Minnesota Foreclosure Activity Up 56 Percent in 2009

Activity up 174 percent from 2007; down 3 percent from November

 

Minnesota ended 2009 tallying 31,697 properties with foreclosure filings, a 56 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 174 percent higher than the level reported for all of 2007.

 

Minnesota reported 3,337 properties with foreclosure filings, a 3 percent decrease over the previous month, but still up 39 percent from December 2008. The state’s foreclosure rate — one in every 691 housing units received a foreclosure filing — was 26th highest in the nation for the month.

 

“Even with a decrease in activity in December, Minnesota finished 2009 with substantially more foreclosure filings than were reported in 2008 and double the amount seen in 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though the state’s unemployment rate generally remained below that of the nation over the course of 2009, foreclosures continued to mount month over month for a good part of the year.”

 

With one in every 73 housing units receiving a foreclosure filing, Minnesota’s foreclosure rate ranked 20th highest in the nation for the year.

 

Sherburne County posts state’s highest foreclosure rate for 2009

Sherburne County posted the highest county foreclosure rate in Minnesota for the year, with one in every 28 housing units receiving a foreclosure filing in 2009. Anoka County followed in second, reporting one in every 32 housing units receiving a foreclosure filing. Wright County came in third highest, reporting one in every 37 housing units receiving a foreclosure filing. Scott County was fourth highest with one in every 42 housing units receiving a foreclosure filing. Ramsey County had the fifth highest rate, where one in every 43 housing units receiving a foreclosure filing.

 

Hennepin County led state in foreclosure activity in 2009

Leading the way was Hennepin County, which reported a total 10,711 properties with foreclosure filings for the year. Ramsey County came in second, documenting 4,970 properties with foreclosure filings. Anoka County had the third highest total in the state, reporting 3,919 properties with foreclosure filings for the year. Dakota County was fourth highest, reporting 2,569 properties with foreclosure filings, followed by Washington County in fifth place, tallying 1,897 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Minnesota accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Minnesota

31,697

1.38

73

56.28

174.27

 

 

 

 

 

 

Sherburne

1,129

3.57

28

406.28

890.35

Anoka

3,919

3.15

32

297.06

2,739.86

Wright

1,309

2.73

37

36.92

68.47

Scott

1,084

2.40

42

27.98

165.69

Ramsey

4,970

2.32

43

76.37

428.72

 

 

Minnesota Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Minnesota

31,697

1.38

73

56.28

174.27

 

 

 

 

 

 

Hennepin

10,711

2.14

47

20.02

79.02

Ramsey

4,970

2.32

43

76.37

428.72

Anoka

3,919

3.15

32

297.06

2,739.86

Dakota

2,569

1.66

60

8.76

40.31

Washington

1,897

2.14

47

703.81

4,311.63

 

 

Minnesota Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Minnesota

0

0

1,664

0

1,673

3,337

691

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Wright

0

0

62

0

155

217

221

1.66

3.13

Sherburne

0

0

9

0

125

134

236

1.55

2.93

Anoka

0

0

271

0

206

477

261

1.40

2.65

Scott

0

0

104

0

17

121

374

0.98

1.85

Washington

0

0

185

0

26

211

420

0.87

1.65

 

 

Minnesota Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Minnesota

0

0

1,664

0

1,673

3,337

691

-2.80

38.64

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

494

0

578

1,072

15

-2.81

-18.85

Anoka

0

0

271

0

206

477

261

-10.51

84.17

Ramsey

0

0

298

0

113

411

45

-19.25

94.79

Dakota

0

0

143

0

137

280

66

-9.97

67.66

Wright

0

0

62

0

155

217

76

56.12

57.25

 

 

 

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