MINNESOTA FORECLOSURE ACTIVITY UP 9 PERCENT IN OCTOBER

Foreclosure Activity Up 165 Percent From October 2006

 

IRVINE, Calif. – Nov. 26, 2007 – Minnesota reported 1,650 foreclosure filings in October, a 9 percent increase from the previous month, and a 165 percent increase from October 2006, 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 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 23rd in the country in total foreclosures reported for October. The state’s foreclosure rate of one foreclosure filing for every 1,365 households ranked it 30th among the 50 states.

 

Hennepin County leads state in foreclosure activity

Hennepin County led the state in foreclosure activity, with 822 foreclosure filings for the month. Dakota County reported the second highest foreclosure total, with 278 foreclosure filings. Ramsey County posted the third highest foreclosure total, with 226 foreclosure filings entering some part of the foreclosure pipeline.

 

Dakota County posts highest foreclosure rate

Dakota County tallied the highest foreclosure rate in Minnesota for October, with one foreclosure filing for every 544 households — 2.5 times the state average. Hennepin County registered the second highest foreclosure rate, with one foreclosure filing for every 599 households — 2.3 times the state average. Scott County posted the third highest foreclosure rate, with one foreclosure filing for every 788 households.

 

State makes small contribution to national total

Total foreclosure filings in Minnesota accounted for less than 1 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

Minnesota

26

1,165

0

0

459

1,650

1,365

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

0

0

n/a 

0.00

0.00

Anoka

0

15

0

0

16

31

3,909

0.14

0.35

Becker

0

0

0

0

0

0

n/a  

0.00

0.00

Beltrami

0

0

0

0

2

2

9,119

0.06

0.15

Benton

0

0

0

0

0

0

n/a 

0.00

0.00

Big Stone

0

0

0

0

0

0

n/a 

0.00

0.00

Blue Earth

0

2

0

0

4

6

4,097

0.14

0.33

Brown

0

0

0

0

0

0

n/a  

0.00

0.00

Carlton

0

0

0

0

1

1

15,007

0.04

0.09

Carver

12

0

0

0

18

30

1,056

0.53

1.29

Cass

0

0

0

0

1

1

23,816

0.02

0.06

Chippewa

0

0

0

0

0

0

n/a 

0.00

0.00

Chisago

0

0

0

0

0

0

n/a 

0.00

0.00

Clay

0

8

0

0

2

10

2,189

0.25

0.62

Clearwater

0

0

0

0

1

1

4,278

0.13

0.32

Cook

0

0

0

0

0

0

n/a  

0.00

0.00

Cottonwood

0

0

0

0

2

2

2,713

0.20

0.50

Crow Wing

0

1

0

0

1

2

19,101

0.03

0.07

Dakota

1

203

0

0

74

278

544

1.02

2.51

Dodge

0

0

0

0

2

2

3,796

0.15

0.36

Douglas

0

1

0

0

2

3

6,416

0.09

0.21

Faribault

0

2

0

0

1

3

2,428

0.23

0.56

Fillmore

0

0

0

0

1

1

9,556

0.06

0.14

Freeborn

0

1

0

0

0

1

14,182

0.04

0.10

Goodhue

0

0

0

0

1

1

19,564

0.03

0.07

Grant

0

0

0

0

0

0

n/a  

0.00

0.00

Hennepin

1

745

0

0

76

822

599

0.93

2.28

Houston

0

0

0

0

0

0

n/a  

0.00

0.00

Hubbard

0

0

0

0

2

2

6,456

0.09

0.21

Isanti

0

0

0

0

0

0

n/a 

0.00

0.00

Itasca

0

0

0

0

0

0

n/a 

0.00

0.00

Jackson

0

0

0

0

0

0

n/a 

0.00

0.00

Kanabec

0

1

0

0

2

3

2,490

0.22

0.55

Kandiyohi

0

0

0

0

6

6

3,254

0.17

0.42

Kittson

0

0

0

0

0

0

n/a  

0.00

0.00

Koochiching

0

0

0

0

1

1

7,993

0.07

0.17

Lac Qui Parle

0

0

0

0

0

0

n/a  

0.00

0.00

Lake

0

0

0

0

2

2

3,668

0.15

0.37

Lake Of the Woods

1

0

0

0

0

1

3,472

0.16

0.39

Le Sueur

0

1

0

0

0

1

12,074

0.05

0.11

Lincoln

0

0

0

0

2

2

1,554

0.36

0.88

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

3

3

3,332

0.17

0.41

McLeod

0

1

0

0

1

2

7,667

0.07

0.18

Meeker

0

1

0

0

1

2

5,307

0.10

0.26

Mille Lacs

0

2

0

0

3

5

2,365

0.23

0.58

Morrison

0

0

0

0

1

1

15,467

0.04

0.09

Mower

0

0

0

0

1

1

16,894

0.03

0.08

Murray

0

1

0

0

0

1

4,525

0.12

0.30

Nicollet

0

0

0

0

1

1

12,431

0.04

0.11

Nobles

0

0

0

0

0

0

n/a  

0.00

0.00

Norman

0

0

0

0

1

1

3,508

0.16

0.39

Olmsted

0

2

0

0

0

2

28,654

0.02

0.05

Otter Tail

0

1

0

0

2

3

11,786

0.05

0.12

Pennington

0

0

0

0

0

0

n/a  

0.00

0.00

Pine

0

0

0

0

1

1

16,403

0.03

0.08

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

1

0

0

0

2

3

2,104

0.26

0.65

Ramsey

4

93

0

0

129

226

943

0.59

1.45

Red Lake

0

0

0

0

0

0

n/a  

0.00

0.00

Redwood

0

1

0

0

0

1

7,316

0.08

0.19

Renville

0

0

0

0

0

0

n/a 

0.00

0.00

Rice

0

0

0

0

0

0

n/a 

0.00

0.00

Rock

0

0

0

0

0

0

n/a 

0.00

0.00

Roseau

0

0

0

0

0

0

n/a 

0.00

0.00

Saint Louis

4

35

0

0

5

44

2,245

0.25

0.61

Scott

2

4

0

0

48

54

788

0.70

1.73

Sherburne

0

5

0

0

8

13

2,300

0.24

0.59

Sibley

0

0

0

0

1

1

6,365

0.09

0.21

Stearns

0

4

0

0

3

7

8,236

0.07

0.17

Steele

0

1

0

0

5

6

2,419

0.23

0.56

Stevens

0

0

0

0

1

1

4,184

0.13

0.33

Swift

0

0

0

0

0

0

n/a  

0.00

0.00

Todd

0

0

0

0

1

1

12,649

0.04

0.11

Traverse

0

0

0

0

0

0

n/a  

0.00

0.00

Wabasha

0

0

0

0

1

1

9,970

0.06

0.14

Wadena

0

0

0

0

0

0

n/a  

0.00

0.00

Waseca

0

1

0

0

1

2

3,890

0.14

0.35

Washington

0

2

0

0

5

7

12,079

0.05

0.11

Watonwan

0

0

0

0

0

0

n/a  

0.00

0.00

Wilkin

0

0

0

0

1

1

3,189

0.17

0.43

Winona

0

0

0

0

0

0

n/a  

0.00

0.00

Wright

0

31

0

0

12

43

1,039

0.53

1.31

Yellow Medicine

0

0

0

0

1

1

4,963

0.11

0.28

 

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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