

0

0

0

0

n/a

0.00

0.00

Traverse

0

0

0

0

0

0

n/a

0.00

0.00

Wabasha

0

0

1

0

3

4

2,537

0.16

0.42

Wadena

0

0

1

0

1

2

3,380

0.12

0.31

Waseca

0

0

1

0

2

3

2,612

0.16

0.40

Washington

0

0

5

0

11

16

5,442

0.08

0.19

Watonwan

0

0

0

0

0

0

n/a

0.00

0.00

Wilkin

0

0

0

0

0

0

n/a

0.00

0.00

Winona

0

0

0

0

0

0

n/a

0.00

0.00

Wright

4

0

65

0

30

99

472

0.88

2.24

Yellow Medicine

1

0

0

0

1

2

2,485

0.17

0.43

 

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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