Minnesota Foreclosure Activity Falls in August

Statewide  filings down 1 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fell in  Minnesota, where 2,403 properties were reported in August, a 1 percent decrease  from July and 31 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Minnesota had  the 26th highest foreclosure rate in the country with one in every 971  housing units with a foreclosure filing in August.

Sherburne County posts top foreclosure rate in the  state for August
  One in every 478 housing  units in Sherburne County received a foreclosure filing in August — 1.2 times  the national average and twice 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 492 housing units with a foreclosure filing during the  month — 1.2 times the national average and twice the state average. Hennepin  County had the third highest rate of one in every 600 housing units with a  foreclosure filing during the month — on par with the national average and 1.6  times the state average.

Hennepin County has top foreclosure total in August
  Hennepin County led the  state in foreclosure activity, reporting 843 properties with foreclosure  filings for the month. Ramsey County was second highest, reporting 330 properties  with foreclosure filings. Anoka County was third, reporting 255 properties with  foreclosure filings. Fourth highest was Dakota County, recording 241 properties  with foreclosure filings. Washington County was fifth tallying 118 properties  with a foreclosure filing.

State a minor contributor to total foreclosure  activity in August
  Minnesota accounted for 1  percent of the 228,098 properties with foreclosure filings reported nationwide  in August. Total U.S. activity increased by more than 7 percent from July, but was  down nearly 33 percent from the level reported in August 2010. One in every 570  U.S. housing units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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.

 

 

        Minnesota Top Foreclosure Rates By County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Minnesota

21

0

1,030

0

1,352

2,403

971

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Sherburne

0

0

3

0

64

67

478

1.19

2.03

Anoka

0

0

134

0

121

255

492

1.16

1.97

Hennepin

0

0

421

0

422

843

600

0.95

1.62

Dakota

0

0

86

0

155

241

652

0.87

1.49

Ramsey

0

0

141

0

189

330

653

0.87

1.49

 

 

        Minnesota Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Minnesota

21

0

1,030

0

1,352

2,403

971

-1.15

-30.91

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

421

0

422

843

600

-7.97

-29.75

Ramsey

0

0

141

0

189

330

653

20.44

-33.33

Anoka

0

0

134

0

121

255

492

-11.46

-53.21

Dakota

0

0

86

0

155

241

652

14.76

-26.30

Washington

0

0

57

0

61

118

770

84.38

-9.92

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved