Minnesota Reports a Drop in Foreclosures in August

Foreclosure activity in Minnesota fell 11 percent in August to 3,688 properties with foreclosure filings, but was still up 71 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Minnesota foreclosure activity dropped significantly in August, though it remained nearly double the amount reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state also dropped in August to 8 percent, though that drop is due in part to discouraged out-of-work residents simply giving up on their job search.”

 

One in every 625 Minnesota housing units received a foreclosure filing in August, the 21st highest foreclosure rate in the nation.

 

Anoka County posts state’s top foreclosure rate in August

Anoka County posted the highest county foreclosure rate in the state for August, with one in every 235 housing units receiving a foreclosure filing — 2.7 times the state average. Ramsey County had the second highest rate, with one in every 296 housing units receiving a foreclosure filing during the month — 2.1 times the state average. Hennepin County posted the third highest foreclosure rate, where one in every 369 housing units received a foreclosure filing — 1.7 times the state average.

 

Hennepin County accounts for nearly half of foreclosure totals for August

Hennepin County tallied the highest activity level, tallying 1,352 properties with foreclosure filings for the month. Ramsey County had the second highest total of foreclosure filings, documenting 724 properties with foreclosure filings. Reporting 531 properties with foreclosure filings for the month, Anoka County reported the third highest total in the state. Dakota County was fourth highest, reporting 299 properties with foreclosure filings, while the fifth highest total was in Washington County, where 159 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

Minnesota accounted for 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Minnesota

11

0

2,124

0

1,553

3,688

625

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

375

0

156

531

235

1.52

2.66

Ramsey

0

0

465

0

259

724

296

1.21

2.11

Hennepin

0

0

749

0

603

1,352

369

0.97

1.69

Wright

1

0

55

0

69

125

383

0.93

1.63

Sherburne

0

0

8

0

74

82

386

0.92

1.62

 

 

Minnesota Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Minnesota

11

0

2,124

0

1,553

3,688

625

-10.59

70.66

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

749

0

603

1,352

369

-17.96

9.12

Ramsey

0

0

465

0

259

724

296

11.04

440.30

Anoka

0

0

375

0

156

531

235

19.86

2,850.00

Dakota

0

0

125

0

174

299

518

-12.57

17.25

Washington

0

0

142

0

17

159

557

-9.66

893.75

 

 

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