MINNESOTA FORECLOSURES INCREASE 17 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Activity Level Leaps 153 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – Minnesota reported 623 properties entering some stage of the foreclosure process in October, a 17 percent increase from the 533 properties reported in September, and a 153 percent surge in activity from the 246 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Minnesota foreclosures have increased both in October and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that even though employment is growing throughout the state, wages are still lower than the national average.  This, in addition to expanding drought conditions, is likely contributing to the rise in foreclosures.”

 

Minnesota ranked 27th in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 3,319 households — one-third of the national average — ranks it 34th among the 50 states.

 

Hennepin County accounts for bulk of state total

Foreclosures in Hennepin County accounted for 73 percent of all activity in Minnesota for October, reporting 453 properties entering some stage of the foreclosure process. Reporting 69 properties entering some stage of the foreclosure process for the month, Dakota County had the second highest total, followed by Wright County where 45 properties entered the foreclosure pipeline. 

 

Wright County posts state’s top foreclosure rate

Wright County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 763 households — 4.4 times the state average and 1.3 times the national average. Reporting one new foreclosure filing for every 1,035 households — 3.2 times the state average — Hennepin County had the second highest foreclosure rate. Dakota County completed the top three with one new foreclosure filing for every 1,938 households — 1.7 times the state average.

 

State makes small contribution to national total

Minnesota’s foreclosure activity accounted for less than 1 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 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 – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Minnesota

41

484

0

0

98

623

3,319

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

1

5

0

0

0

6

18,015

0.06

0.18

Becker

0

0

0

0

0

0

 n/a

0.00

0.00

Beltrami

0

0

0

0

0

0

 n/a

0.00

0.00

Blue Earth

0

2

0

0

0

2

10,986

0.09

0.30

Carver

1

2

0

0

4

7

3,555

0.28

0.93

Cass

0

0

0

0

0

0

 n/a

0.00

0.00

Chisago

0

1

0

0

0

1

15,533

0.06

0.21

Clay

0

0

0

0

0

0

 n/a

0.00

0.00

Crow Wing

0

2

0

0

0

2

16,742

0.06

0.20

Dakota

8

5

0

0

56

69

1,938

0.52

1.71

Dodge

0

0

0

0

0

0

 n/a

0.00

0.00

Faribault

0

0

0

0

0

0

 n/a

0.00

0.00

Freeborn

0

0

0

0

0

0

 n/a

0.00

0.00

Goodhue

1

0

0

0

0

1

17,897

0.06

0.19

Hennepin

3

448

0

0

2

453

1,035

0.97

3.21

Houston

0

0

0

0

0

0

 n/a

0.00

0.00

Isanti

0

1

0

0

0

1

12,062

0.08

0.28

Itasca

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

0

0

0

0

0

 n/a

0.00

0.00

Kandiyohi

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

1

0

0

0

1

6,840

0.15

0.49

Le Sueur

0

1

0

0

1

2

5,429

0.18

0.61

Mahnomen

0

0

0

0

0

0

 n/a

0.00

0.00

Martin

0

0

0

0

0

0

 n/a

0.00

0.00

McLeod

0

0

0

0

0

0

 n/a

0.00

0.00

Meeker

0

0

0

0

0

0

 n/a

0.00

0.00

Mille Lacs

1

0

0

0

0

1

10,467

0.10

0.32

Mower

0

0

0

0

0

0

 n/a

0.00

0.00

Norman

0

0

0

0

0

0

 n/a

0.00

0.00

Olmsted

0

1

0

0

0

1

49,422

0.02

0.07

Otter Tail

0

0

0

0

0

0

 n/a

0.00

0.00

Polk

0

0

0

0

0

0

 n/a

0.00

0.00

Ramsey

0

5

0

0

1

6

34,408

0.03

0.10

Rice

0

0

0

0

1

1

20,061

0.05

0.17

Saint Louis

1

3

0

0

12

16

5,988

0.17

0.55

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Sherburne

0

1

0

0

1

2

11,414

0.09

0.29

Sibley

0

1

0

0

0

1

6,024

0.17

0.55

Stearns

0

1

0

0

0

1

50,291

0.02

0.07

Steele

0

1

0

0

0

1

13,306

0.08

0.25

Todd

0

0

0

0

0

0

 n/a

0.00

0.00

Wabasha

0

0

0

0

0

0

 n/a

0.00

0.00

Wadena

0

0

0

0

1

1

6,334

0.16

0.52

Washington

0

1

0

0

0

1

73,635

0.01

0.05

Wilkin

0

0

0

0

0

0

 n/a

0.00

0.00

Winona

0

0

0

0

0

0

 n/a

0.00

0.00

Wright

25

1

0

0

19

45

763

1.31

4.35

Yellow Medicine

0

1

0

0

0

1

4,873

0.21

0.68

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, 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 MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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