2010 Continues To Outpace 2009 (Pre-foreclosure Notices)

HOCMN August 5, 2010

The Minnesota Home Ownership Center has compiled the pre-foreclosure notices received by the statewide network of Foreclosure Counselors through the end of the second quarter (June)… and 2010 continues to outpace 2009: (Click To Enlarge) (Click To Enlarge) The same trend continues for the Twin Cities Metro area. 2010 pre-foreclosure numbers have outpaced 2009 numbers […]

The Minnesota Home Ownership Center has compiled the pre-foreclosure notices received by the statewide network of Foreclosure Counselors through the end of the second quarter (June)… and 2010 continues to outpace 2009:

(Click To Enlarge)

(Click To Enlarge)
The same trend continues for the Twin Cities Metro area. 2010 pre-foreclosure numbers have outpaced 2009 numbers EVERY MONTH of the quarter:

(Click To Enlarge)
Here’s how the different Metro counties break down in 2010:

(Click To Enlarge)
2009 had the SECOND HIGHEST foreclosure rate ever in the state of Minnesota. Is it possible… given the fact that the number of pre-foreclosure notices issued by lenders in 2010 is outpacing the number in 2009, that 2010 will become the second highest year on record? We welcome your opinion in the comments.
As background for new readers, Minnesota State law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgager (homeowner) AND provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency – BEFORE filing the notice of pendency.
Once The Minnesota Home Ownership Center’s network of foreclosure counselors receives notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.

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