MINNESOTA FORECLOSURES JUMP 48 PERCENT IN AUGUST

State’s Activity Nearly Six Times Higher Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Minnesota reported 631 properties entering some stage of the foreclosure process in August, a 48 percent spike in activity from the 427 properties reported in July, and soaring 579 percent above the 93 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Minnesota foreclosure numbers are the highest they’ve been all year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that employment and per capita income growth for the state was below the national average during the first quarter of the year. This may be contributing to the rise in foreclosures we are now seeing.”

 

Minnesota ranked 25th in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 3,277 households — 31 percent of the national average — ranks it 32nd among the 50 states.

 

Hennepin County accounts for largest share of state foreclosures

Hennepin County accounted for 77 percent of all foreclosures in the state of Minnesota for August, reporting 488 properties entering some stage of the foreclosure process. Dakota County had the second highest total, reporting 49 properties entering some stage of the foreclosure process, followed by Wright County where 25 properties entered the foreclosure pipeline.

 

Highest foreclosure rate reported in Hennepin County

Hennepin County also posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 961 households — 3.4 times the state average and on par with the national average. Reporting one new foreclosure filing for every 1,374 households — 2.4 times the state average — Wright County had the second highest foreclosure rate in the state, followed by Rock County with one new foreclosure filing for every 2,069 households — 1.6 times the state average.

 

State has minor impact on national total

Minnesota‘s foreclosure activity accounted for less than 1 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Minnesota

10

511

0

0

110

631

3,277

0.31

 

 

 

 

 

 

 

 

 

 

Aitkin

0

0

0

0

1

1

14,168

0.07

0.23

Anoka

1

3

0

0

0

4

27,023

0.04

0.12

Becker

0

0

0

0

1

1

16,612

0.06

0.20

Carlton

0

0

0

0

0

0

 

0.00

0.00

Carver

0

2

0

0

6

8

3,110

0.32

1.05

Cass

0

0

0

0

1

1

21,286

0.05

0.15

Chisago

0

1

0

0

1

2

7,767

0.13

0.42

Clay

0

0

0

0

0

0

 

0.00

0.00

Crow Wing

0

2

0

0

0

2

16,742

0.06

0.20

Dakota

5

1

0

0

43

49

2,730

0.37

1.20

Fillmore

0

1

0

0

1

2

4,454

0.23

0.74

Goodhue

0

0

0

0

1

1

17,897

0.06

0.18

Hennepin

0

478

0

0

10

488

961

1.04

3.41

Houston

0

0

0

0

0

0

 

0.00

0.00

Isanti

0

0

0

0

1

1

12,062

0.08

0.27

Kanabec

0

0

0

0

0

0

 

0.00

0.00

Kandiyohi

0

0

0

0

1

1

18,415

0.05

0.18

Koochiching

0

1

0

0

0

1

7,719

0.13

0.42

Lake

0

1

0

0

0

1

6,840

0.15

0.48

Le Sueur

0

2

0

0

0

2

5,429

0.18

0.60

Mahnomen

0

0

0

0

0

0

 

0.00

0.00

Marshall

0

0

0

0

1

1

4,791

0.21

0.68

Martin

0

0

0

0

1

1

9,800

0.10

0.33

McLeod

0

0

0

0

1

1

14,087

0.07

0.23

Mille Lacs

0

0

0

0

1

1

10,467

0.10

0.31

Norman

0

0

0

0

0

0

 

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

 

0.00

0.00

Pine

0

0

0

0

1

1

15,353

0.07

0.21

Ramsey

1

10

0

0

2

13

15,881

0.06

0.21

Rice

0

0

0

0

0

0

 

0.00

0.00

Rock

1

0

0

0

1

2

2,069

0.48

1.58

Saint Louis

0

1

0

0

9

10

9,580

0.10

0.34

Scott

0

2

0

0

1

3

10,536

0.10

0.31

Sherburne

0

1

0

0

3

4

5,707

0.18

0.57

Steele

1

1

0

0

0

2

6,653

0.15

0.49

Wabasha

0

0

0

0

0

0

 

0.00

0.00

Wadena

0

1

0

0

0

1

6,334

0.16

0.52

Washington

0

0

0

0

0

0

 

0.00

0.00

Wilkin

0

0

0

0

0

0

 

0.00

0.00

Winona

0

0

0

0

0

0

 

0.00

0.00

Wright

1

2

0

0

22

25

1,374

0.73

2.38

 

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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