MINNESOTA FORECLOSURES DROP 21 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 61 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – Minnesota reported 427 properties entering some stage of the foreclosure process in July, a 21 percent decrease in activity from the 543 properties reported in June, but a 61 percent increase from the 266 properties reported for the same month last year, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“After reaching a peak in June, Minnesota foreclosures appear to be heading back downward,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Strong employment gains – especially in education and the health services sectors – are helping to keep the state’s foreclosure rate well below the national average.”

 

Minnesota ranked 29th in the nation for total foreclosures in July.  The state’s foreclosure rate of one new foreclosure filing for every 4,843 households — 26 percent of the national average — ranks it 33rd among the 50 states.

 

Hennepin County Accounted for Largest Share of State Total

Leading the state in foreclosures for the month was Hennepin County, reporting 288 properties entering some stage of the foreclosure process.  Dakota County came in second reporting 40 properties, followed by Carver County where 14 properties entered some stage of the foreclosure process.  

 

Highest Foreclosure Rate Also Posted in Hennepin County

Hennepin County also posted the state’s highest foreclosure rate in July, reporting one new foreclosure filing for every 1,628 households – three times the state average.  Reporting one new foreclosure filing for every 1,777 households – 2.7 times the state average – Carver County had the second highest foreclosure rate, followed by Traverse County with one new foreclosure filing for every 2,199 households – 2.2 times the state average.  Other notable foreclosure rates were in Dodge County with one new foreclosure filing for every 3,321 households — 1.5 times the state average and Dakota County with one new foreclosure filing for every 3,344 households — 1.5 times the state average.

 

State Accounts for 0.5 Percent of National Total

Minnesota‘s foreclosure activity accounted for 0.5 percent of the 92,845 properties entering some stage of the foreclosure process nationwide in July. The national total represents a 5 percent increase from the 88,194 foreclosures reported in June. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,245 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

 

                          Minnesota Foreclosure Market by County – July 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

Minnesota

8

323

0

0

96

427

4,843

0.26

 

 

 

 

 

 

 

 

 

 

Anoka

0

6

0

0

6

12

9,008

0.14

0.54

Becker

0

0

0

0

0

0

 

0.00

0.00

Benton

0

1

0

0

0

1

13,460

0.09

0.36

Carlton

0

0

0

0

1

1

13,721

0.09

0.35

Carver

1

0

0

0

13

14

1,777

0.70

2.72

Cass

0

0

0

0

0

0

  —  

0.00

0.00

Chippewa

0

1

0

0

0

1

5,855

0.21

0.83

Chisago

0

0

0

0

1

1

15,533

0.08

0.31

Clay

0

0

0

0

1

1

19,746

0.06

0.25

Crow Wing

0

2

0

0

1

3

11,161

0.11

0.43

Dakota

3

4

0

0

33

40

3,344

0.37

1.45

Dodge

0

2

0

0

0

2

3,321

0.38

1.46

Douglas

0

0

0

0

0

0

 

0.00

0.00

Faribault

0

0

0

0

0

0

 

0.00

0.00

Freeborn

0

2

0

0

1

3

4,665

0.27

1.04

Goodhue

0

0

0

0

0

0

 

0.00

0.00

Hennepin

3

281

0

0

4

288

1,628

0.77

2.98

Houston

0

0

0

0

0

0

 

0.00

0.00

Hubbard

0

0

0

0

1

1

12,229

0.10

0.40

Isanti

0

0

0

0

0

0

 

0.00

0.00

Itasca

0

0

0

0

1

1

24,528

0.05

0.20

Jackson

0

0

0

0

0

0

 

0.00

0.00

Kanabec

0

0

0

0

1

1

6,846

0.18

0.71

Le Sueur

0

1

0

0

0

1

10,858

0.11

0.45

Lincoln

0

1

0

0

0

1

4,043

0.31

1.20

McLeod

0

0

0

0

1

1

14,087

0.09

0.34

Meeker

0

0

0

0

1

1

9,821

0.13

0.49

Mille Lacs

0

1

0

0

0

1

10,467

0.12

0.46

Morrison

0

1

0

0

2

3

4,623

0.27

1.05

Mower

0

0

0

0

3

3

5,417

0.23

0.89

Norman

0

0

0

0

0

0

 

0.00

0.00

Olmsted

1

1

0

0

3

5

9,884

0.13

0.49

Otter Tail

0

1

0

0

0

1

33,862

0.04

0.14

Pine

0

0

0

0

1

1

15,353

0.08

0.32

Polk

0

2

0

0

2

4

3,502

0.36

1.38

Ramsey

0

6

0

0

2

8

25,806

0.05

0.19

Redwood

0

0

0

0

1

1

7,230

0.17

0.67

Renville

0

1

0

0

0

1

7,413

0.17

0.65

Rice

0

0

0

0

2

2

10,031

0.12

0.48

Roseau

0

0

0

0

1

1

7,101

0.18

0.68

Saint Louis

0

0

0

0

4

4

23,950

0.05

0.20

Scott

0

2

0

0

3

5

6,322

0.20

0.77

Sherburne

0

1

0

0

0

1

22,827

0.05

0.21

Stearns

0

1

0

0

1

2

25,146

0.05

0.19

Steele

0

1

0

0

0

1

13,306

0.09

0.36

Traverse

0

1

0

0

0

1

2,199

0.57

2.20

Washington

0

1

0

0

0

1

73,635

0.02

0.07

Wilkin

0

0

0

0

0

0

 

0.00

0.00

Winona

0

0

0

0

1

1

19,551

0.06

0.25

Wright

0

2

0

0

4

6

5,726

0.22

0.85

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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