Minnesota Foreclosures Down in 2010

Foreclosure filings fall 1 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 31,315 Minnesota properties for 2010, down 1 percent from a year ago, but still 54 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 2,853 Minnesota properties in December 2010, an 11 percent decrease from November and 15 percent below the level reported in December 2009. One in every 817 Minnesota housing units received a foreclosure filing during the month.

 

“Minnesota foreclosure activity fell slightly from 2009 to 2010, though it remained well above the level reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate improved toward the end of the year, falling in December to 7 percent and providing some hope that an economic turnaround may be on the way to rid the state of its lingering foreclosure woes.”

 

One in every 74 Minnesota housing units received a foreclosure filing in 2010, the 24th highest state foreclosure rate in the nation for the year.

 

Anoka County posts state’s top foreclosure rate in 2010

Anoka County posted the highest foreclosure rate in Minnesota in 2010, with one in every 32 housing units receiving a foreclosure filing — 2.3 times the state average. Sherburne County came in second, with one in every 35 housing units receiving a foreclosure filing in 2010 — 2.2 times the state average. The next highest was Wright County, where one in every 37 housing units received a foreclosure filings during the year — twice the state average.

 

Hennepin County led the state in foreclosure activity in 2010

Hennepin County led Minnesota in foreclosure acitivity, reporting 10,581 properties with foreclosure filings. Ramsey County had the second highest total, with 4,391 properties with foreclosure filings. Anoka County was third highest, reporting 3,904 properties with foreclosure filings for the year. Dakota County came in fourth, tallying 2,943 properties with foreclosure filings. Fifth highest total for the year was in Washington County, where 1,499 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Minnesota accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Minnesota

189

0

10,939

0

20,187

31,315

74

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

1,592

0

2,312

3,904

32

1.40

2.31

Sherburne

0

0

53

0

870

923

35

1.30

2.15

Wright

0

0

329

0

969

1,298

37

1.20

1.99

Hennepin

0

0

3,685

0

6,896

10,581

48

0.94

1.55

Scott

0

0

743

0

218

961

49

0.92

1.52

 

 

Minnesota Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Minnesota

189

0

10,939

0

20,187

31,315

74

-1.21

54.40

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

3,685

0

6,896

10,581

48

-1.21

18.57

Ramsey

0

0

1,913

0

2,478

4,391

50

-11.65

55.82

Anoka

0

0

1,592

0

2,312

3,904

32

-0.38

295.54

Dakota

0

0

617

0

2,326

2,943

53

14.56

24.60

Washington

0

0

1,195

0

304

1,499

60

-20.98

535.17

 

 

 

Minnesota Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Minnesota

23

0

1,025

0

1,805

2,853

817

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

193

0

169

362

347

1.44

2.35

Sherburne

0

0

2

0

80

82

390

1.29

2.10

Dakota

0

0

94

0

281

375

419

1.20

1.95

Wright

0

0

17

0

89

106

458

1.09

1.78

Rice

0

0

0

0

48

48

497

1.01

1.65

 

 

Minnesota Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Minnesota

23

0

1,025

0

1,805

2,853

817

-10.79

-14.50

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

407

0

585

992

513

-3.78

-7.46

Ramsey

0

0

198

0

206

404

539

-17.89

-1.70

Dakota

0

0

94

0

281

375

419

-14.97

33.93

Anoka

0

0

193

0

169

362

347

-31.31

-24.11

Wright

0

0

17

0

89

106

458

-12.40

-51.15

 

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