MINNESOTA FORECLOSURES INCREASE 33 PERCENT IN MAY

Activity Up 213 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – Minnesota reported 1,111 foreclosure filings in May, a 33 percent increase from the previous month, and a 213 percent increase from the level reported in May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

Minnesota foreclosures have more than tripled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics from the first quarter of 2007 show the state’s home price appreciation rate below the national average. This is one factor contributing to the overall rise in foreclosure activity.”

 

Minnesota ranked 24th in the country in total foreclosure filings for May. The state’s foreclosure rate of one foreclosure filing for every 1,861 households ranked it 31st among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 83 percent of all foreclosure filings in Minnesota for May. Hennepin County held the highest total for the month with 694 foreclosure filings. Dakota County came in second with 120 foreclosure filings. Ramsey County tallied the third highest total with 108 filings. Scott County was fourth highest with 38 foreclosure filings, followed by Wright County with 34 foreclosure filings.

 

Hennepin County posts highest foreclosure rate

Hennepin County posted the highest foreclosure rate in Minnesota for May, reporting one foreclosure filing for every 676 households — 2.8 times the state average and just below the national average. Scott County reported the second highest rate with one foreclosure filing for every 832 households — 2.2 times the state average. With one filing for every 1,010 households — 1.8 times the state average — Wright County posted the third highest rate. Dakota County reported the fourth highest foreclosure rate with one foreclosure for every 1,115 households — 1.7 times the state average, followed by Carver County with one filing for every 1,464 households — 1.3 times the state average.

 

State makes minor contribution to national total

Total foreclosure filings in Minnesota accounted for less than 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households during 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Minnesota

73

777

0

0

261

1,111

1,861

0.35

n/a

 

 

 

 

 

 

 

 

 

 

Aitkin

0

1

0

0

0

1

14,168

0.05

0.13

Anoka

0

14

0

0

0

14

7,721

0.09

0.24

Becker

0

0

0

0

0

0

n/a

0.00

0.00

Beltrami

0

0

0

0

0

0

n/a

0.00

0.00

Benton

1

2

0

0

0

3

4,487

0.15

0.42

Blue Earth

0

2

0

0

0

2

10,986

0.06

0.17

Carlton

0

1

0

0

0

1

13,721

0.05

0.14

Carver

10

0

0

0

7

17

1,464

0.45

1.27

Cass

0

0

0

0

0

0

n/a

0.00

0.00

Chisago

0

4

0

0

0

4

3,883

0.17

0.48

Clay

1

2

0

0

1

4

4,937

0.13

0.38

Crow Wing

0

3

0

0

0

3

11,161

0.06

0.17

Dakota

2

4

0

0

114

120

1,115

0.59

1.67

Dodge

0

0

0

0

0

0

n/a

0.00

0.00

Douglas

0

0

0

0

1

1

16,694

0.04

0.11

Faribault

0

0

0

0

3

3

2,416

0.27

0.77

Goodhue

0

0

0

0

0

0

n/a

0.00

0.00

Hennepin

3

690

0

0

1

694

676

0.97

2.76

Houston

0

0

0

0

0

0

n/a

0.00

0.00

Hubbard

0

1

0

0

2

3

4,076

0.16

0.46

Isanti

1

2

0

0

0

3

4,021

0.16

0.46

Itasca

0

0

0

0

0

0

n/a

0.00

0.00

Kanabec

0

1

0

0

0

1

6,846

0.10

0.27

Koochiching

0

0

0

0

1

1

7,719

0.09

0.24

Mahnomen

0

0

0

0

0

0

n/a

0.00

0.00

Martin

0

0

0

0

3

3

3,267

0.20

0.57

Mille Lacs

0

1

0

0

0

1

10,467

0.06

0.18

Morrison

0

2

0

0

0

2

6,935

0.09

0.27

Murray

0

1

0

0

0

1

4,357

0.15

0.43

Norman

0

0

0

0

0

0

n/a

0.00

0.00

Olmsted

0

0

0

0

0

0

n/a

0.00

0.00

Otter Tail

0

2

0

0

0

2

16,931

0.04

0.11

Polk

0

0

0

0

0

0

n/a

0.00

0.00

Ramsey

51

16

0

0

41

108

1,912

0.34

0.97

Redwood

0

1

0

0

0

1

7,230

0.09

0.26

Rice

0

2

0

0

2

4

5,015

0.13

0.37

Saint Louis

0

1

0

0

27

28

3,421

0.19

0.54

Scott

2

3

0

0

33

38

832

0.79

2.24

Sherburne

0

4

0

0

1

5

4,565

0.14

0.41

Sibley

0

0

0

0

0

0

n/a

0.00

0.00

Stearns

0

1

0

0

0

1

50,291

0.01

0.04

Todd

0

0

0

0

0

0

n/a

0.00

0.00

Wabasha

0

1

0

0

0

1

9,066

0.07

0.21

Washington

0

6

0

0

0

6

12,273

0.05

0.15

Wilkin

0

0

0

0

0

0

n/a

0.00

0.00

Winona

0

1

0

0

0

1

19,551

0.03

0.10

Wright

2

8

0

0

24

34

1,010

0.65

1.84

 

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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