MINNESOTA FORECLOSURE ACTIVITY UP 38 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Increases 129 Percent From August 2006

 

IRVINE, Calif. – Sept. 21, 2007 – Minnesota reported 1,447 foreclosure filings in August, a 38 percent increase from the previous month, and 129 percent above the number reported in August 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate — one foreclosure filing for every 1,556 households — was the 31st highest in the nation.

 

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.

 

“Though Minnesota continues to be plagued with foreclosure activity, employment within the state is up,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the majority of Minnesota’s employment growth remains in the lower wage sectors.”

 

Minnesota ranked 24th in the country in total foreclosures reported for August.

 

Hennepin County leads state in foreclosure total

Hennepin County led the state in foreclosure activity for August, with 771 foreclosure filings for the month. Dakota County reported the second highest foreclosure total, with 157 foreclosure filings. Ramsey County tallied the third highest foreclosure total, with 137 foreclosure filings. Saint Louis County had the fourth highest foreclosure total, with 106 filings entering some part of the foreclosure pipeline.

 

Wright County posts highest foreclosure rate

Wright County posted the highest foreclosure rate in the state for August, with one foreclosure filing for every 513 households — 3 times the state average. Hennepin County posted the second highest foreclosure rate, with one foreclosure filing for every 638 households — 2.4 times the state average. Scott County posted the third highest foreclosure rate in the state, with one foreclosure filing for every 906 households — 1.7 times the state average.

 

State a minor contributor to national total

Minnesota accounted for less than 1 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 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 – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

Minnesota

24

1,114

0

0

309

1,447

1,556

0.33

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

12

0

0

2

14

8,656

0.06

0.18

Becker

0

0

0

0

0

0

n/a

0.00

0.00

Benton

0

1

0

0

2

3

5,235

0.10

0.30

Blue Earth

0

0

0

0

1

1

24,580

0.02

0.06

Brown

0

0

0

0

1

1

11,568

0.04

0.13

Carlton

0

0

0

0

0

0

n/a

0.00

0.00

Carver

14

1

0

0

15

30

1,056

0.48

1.47

Cass

0

0

0

0

0

0

n/a

0.00

0.00

Chippewa

0

1

0

0

0

1

5,976

0.09

0.26

Chisago

0

1

0

0

0

1

18,692

0.03

0.08

Clay

0

10

0

0

2

12

1,824

0.28

0.85

Cottonwood

0

1

0

0

0

1

5,425

0.09

0.29

Crow Wing

0

1

0

0

0

1

38,201

0.01

0.04

Dakota

3

115

0

0

39

157

964

0.53

1.61

Dodge

0

0

0

0

0

0

n/a

0.00

0.00

Faribault

0

2

0

0

3

5

1,457

0.35

1.07

Freeborn

1

0

0

0

0

1

14,182

0.04

0.11

Goodhue

0

1

0

0

2

3

6,521

0.08

0.24

Hennepin

0

746

0

0

25

771

638

0.80

2.44

Houston

0

0

0

0

0

0

n/a

0.00

0.00

Hubbard

1

0

0

0

2

3

4,304

0.12

0.36

Isanti

0

1

0

0

3

4

3,718

0.14

0.42

Jackson

0

1

0

0

0

1

5,162

0.10

0.30

Kanabec

0

0

0

0

1

1

7,469

0.07

0.21

Kandiyohi

0

0

0

0

7

7

2,789

0.18

0.56

Koochiching

0

0

0

0

2

2

3,997

0.13

0.39

Lake

0

0

0

0

2

2

3,668

0.14

0.42

Le Sueur

0

0

0

0

0

0

n/a

0.00

0.00

Lincoln

0

0

0

0

1

1

3,107

0.16

0.50

McLeod

0

1

0

0

0

1

15,334

0.03

0.10

Meeker

0

0

0

0

2

2

5,307

0.10

0.29

Mille Lacs

0

1

0

0

0

1

11,826

0.04

0.13

Morrison

0

0

0

0

1

1

15,467

0.03

0.10

Mower

0

0

0

0

0

0

n/a

0.00

0.00

Nicollet

0

1

0

0

0

1

12,431

0.04

0.13

Norman

0

0

0

0

0

0

n/a

0.00

0.00

Olmsted

0

3

0

0

1

4

14,327

0.04

0.11

Otter Tail

1

5

0

0

6

12

2,946

0.17

0.53

Pipestone

0

0

0

0

0

0

n/a

0.00

0.00

Polk

1

0

0

0

0

1

14,519

0.04

0.11

Pope

0

4

0

0

2

6

1,052

0.49

1.48

Ramsey

0

53

0

0

84

137

1,556

0.33

1.00

Rice

0

0

0

0

1

1

22,720

0.02

0.07

Saint Louis

0

86

0

0

20

106

932

0.55

1.67

Scott

1

3

0

0

43

47

906

0.56

1.72

Sherburne

0

4

0

0

2

6

4,983

0.10

0.31

Sibley

0

0

0

0

0

0

n/a

0.00

0.00

Stearns

0

1

0

0

0

1

57,654

0.01

0.03

Steele

0

1

0

0

1

2

7,256

0.07

0.21

Todd

0

0

0

0

1

1

12,649

0.04

0.12

Wabasha

0

0

0

0

0

0

n/a

0.00

0.00

Wadena

1

0

0

0

0

1

6,711

0.08

0.23

Washington

0

4

0

0

2

6

14,092

0.04

0.11

Wright

1

53

0

0

33

87

513

0.99

3.03

 

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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