Simply put, there’s nothing newsworthy about the number of pre-foreclosure notices issued in the first quarter of 2014 to Minnesota homeowners… and that’s a very good thing! The number of pre-foreclosure notices came in well within expectations and continued in line with the downward trend we have seen since Q3, 2010.
In the first quarter of 2014, Minnesota homeowners received only 5,528 notices, a healthy 41% drop from the number of notices issued in the same quarter of 2013: 5,528 vs. 9,291. The Twin Cities Metro received 56% of the notices issued (3,070) and Greater Minnesota received 44% (2,458).
As always, we use the word ‘only’ cautiously when discussing foreclosures, as it still means that more than 5,500 households are not only struggling with their mortgage, but have fallen far enough behind for their lender or lien holder to begin the foreclosure process.
The Center has put together another infographic to help visualize the data surrounding pre-foreclosure notices:
If you, or someone you know, is struggling with to keep up with their mortgage payments, or is worried about a FUTURE payment… don’t delay, contact a Homeownership Advisor that specializes in foreclosure today! To learn more, or to contact your local organization, click here.