Minnesota Foreclosure Activity Falls in February

Statewide filings down 11 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,676 Minnesota properties in February, an 11 percent decrease from January, but still 26 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Minnesota had the 18th highest foreclosure rate in the nation, reporting one in every 877 housing units with a foreclosure filing in February.

Mille Lacs County posts top foreclosure rate in the state for February
 One in every 364 housing units in Mille Lacs County had a foreclosure filing in February — 1.8 times the national average and 2.4 times the state average — the highest foreclosure rate of all Minnesota counties for the month. Rice County had the second highest rate of one in every 408 housing units with a foreclosure filing during the month — 1.6 times the national average and 2.2 times the state average. Sherburne County had the third highest rate of one in every 432 housing units with a foreclosure filing during the month — 1.5 times the national average and twice with the state average.

Hennepin County has top foreclosure total in February
 Hennepin County led the state in foreclosure activity, reporting 1,108 properties with foreclosure filings for the month. Ramsey County was second highest, reporting 291 properties with foreclosure filings. Anoka County was third, reporting 269 properties with foreclosure filings. Fourth highest was Washington County, recording 153 properties with foreclosure filings. Dakota County was fifth, tallying 114 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 Minnesota accounted for 1 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

 

Minnesota Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Minnesota

0

0

1,499

0

1,177

2,676

877

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Mille Lacs

0

0

0

0

35

35

364

1.75

2.41

Rice

0

0

37

0

23

60

408

1.56

2.15

Sherburne

0

0

8

0

67

75

432

1.47

2.03

Hennepin

0

0

639

0

469

1,108

460

1.38

1.91

Anoka

0

0

198

0

71

269

471

1.35

1.86

Minnesota Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Minnesota

0

0

1,499

0

1,177

2,676

877

-11.30

26.47

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

639

0

469

1,108

460

-11.85

104.81

Ramsey

0

0

190

0

101

291

746

26.52

-26.33

Anoka

0

0

198

0

71

269

471

-31.20

-30.49

Washington

0

0

72

0

81

153

604

-49.17

206.00

Dakota

0

0

73

0

41

114

1,400

-14.93

-52.10

 

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