Foreclosure Activity in Minneapolis Metro Area Down in July

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,125 Minneapolis metro area properties in July, down 32 percent from June and 27 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report.

 

One in every 631 of the metro area’s housing units had a foreclosure filing in July 2011, the 77th highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Wright County posts top foreclosure rate for July

Wright County posted the top county foreclosure rate in the metro area for July — one in every 385 housing units with a foreclosure filing — 1.6 times the national average and 2.5 times the state average. Anoka County had the second highest rate — one in every 436 housing units with a foreclosure filing — 1.4 times the national average and 2.2 times the state average. Hennepin County was third highest — one in every 552 housing units with a foreclosure filing — 1.1 times the national average and 1.7 times the state average.

 

Hennepin County has top foreclosure total for July

Hennepin County had the highest level of foreclosure activity in the metro area, reporting 916 properties with foreclosure filings for July. Anoka County was second highest, reporting 288 properties with foreclosure filings. Ramsey County came in third, tallying 274 properties with foreclosure filings. Fourth highest was Dakota County, where 210 properties with foreclosure filings were reported. Wright County was fifth, reporting 127 properties with foreclosure filings for July.

 

States report mixed foreclosure results in July

Minnesota reported 2,431 properties with foreclosure filings in July 2011. This latest total represents a 30 percent decrease from June and is 22 percent below the level reported in July 2010. One in every 960 Minnesota housing units received a foreclosure filing in July, the 21st highest state foreclosure rate in the nation.

 

Wisconsin reported 4,534 properties with foreclosure filings in July 2011. This latest total represents a 43 percent increase from June and is 8 percent above the level reported in July 2010. One in every 571 Minnesota housing units received a foreclosure filing in July, the 10th highest state foreclosure rate in the nation.

 

States are moderate contributors to nation’s foreclosure total in July

Minnesota accounted for 1 percent and Wisconsin accounted for 2 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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.

 

 

Minneapolis Metro Area Top Foreclosure Rates By County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Minnesota

11

0

1,079

0

1,341

2,431

960

0.64

n/a

Wisconsin

0

1,440

4

1,903

1,187

4,534

571

1.07

n/a

Minneapolis MSA

0

0

982

44

1,099

2,125

631

0.97

n/a

 

 

 

 

 

 

 

 

 

 

Wright

0

0

32

0

95

127

385

1.59

2.49

Anoka

0

0

144

0

144

288

436

1.40

2.20

Hennepin

0

0

468

0

448

916

552

1.11

1.74

Sherburne

0

0

6

0

51

57

561

1.09

1.71

Saint Croix

0

0

0

33

24

57

593

1.03

0.96

 

 

 

Minneapolis Metro Area Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 11

% Chg July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Minnesota

11

0

1,079

0

1,341

2,431

960

-29.82

-22.18

Wisconsin

0

1,440

4

1,903

1,187

4,534

571

43.34

8.11

Minneapolis MSA

0

0

982

44

1,099

2,125

631

-32.00

-26.85

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

468

0

448

916

552

-9.49

-11.15

Anoka

0

0

144

0

144

288

436

-30.27

-51.68

Ramsey

0

0

158

0

116

274

786

-49.07

-25.54

Dakota

0

0

58

0

152

210

749

-61.54

-9.87

Wright

0

0

32

0

95

127

385

-24.40

-29.83

 

 

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