Minneapolis Metro Area Foreclosure Activity Rises in October

Metro area filings up 21 percent from September

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,670 properties in the Minneapolis metro area for October, a 21 percent increase from September, but still 5 percent below the level reported for October 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 502 of the metro area’s housing units had a foreclosure filing in October 2011, the 68th highest foreclosure rate among the 211 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

Anoka County posts top foreclosure rate in the metro area for October
 One in every 289 housing units in Anoka County had a foreclosure filing in October — twice the national average and 2.6 times the state average — the highest foreclosure rate of all Metro area counties for the month. Wright County had the second highest rate of one in every 296 housing units with a foreclosure filing during the month — 1.9 times the national average and 2.6 times the state average. Washington County had the third highest rate of one in every 374 housing units with a foreclosure filing during the month — 1.5 times the national average and two times the state average.

Hennepin County has metro area’s highest foreclosure total in October
 Hennepin County tallied the highest level of foreclosure activity in the metro area, reporting 1,097 properties with foreclosure filings for October. Anoka County was second highest, reporting 434 properties with foreclosure filings. Ramsey County was third, reporting 325 properties with foreclosure filings. Fourth highest was Washington County, recording 243 properties with foreclosure filings. Dakota County was fifth highest, tallying 177 properties with foreclosure filings for the month.

State foreclosure activity mixed in October
 Minnesota reported 3,057 properties with foreclosure filings in October 2011. This latest total represents a 15 percent increase from September and is slightly above the level reported in October 2010. One in every 763 Minnesota housing units received a foreclosure filing in October, the 18th highest state foreclosure rate in the nation.

Wisconsin reported 4,025 properties with foreclosure filings in October 2011. This latest total represents a 10 percent decrease from September and is 16 percent below the level reported in October 2010. One in every 643 Wisconsin housing units received a foreclosure filing in October, the 15th highest state foreclosure rate in the nation.

States are minor contributors to total foreclosure activity in October
 Minnesota accounted for 1 percent and Wisconsin accounted for 2 percent of the 230,678 properties with foreclosure filings reported nationwide in October. Total U.S. activity increased by more than 7 percent from September, but was down nearly 31 percent from the level reported in October 2010. One in every 563 U.S. housing units received a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” said James Saccacio, chief executive officer of RealtyTrac. “However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”

 

Minneapolis metro area Top Foreclosure Rates By County – October2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Minnesota

24

0

1,678

0

1,355

3,057

763

0.74

n/a

Wisconsin

0

1,431

2

1,461

1,131

4,025

643

0.88

n/a

Minneapolis MSA

0

0

1,543

38

1,089

2,670

502

1.12

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

238

0

196

434

289

1.95

2.64

Wright

0

0

91

0

74

165

296

1.90

2.58

Washington

0

0

131

0

112

243

374

1.51

2.04

Hennepin

0

0

702

0

395

1,097

461

1.22

1.66

Saint Croix

0

0

0

28

23

51

663

0.85

0.97

 Minneapolis metro area Top Foreclosure Totals by County -October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Minnesota

24

0

1,678

0

1,355

3,057

763

15.01

0.13

Wisconsin

0

1,431

2

1,461

1,131

4,025

643

-9.61

-16.41

Minneapolis MSA

0

0

1,543

38

1,089

2,670

502

20.54

-5.22

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

702

0

395

1,097

461

12.74

-1.35

Anoka

0

0

238

0

196

434

289

41.83

-11.25

Ramsey

0

0

230

0

95

325

663

108.33

-25.29

Washington

0

0

131

0

112

243

374

10.96

31.35

Dakota

0

0

66

0

111

177

888

-19.18

15.69

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