MINNESOTA FORECLOSURES UP 24 PERCENT IN DECEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Level Surges 205 Percent From a Year Ago

 

IRVINE, Calif. – Jan. 15, 2007 – Minnesota reported 717 properties entering some stage of the foreclosure process in December, a 24 percent increase from the 578 properties reported in November, and surging 205 percent from the 235 properties reported for the same month last year, according to the RealtyTrac™ 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 are the highest they’ve been throughout 2006 and more than double what they were a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales and home price appreciation are well below the national average. This is undoubtedly contributing to the overall rise in foreclosures.”

 

Minnesota ranked 24th in the country in total foreclosures reported for December. The state’s foreclosure rate of one new foreclosure filing for every 2,884 households ranks it 28th among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 88 percent of all Minnesota foreclosures for the month. Leading the way was Hennepin County, reporting 523 properties entering some stage of the foreclosure process. Dakota County had the second highest total, reporting 79 properties entered some stage of the foreclosure process. Wright County registered the third highest total, reporting 28 properties in the foreclosure pipeline.

 

State’s top foreclosure rate found in Hennepin County

Hennepin County posted the state’s highest foreclosure rate for December, with one new foreclosure filing for every 896 households — 3.2 times the state average and 1.2 times the national average. Wright County reported the second highest foreclosure rate, with one new foreclosure filing for every 1,227 households — 2.4 times the state average. Dakota County posted the third highest foreclosure rate, with one new foreclosure filing for every 1,693 households — 1.7 times the state average.

 

State contributes less than 1 percent to national total

Minnesota’s foreclosure activity accounted for less than 1 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a 9 percent decrease from the 120,334 foreclosures reported in November. The nation’s foreclosure rate decreased to one new foreclosure filing for every 1,055 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                 Minnesota Foreclosure Market by County – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

Minnesota

41

572

0

0

104

717

2,884

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Aitkin

0

1

0

0

0

1

14,168

0.07

0.20

Anoka

0

8

0

0

0

8

13,511

0.08

0.21

Becker

0

0

0

0

0

0

n/a

0.00

0.00

Carver

1

0

0

0

11

12

2,074

0.51

1.39

Chippewa

0

1

0

0

0

1

5,855

0.18

0.49

Chisago

0

1

0

0

0

1

15,533

0.07

0.19

Clay

1

0

0

0

0

1

19,746

0.05

0.15

Dakota

30

8

0

0

41

79

1,693

0.62

1.70

Goodhue

1

2

0

0

0

3

5,966

0.18

0.48

Hennepin

1

522

0

0

0

523

896

1.18

3.22

Houston

0

0

0

0

0

0

n/a

0.00

0.00

Isanti

0

1

0

0

0

1

12,062

0.09

0.24

Lake

0

1

0

0

0

1

6,840

0.15

0.42

Le Sueur

0

0

0

0

1

1

10,858

0.10

0.27

Meeker

0

1

0

0

0

1

9,821

0.11

0.29

Mille Lacs

0

1

0

0

0

1

10,467

0.10

0.28

Norman

0

0

0

0

0

0

n/a

0.00

0.00

Olmsted

0

1

0

0

0

1

49,422

0.02

0.06

Otter Tail

0

0

0

0

0

0

n/a

0.00

0.00

Ramsey

0

14

0

0

0

14

14,746

0.07

0.20

Rice

0

1

0

0

1

2

10,031

0.11

0.29

Saint Louis

4

0

0

0

12

16

5,988

0.18

0.48

Scott

0

2

0

0

12

14

2,258

0.47

1.28

Sherburne

0

3

0

0

2

5

4,565

0.23

0.63

Stearns

0

1

0

0

0

1

50,291

0.02

0.06

Wabasha

0

0

0

0

0

0

n/a

0.00

0.00

Washington

1

1

0

0

0

2

36,818

0.03

0.08

Winona

0

0

0

0

0

0

n/a

0.00

0.00

Wright

2

2

0

0

24

28

1,227

0.86

2.35

 

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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