Tuesday, October 13, 2009

Pre-Foreclosure Notices, September 2009

It was brought to our attention (Thanks, Aaron!) that we hadn't updated the numbers of pre-foreclosure notices that our counseling network has received for a couple of months.

If the number of pre-foreclosure notices are a leading indicator of future foreclosures (which is a fairly safe assumption)... MN still has a LONG way to go before we reach the end of the foreclosure crisis.

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 prevention agencies recieves 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.

Here are the January through September, 2009 STATEWIDE Pre-Foreclosure Numbers:

(Click On Either Image To Enlarge)

Here are the January through September, 2009 Twin Cities Metro Pre-Foreclosure Numbers:

(Click On Either Image To Enlarge)

We've added trend lines to both charts to help readers see where we seem to be heading.

Once again, we have to tip our hats to the statewide network of Foreclosure Counselors! 6,411 families received notification of their services in September alone!
This brings the annual total of pre-foreclosure notices received to:
  • Twin Cities Metro: 31,487 (!)
  • Minnesota Statewide: 49,985 (!!)
If you're falling behind with your mortgage payments... or think you may fall behind soon... don't delay, contact a Housing Counselor that specializes in foreclosure today! To contact your local Counselor, click here.

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