Foreclosures Rise Again – New Report

HOCMN August 12, 2010

A report published this week by the Minnesota Home Ownership Center shows there were 13,093 foreclosures in Minnesota at the end of the second quarter, compared to 11,089 during the same period last year. If this pace continues, Minnesota will see a 13% increase in the number of foreclosures over 2009. Even scarier… we could […]

A report published this week by the Minnesota Home Ownership Center shows there were 13,093 foreclosures in Minnesota at the end of the second quarter, compared to 11,089 during the same period last year. If this pace continues, Minnesota will see a 13% increase in the number of foreclosures over 2009.

Even scarier… we could even rival the number of foreclosures seen in 2008, the highest number on record. In 2008 there were 26,251 foreclosures in the state.

The report is titled “2010 Semi-Annual Foreclosures in Minnesota: A Report Based on County Sheriff’s Sale Data.” It analyzes sheriff’s sale data, the foremost means of identifying foreclosures, from all Minnesota counties.

The report gives a county-by-county breakdown of foreclosures.  There are several counties that have experienced a HUGE increase in the number of foreclosures (comparing first-half 2010 to first-half 2009).  For example:

  • Goodhue County . . . . . . . . 137.8 % Increase
  • Kandiyohi County . . . . . . . . 128 % Increase
  • St. Louis County . . . . . . . . 76% Increase
  • Sherburne County . . . . . . . . 34 % Increase

Even the metro area counties have continued to see a year-over-year increase (although not as dramatic as parts of Greater MN):

  • Chisago County . . . . . . . . 28.2% Increase
  • Dakota County . . . . . . . . 25.2% Increase
  • Hennepin County . . . . . . . . 13.2% Increase
  • Ramsey County . . . . . . . . 5.6% Increase

While the numbers remain elevated… the Center remains committed to helping MN homeowners through its foreclosure counseling network!!  Remember… the sooner you or your clients seek help to avoid foreclosure, the more options they have available. If you, or someone you know is struggling with mortgage payments… don’t wait (and don’t EVER pay for help). To find your local non-profit, FREE Foreclosure Counselor, click here. For additional information about preventing foreclosure in Minnesota, click here.

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