Minnesota Foreclosure Activity Rises in August

Filings increase 11 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,478 Minnesota properties in August, an 11 percent increase from the previous month, but a 6 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Minnesota reported a substantial increase in foreclosure filings in August, though activity remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains relatively stable, with only a slight increase in August to 7 percent. If this stability in Minnesota’s job market continues, the coming months could bring about a foreclosure slowdown.”

 

The state reported the 24th highest state foreclosure rate, as one in every 670 Minnesota housing units received a foreclosure filing during the month.

 

Anoka County leads the state in foreclosure rate for August

Anoka County, where one in every 231 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Minnesota. One in every 261 housing units received a foreclosure filing in Wright County, for the second highest rate in the state. Coming in third was Sherburne County, where one in every 329 housing units received a foreclosure filing in August. Fourth highest was Scott County, where one in every 424 housing units received a foreclosure filing. Hennepin County came in fifth, with one in every 424 housing units receiving a foreclosure filing during the month.

 

Hennepin County posts top foreclosure total for August

Hennepin County led Minnesota in total foreclosure activity for August, reporting 1,200 properties with foreclosure filings. Anoka County documented the second highest foreclosure activity, where 545 properties with foreclosure filings were reported. Ramsey County came in third, tallying 495 properties with foreclosure filings. Fourth highest was Dakota County, where 327 properties with foreclosure filings were reported. Wright County came in fifth, reporting 186 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Minnesota accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Minnesota

9

0

1,595

0

1,874

3,478

670

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

276

0

269

545

231

1.65

2.91

Wright

0

0

75

0

111

186

261

1.46

2.57

Sherburne

0

0

7

0

90

97

329

1.16

2.04

Scott

0

0

87

0

24

111

424

0.90

1.58

Hennepin

0

0

614

0

586

1,200

424

0.90

1.58

 

 

Minnesota Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Minnesota

9

0

1,595

0

1,874

3,478

670

11.33

-5.69

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

614

0

586

1,200

424

16.39

-11.24

Anoka

0

0

276

0

269

545

231

-8.56

2.64

Ramsey

0

0

273

0

222

495

440

34.51

-31.63

Dakota

0

0

93

0

234

327

480

40.34

9.36

Wright

0

0

75

0

111

186

261

2.76

48.80

 

 

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