Minnesota Reports Decreased Foreclosure Activity in April

Statewide foreclosure filings down 21 percent for month; down 19 percent from April 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,646 Minnesota properties in April, down 21 percent from March and 19 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 882 Minnesota housing units received a foreclosure filing in April, the nation’s 23rd highest foreclosure rate. Unemployment within the state remained low at 6.6 percent, well below the national average.

 

Wright County top in foreclosure rate for April

Wright County posted the highest foreclosure rate of all Minnesota counties in April, with one in every 404 housing units receiving a foreclosure filing — 2.2 times the state average. Anoka County posted the second highest foreclosure rate, where one in every 443 housing units received a foreclosure filing during the month — twice the state average. Ramsey County came in third, with one in every 480 housing units receiving a foreclosure filing during the month — 1.8 times the state average.

 

Hennepin County led the state in foreclosure activity in April

Hennepin County led all counties in foreclosure activity, reporting 955 properties with foreclosure filings for the month. Ramsey County was second highest, reporting 449 properties with foreclosure filings. Third highest in the state was Anoka County, where 283 properties with foreclosure filings were reported. Dakota County was fourth highest, tallying 196 properties with foreclosure filings. Washington County came in fifth, reporting 149 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure crisis in April

Minnesota accounted for 1 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Minnesota

18

0

1,317

1

1,310

2,646

882

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Wright

0

0

51

0

70

121

404

1.47

2.18

Anoka

0

0

154

0

129

283

443

1.34

1.99

Ramsey

0

0

283

0

166

449

480

1.24

1.84

Sherburne

0

0

6

0

58

64

500

1.19

1.76

Hennepin

0

0

506

0

449

955

530

1.12

1.66

 

 

Massachusetts Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Minnesota

18

0

1,317

1

1,310

2,646

882

-20.54

-19.18

 

 

 

 

 

 

 

 

 

 

Hennepin

0

0

506

0

449

955

530

-27.60

-25.04

Ramsey

0

0

283

0

166

449

480

14.54

-8.37

Anoka

0

0

154

0

129

283

443

-20.06

-2.75

Dakota

0

0

75

0

121

196

802

-30.99

-19.34

Washington

0

0

117

0

32

149

610

-42.25

7.97

 

 

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