Minneapolis Metro Area Foreclosure Activity Down in Third Quarter

Filings down 19 percent from Q2 2011, down 32 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 5,955 Minneapolis metro area  properties during the third quarter of 2011, down 19 percent from the second  quarter of 2011 and 32 percent below the level reported for the same quarter  last year, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

One in every 225 metro housing  units had a foreclosure filing in third quarter 2011, the 79th  highest foreclosure rate among the 211 metro areas with populations exceeding  200,000 surveyed every month by RealtyTrac.

Foreclosure filings were reported on 2,215 Minneapolis metro area properties in  September, a 5 percent increase from August, but still down 29 percent from  September 2010. One in every 606 Minneapolis  metro area housing units had a foreclosure filing in September, the 73rd  highest foreclosure rate among the 211 metro areas with populations exceeding  200,000 surveyed every month by RealtyTrac.

Anoka County posts top  foreclosure rate for the third quarter
  One in every 162 housing units in Anoka County  had a foreclosure filing during the third quarter of 2011 — 1.3 times the  national average and 2.1 times the state average. Sherburne County  had the second highest rate with one in every 168 housing units reporting a  foreclosure filing — 1.3 times the national average and twice the state  average. Wright County had the third highest rate,  reporting one in every 190 housing units with a foreclosure filing — 1.1 times  the national average and 1.8 times the state average.

Hennepin County leads  the metro area in foreclosure activity for third quarter
  Hennepin County had the highest level of foreclosure activity in  the state, reporting 2,396 properties with foreclosure filings during the  quarter. Anoka County was second highest, reporting 774  properties with foreclosure filings. Third highest total was tallied in Ramsey County,  where 753 properties with foreclosure filings were reported. Reporting 635  properties with foreclosure filings for the quarter, Dakota County  registered the fourth highest total in the metro area. Fifth highest was Washington County, where 389 properties with  foreclosure filings were reported for the quarter.

Minnesota foreclosure activity  down in third quarter
  Minnesota reported 6,946 properties with foreclosure filings  in the third quarter of 2011. This latest total represents a 15 percent  decrease from the second quarter and is 27 percent below the level reported in  the third quarter of 2010. One in every 336 Minnesota housing units had a foreclosure  filing in the third quarter, the 23rd highest state foreclosure rate  in the nation.

Wisconsin foreclosure activity up in third quarter
  Wisconsin reported 12,286 properties with foreclosure filings  in the third quarter of 2011. This latest total represents a 6 percent increase  from the second quarter, but is 5 percent below the level reported in the third  quarter of 2010. One in every 211 Wisconsin  housing units had a foreclosure filing in the third quarter, the 11th  highest state foreclosure rate in the nation.

States are moderate contributors  to nation’s foreclosure total in the third quarter
  Minnesota accounted for 1 percent and Wisconsin accounted for 2 percent of the 610,337  properties with foreclosure filings reported nationwide for the third quarter  of 2011. Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

Minneapolis metro area Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Minneapolis MSA

0

0

2,520

129

3,306

5,955

225

0.95

n/a

Minnesota

49

0

2,790

0

4,107

6,946

336

0.63

n/a

Wisconsin

0

4,484

2

4,383

3,417

12,286

211

1.01

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

407

0

367

774

162

1.31

2.07

Sherburne

0

0

10

0

181

191

168

1.27

2.00

Wright

0

0

58

0

199

257

190

1.12

1.77

Saint Croix

0

0

0

95

69

164

206

1.03

1.02

Hennepin

0

0

1,094

0

1,302

2,396

211

1.01

1.59

 Minneapolis metro area Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Minneapolis MSA

0

0

2,520

129

3,306

5,955

225

-19.20

-31.86

Minnesota

49

0

2,790

0

4,107

6,946

336

-15.45

-26.88

Wisconsin

0

4,484

2

4,383

3,417

12,286

211

6.24

-4.91

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

1,094

0

1,302

2,396

211

-9.52

-28.03

Anoka

0

0

407

0

367

774

162

-24.56

-46.69

Ramsey

0

0

373

0

380

753

286

-40.24

-45.24

Dakota

0

0

187

0

448

635

248

-28.25

-9.03

Washington

0

0

180

0

209

389

234

14.08

-14.13

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