Preforeclosure Notices

Uptick in Preforeclosure Notices: Blip or Trend?

A mixed-bag for foreclosures in Minnesota

St. Paul, MN – May 1, 2013   On Wednesday May 1, the Minnesota Homeownership Center released its first quarter data on the aggregate number of Preforeclosure Notices received by foreclosure prevention specialists in the Homeownership Advisors Network. The numbers send some mixed messages. Overall… it’s something that we’ll need to track carefully over the coming quarters.

In the first quarter of 2013, members of the Homeownership Advisors Network received 9,291 preforeclosure notices, 23% fewer than during the same time period in 2012, but a somewhat troubling 34% increase from the number received in the Fourth Quarter of 2012.

The Twin Cities Metro area also saw a similar situation with their preforeclosure notice numbers… down Year-Over-Year (-34.5%) while up from the fourth quarter of 2012 to the first quarter of 2013 (+25.1%).

There was a WIDE variance in the year-over-year comparison of preforeclosure notices received by homeowners in the Twin Cities Metro:

Suburban Hennepin County homeowners received less than HALF the number of preforeclosure notices in the first quarter of 2013 than they received in the first quarter of 2012. However, 20% MORE Ramsey County residents received a preforeclosure notice when we compare the same time period.
While most Metro counties overall saw generous declines in the number of struggling homeowners… Anoka County bucked that trend and 44 more households received a notice in the first quarter of 2013 than in the same quarter in 2012. (A 4% increase).

One quarter of data does NOT make a trend. We’ll keep monitoring these numbers carefully over the coming quarters to see if a trend develops.
It’s also important to keep in mind that while the overall trend of preforeclosure notices continues to head in the right direction… the numbers signify that almost 10,000 Minnesota families continue to fall behind in mortgage payments. Tens of thousands more are surely struggling to make mortgage payments and will continue to need the foreclosure prevention services provided by the Minnesota Homeownership Center and the Homeownership Advisors Network.

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.

Foreclosures Fall to Lowest Level Since 2006

Number of homes lost to foreclosure falls to lowest level since 2006

17,895 homes sold at Sheriff’s Sale in Minnesota in 2012

St. Paul, MN – February 13, 2013 — The number of homes lost to foreclosure in Minnesota has fallen to the lowest level since 2006, according to a new report from the Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and the Family Housing Fund.

 The report, titled “Foreclosures in Minnesota,” identified a total of 17,895 foreclosures in Minnesota in 2012, a decrease of 16% from 2011.

Using research provided by HousingLink, the report analyzes sheriff’s sale data, the primary means of identifying foreclosures, from all Minnesota Counties.

“We continue to see improvement in the housing market and we know that our foreclosure prevention efforts in Minnesota, combined with improvements in how banks and lenders deal with struggling homeowners are having a positive impact on the number of foreclosures,” stated Julie Gugin, Executive Director of the Minnesota Homeownership Center. “While we’re certainly moving in the right direction, we can’t lose sight of the fact that the number is still three times higher than it was before the crisis began. ”

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

Founded in 1993, the Minnesota Homeownership Center is celebrating 20 years of promoting successful homeownership throughout the state and has been one of the state’s primary responders to the foreclosure crisis.

To Open the Full Report, Click HERE

Leading Minnesota Home for 20 Years!

Two Decades Supporting Successful Homeownership in Minnesota

The Center’s unique approach to homeownership preparedness and sustainability has made the Center one of the nation’s premier housing non-profits and has impacted the lives of hundreds of thousands of Minnesota families during the last 20 years.

Click (More…) to read about some of our other accomplishments.

(more…)

Dramatic Drop in Preforeclosure Notices

A good sign for Minnesota’s housing market as notices drop to their lowest level on record.

St. Paul, MN – January 22, 2013 On Tuesday, January 22nd, the Minnesota Homeownership Center released its year-end data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network.

The numbers continue to show almost universal good news about the future of foreclosures in Minnesota.

In the fourth quarter of 2012, Minnesota homeowners received only 6,937 preforeclosure notices, 45% fewer than during the same time period in 2011, reaching the lowest level since state law required that mortgage servicers provide the notices in late 2008.

In total, Minnesota households received 39,054 preforeclosure notices in 2012, more than 28% fewer than they did in 2011.

“It is encouraging to see that the foreclosure situation continues to improve for Minnesota households,” stated Julie Gugin, Executive Director of the Minnesota Homeownership Center. Gugin continued “the state of the economy, the willingness of lenders to work with struggling homeowners before they enter the foreclosure process and the hard work of our network of foreclosure prevention counselors are all impacting the number of households in preforeclosure. However, it’s also important to note that tens of thousands of households continue to struggle with payments.”

For additional details and historical context of the preforeclosure notice, visit the Minnesota Homeownership Center’s website at www.hocmn.org.

In 2013, the Minnesota Homeownership Center is celebrating its 20th Anniversary of promoting successful homeownership throughout the state and has been one of the state’s primary responders to the foreclosure crisis.

Online homebuyer education

New! Online homebuyer education A new way to learn how to be a successful homeowner.