Minnesota Foreclosure Activity Drops in November

Statewide filings down 15 percent from October

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,588 Minnesota properties in November, a 15 percent decrease from October and 19 percent below the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Minnesota had the 19th highest foreclosure rate in the nation, reporting one in every 901 housing units with a foreclosure filing in November.

Rice County posts top foreclosure rate in the state for November
 One in every 265 housing units in Rice County had a foreclosure filing in November — 2.2 times the national average and 3.4 times the state average — the highest foreclosure rate of all Minnesota counties for the month. Anoka County had the second highest rate of one in every 400 housing units with a foreclosure filing during the month — 1.5 times the national average and 2.3 times the state average. Hennepin County had the third highest rate of one in every 428 housing units with a foreclosure filing during the month — 1.4 times the national average and 2.1 the state average.

Hennepin County has the highest foreclosure total in November
 Hennepin County tallied the highest level of foreclosure activity in the state, reporting 1,183 properties with foreclosure filings for the month. Anoka County had the second highest total, reporting 314 properties with foreclosure filings. Ramsey County was third, reporting 273 properties with foreclosure filings. Fourth highest was Washington County, recording 135 properties with foreclosure filings. Dakota County was fifth highest, tallying 113 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in November
 Minnesota accounted for 1 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Ohio and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

Minnesota Top Foreclosure Rates By County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

Minnesota

0

0

1,530

0

1,058

2,588

901

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Rice

0

0

51

0

39

90

265

2.18

3.40

Anoka

0

0

221

0

93

314

400

1.45

2.26

Hennepin

0

0

599

0

584

1,183

428

1.35

2.11

Scott

0

0

64

0

15

79

593

0.98

1.52

Washington

0

0

106

0

29

135

673

0.86

1.34

 Minnesota Top Foreclosure Totals by County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

Minnesota

0

0

1,530

0

1,058

2,588

901

-15.34

-19.07

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

599

0

584

1,183

428

7.84

14.74

Anoka

0

0

221

0

93

314

400

-27.65

-40.42

Ramsey

0

0

243

0

30

273

789

-16.00

-44.51

Washington

0

0

106

0

29

135

673

-44.44

64.63

Dakota

0

0

62

0

51

113

1,391

-36.16

-74.38

 

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