The Minneapolis Metro Area Foreclosure Activity Down in May

Metro area filings decreased less than 1 percent from April

 

Foreclosure activity in the Minneapolis metro area fell slightly in May to 2,863 properties with foreclosure filings. This latest metro area total was still 2 percent above the level reported in May 2009, however, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The Minneapolis metro area’s foreclosure activity showed a decline in May, bringing it just above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The area’s job market is improving at a moderate pace and unemployment is now at 7.4 percent — far below the national average. As this area’s economy continues to gain stability, the number of foreclosures should begin to subside.”

 

The metro area had the 22nd highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 470 Minneapolis Metro Area housing units received a foreclosure filing in May, ranking 83rd among the same 203 metro areas.

 

Anoka County led the metro area in foreclosure rate for May

Anoka County posted the highest foreclosure rate of all counties in the metro area, with one in every 285 housing units receiving a foreclosure filing — 1.4 times the national average and 2.6 times the state average. Hennepin County came in second, with one in every 444 housing units receiving a foreclosure filing — 1.7 times the state average. With one in every 485 housing units receiving a foreclosure filing — 1.5 times the state average — Ramsey County had the third highest foreclosure rate in the state.

 

Hennepin County tops in foreclosure total for May

Hennepin County led the metro area, reporting 1,144 properties with foreclosure filings for the month. Ramsey County came second, documenting 449 properties with foreclosure filings. Reporting 441 properties with foreclosure filings for the month, Anoka County held the third highest total. Dakota County was fourth highest, reporting 313 properties with foreclosure filings, while Washington County totaled 141 properties with foreclosure filings, the metro area’s fifth highest.

 

States ranked low nationally in foreclosure filings

Minnesota reported 3,167 properties with foreclosure filings for the month, giving it the 24th highest state total in the nation. This latest total represents a 3 percent decrease from the previous month, but is still 7 percent above of the level reported in May 2009. One in every 736 Minnesota housing units received a foreclosure filing during the month, the 27th highest state foreclosure rate in the nation.

 

Wisconsin reported 4,614 properties with foreclosure filings for the month, giving it the 17th highest state total in the nation. This latest total represents a 5 percent increase from the previous month, and is 32 percent above of the level reported in May 2009. One in every 557 Minnesota housing units received a foreclosure filing during the month, the 18th highest state foreclosure rate in the nation.

 

States are moderate contributors to nation’s monthly foreclosure total in May

Minnesota and Wisconsin each accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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.

 

 

The Minneapolis Metro Area Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Minnesota

42

0

1,619

0

1,506

3,167

736

0.54

n/a

Wisconsin

0

2,162

0

1,479

973

4,614

557

0.72

n/a

Minneapolis Metro Area

0

0

1,563

31

1,269

2,863

470

0.85

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

343

0

98

441

285

1.40

2.58

Hennepin

0

0

559

0

585

1144

444

0.90

1.66

Ramsey

0

0

282

0

167

449

485

0.82

1.52

Sherburne

0

0

3

0

62

65

492

0.81

1.50

Dakota

0

0

123

0

190

313

501

0.80

1.47

 

 

The Minneapolis Metro Area Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Minnesota

42

0

1,619

0

1,506

3,167

736

-3.27

7.39

Wisconsin

0

2,162

0

1,479

973

4,614

557

5.15

31.75

Minneapolis Metro Area

0

0

1,563

31

1,269

2,863

470

-0.28

2.10

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

559

0

585

1,144

444

-10.20

10.11

Ramsey

0

0

282

0

167

449

485

-8.37

-10.38

Anoka

0

0

343

0

98

441

285

51.55

13.37

Dakota

0

0

123

0

190

313

501

28.81

25.20

Washington

0

0

113

0

28

141

643

2.17

-25.00

 

 

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