Minneapolis Metro Area Foreclosure Activity Falls in January

Total foreclosure filings down 4 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,465 Minneapolis metro area properties in January, a 4 percent decrease from December. On a year-over-year basis the metro area’s foreclosure total is 1 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 544 metro area housing units received a foreclosure filing in January, the 78th highest rate among the nation’s 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

Saint Croix County posts metro area’s top foreclosure rate in January

With one in every 247 housing units receiving a foreclosure filing in January — twice the national average and 2.3 times the state average — Saint Croix County posted the highest foreclosure rate in the metro area. Anoka County had the second highest foreclosure rate, with one in every 401 housing units receiving a foreclosure filing during the month — 1.2 times the national average and 2.3 times the state average. One in every 470 housing units in Hennepin County received a foreclosure filing during the month, the third highest foreclosure rate in the metro area — 1.1 times the national average and 1.9 times the state average.

 

Hennepin County has metro’s top foreclosure total in January

Hennepin County led the metro area, reporting 1,075 properties with foreclosure filings in January. Anoka County tallied the second highest total in the metro area, reporting 313 properties with foreclosure filings. Third highest was Ramsey County, where 311 properties with foreclosure filings were reported. Dakota County came in fourth, reporting 255 properties with foreclosure filings, followed by Saint Croix County, where 137 properties with foreclosure filings were reported for the month.

 

Minnesota ranked low nationally in total foreclosure filings for January

Minnesota reported 2,574 properties with foreclosure filings in January, giving it the 25th highest state total in the nation. This latest total represents a 10 percent decrease from the previous month and is 9 percent below the level reported in January 2010. One in every 906 Minnesota housing units received a foreclosure filing during the month, the 26th highest state foreclosure rate in the nation.

 

Wisconsin was much higher on the national ranking, reporting 4,482 properties with foreclosure filings in January, giving it the 13th highest state total in the nation. This latest total represents a 21 percent increase from the previous month and is 21 percent above the level reported in January 2010. One in every 577 Wisconsin housing units received a foreclosure filing during the month, the 14th highest state foreclosure rate in the nation.

 

States are minor contributors to the nation’s foreclosure total in January

Minnesota accounted for 1 percent and Wisconsin 2 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Minnesota

80

1

1,126

0

1,367

2,574

906

0.55

n/a

Wisconsin

0

2,145

6

1,395

936

4,482

577

0.86

n/a

Minneapolis MSA

68

0

1,110

27

1,260

2,465

544

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Saint Croix

0

0

0

16

121

137

247

2.02

2.34

Anoka

67

0

150

0

96

313

401

1.24

2.26

Hennepin

0

0

550

0

525

1,075

470

1.06

1.93

Wright

0

0

21

0

80

101

484

1.03

1.87

Dakota

0

0

74

0

181

255

617

0.81

1.47

 

 

Minneapolis Metro Area Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Minnesota

80

1

1,126

0

1,367

2,574

906

-9.78

-8.50

Wisconsin

0

2,145

6

1,395

936

4,482

577

20.65

20.81

Minneapolis MSA

68

0

1,110

27

1,260

2,465

544

-4.01

-1.08

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

550

0

525

1,075

470

8.37

26.92

Anoka

67

0

150

0

96

313

401

-13.54

10.60

Ramsey

0

0

161

0

150

311

693

-23.02

-43.86

Dakota

0

0

74

0

181

255

617

-32.00

-27.56

Saint Croix

0

0

0

16

121

137

247

197.83

120.97

 

 

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