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2013 Foreclosures in Minnesota Report

Posted on: Tuesday, February 18th, 2014  //  under

11,834 HOMES SOLD AT SHERIFFS’ SALES IN MINNESOTA IN 2013

 

ForeclosureChart_ForPressReleaseSt. Paul, MN – February 12, 2014– A report published this week by the Minnesota Homeownership Center shows there were 11,834 foreclosures in Minnesota in 2013, a 34% decline from the 17,895 foreclosures in 2012 and less than half the number of homes lost yearly to foreclosure in 2008 and 2010, the twin peak years of Minnesota’s foreclosure crisis. This most recent number is the fewest Sheriff’s sales held since 2005.

The report, titled “Foreclosures in Minnesota”, analyzes completed sheriff’s sales, the only means of accurately identifying foreclosures, from each of Minnesota’s 87 counties.

“If the housing market in Minnesota continues to heal at the rate we saw in 2013, we anticipate a return to more traditional foreclosure numbers within the next 12 to 18 months” stated Julie Gugin, Executive Director of the Minnesota Homeownership Center, but added “However, we can’t lose sight of the fact that while this most recent report is encouraging, it still means that more than 11,000 Minnesota families lost their homes and thousands more struggled with payments.”

Struggling homeowners are encouraged to seek the help of a certified foreclosure prevention specialist who is a member of the Homeownership Advisors Network, as soon as possible. Waiting limits a homeowner’s options. To find a free local foreclosure specialist, click here, or call the Minnesota Homeownership Center at 866-462-6466.

The Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report, with research provided by HousingLink.

To view a copy of the full report, go here.