Minnesota Foreclosure Activity Increased in Third Quarter

Total foreclosure filings up 5 percent statewide from the second quarter

Auction notices and defaults down; and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,499 Minnesota properties during the third quarter, a 5 percent increase from the previous quarter but down 10 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Minnesota ranked 25th in the nation with 3,380 properties with foreclosure filings, a 3 percent decrease from the previous month and 3 percent below the level reported for the same month last year. One in every 690 Minnesota housing units received a foreclosure filing in September, ranking the 25th highest foreclosure rate among the 50 states.

 

Minnesota foreclosures were up in the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 12 percent for the quarter. The state’s home price depreciation and home sales were lower than the national average earlier this year. This is likely contributing to the overall rise.”

Minnesota ranked 26th in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 245 housing units receiving a foreclosure filing during the quarter, ranked it 25th among the 50 states.

Anoka County led state with top foreclosure rate in third quarter

Anoka County posted the highest foreclosure rate in Minnesota during the third quarter of 2010, where one in every 87 housing units received a foreclosure filing — 2.8 times the state average. Wright County posted the second highest foreclosure rate, where one in every 105 housing units received a foreclosure filing during the period — 2.3 times the state average. Sherburne County documented the third highest foreclosure rate, where one in every 127 housing units received a foreclosure filing — 1.9 times the state average.

 

Hennepin County posts state’s top foreclosure total for third quarter

Hennepin County dominated, reporting 3,329 properties with foreclosure filings for the quarter. Anoka County was second, reporting 1,452 properties with foreclosure filings. Ramsey County was third, tallying 1,375 properties with foreclosure filings. Dakota County was fourth highest, reporting 698 properties with foreclosure filings. Wright County came in last for the state’s top five, reporting 462 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Minnesota. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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.

 

 

Minnesota Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Minnesota

26

0

4,230

0

5,243

9,499

245

1

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

657

0

795

1,452

87

1.60

2.83

Wright

0

0

152

0

310

462

105

1.32

2.33

Sherburne

0

0

25

0

227

252

127

1.09

1.94

Hennepin

0

0

1,659

0

1,670

3,329

153

0.91

1.61

Ramsey

0

0

724

0

651

1,375

158

0.88

1.55

 

 

Minnesota Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Minnesota

26

0

4,230

0

5,243

9,499

245

5.56

-10.56

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

1,659

0

1,670

3,329

153

7.39

-8.59

Anoka

0

0

657

0

795

1,452

87

35.70

5.45

Ramsey

0

0

724

0

651

1,375

158

6.51

-27.35

Dakota

0

0

222

0

476

698

225

-23.80

-20.32

Wright

0

0

152

0

310

462

105

26.58

28.69

 

 

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