Minnesota Foreclosure Activity Up in November

Statewide filings rise 15 percent from October; up 57 from previous year

 

Minnesota foreclosure activity rose in November to 3,433 properties with foreclosure filings, up 15 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 57 percent ahead of the level reported in November 2008.

 

“Minnesota foreclosures increased during November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in bank-owned properties, which grew 21 percent for the month. While most states showed improvement in recent home sales during the third quarter, Minnesota had the largest decline. This is likely contributing to the recent rise.”

 

Minnesota ranked 20th in the country in total foreclosures reported for the month. With one in every 671 housing units receiving a foreclosure filing, its foreclosure rate ranked 18th among the 50 states.

 

Anoka County posts state’s highest foreclosure rate in November

Anoka County posted the highest county foreclosure rate in the state for November, with one in every 234 housing units receiving a foreclosure filing — 2.9 times the state average. Sherburne County had the second highest rate, with one in every 238 housing units receiving a foreclosure filing — 2.8 times the state average. Wright County came in third highest, with one in every 345 housing units receiving a foreclosure filing — twice the state average.

 

Hennepin County led state in total foreclosure filings for November

Hennepin County led all counties, totaling 1,103 properties with foreclosure filings for the month. Anoka County was second highest once again, documenting 533 properties with foreclosure filings. Reporting 509 properties with foreclosure filings for the month, Ramsey County had the third highest total in the state, while Dakota County was fourth highest, reporting 311 properties with foreclosure filings for the month.

 

State contributed 1 percent to nation’s foreclosure total in November

Minnesota accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Minnesota

5

0

1,646

0

1,782

3,433

671

0.62

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

316

0

217

533

234

1.78

2.87

Sherburne

0

0

14

0

119

133

238

1.75

2.82

Wright

0

0

86

0

53

139

345

1.21

1.95

Ramsey

0

0

216

0

293

509

421

0.99

1.59

Scott

0

0

95

0

9

104

435

0.96

1.54

 

 

 

Minnesota Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Minnesota

5

0

1,646

0

1,782

3,433

671

15.09

56.97

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

498

0

605

1,103

453

0.92

1.48

Anoka

0

0

316

0

217

533

234

1.78

2.87

Ramsey

0

0

216

0

293

509

421

0.99

1.59

Dakota

0

0

100

0

211

311

498

0.84

1.35

Washington

0

0

174

0

24

198

448

0.93

1.50

 

 

 

 

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