Minnesota Foreclosures Rise in November

Foreclosure filings up 5 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,198 Minnesota properties in November, up 5 percent from the previous month but a 7 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Minnesota foreclosures were up in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 85 percent for the month. The state had the biggest decline in home sales during the third quarter. This has definitely contributed to the recent rise.”

Minnesota ranked 21st in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 729 housing units receiving a foreclosure filing during the month, ranked it 21st again among the 50 states.

Anoka County achieves top foreclosure rate honors in November

Anoka County posted the highest foreclosure rate in Minnesota for November, with one in every 239 housing units receiving a foreclosure filing — 3.1 times the state average. Dakota County reported the second highest foreclosure rate, with one in every 356 housing units receiving a foreclosure filing for the month — twice the state average. Sherburne County came in third, with one in every 367 housing units receiving a foreclosure filing — twice the state average.

 

Hennepin County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Hennepin County, which reported 1,031 properties with foreclosure filings for the month. Anoka County tallied the second highest foreclosure level, reporting 527 properties with foreclosure filings. Third highest total was in Ramsey County, where 492 properties with foreclosure filings were reported. Fourth highest was Dakota County, where 441 properties with foreclosure filings were reported. Wright County filled out the top five for the month, reporting 121 properties with foreclosure filings.

 

State contributes 1 percent to nation’s foreclosure total

Minnesota accounted for 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Minnesota

24

0

1,268

0

1,906

3,198

729

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Anoka

0

0

306

0

221

527

239

2.06

3.06

Dakota

0

0

90

0

351

441

356

1.38

2.05

Sherburne

0

0

5

0

82

87

367

1.34

1.99

Wright

0

0

29

0

92

121

402

1.23

1.82

Ramsey

0

0

201

0

291

492

443

1.11

1.65

 

 

Minnesota Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Minnesota

24

0

1,268

0

1,906

3,198

729

4.75

-6.85

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

491

0

540

1,031

493

-7.28

-6.53

Anoka

0

0

306

0

221

527

239

7.77

-1.13

Ramsey

0

0

201

0

291

492

443

13.10

-3.34

Dakota

0

0

90

0

351

441

356

188.24

41.80

Wright

0

0

29

0

92

121

402

68.06

-12.95

 

 

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