Monday, May 3, 2010

Uh-oh... First Quarter Pre-Foreclosure Notices

The Center has compiled the pre-foreclosure notice counts for the First Quarter of 2010 and the news is NOT GOOD

Q1 of 2010 is the highest quarter on record:


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Here are the statewide numbers for the first quarter of 2010... with a chart comparing year-over-year to the same time period in 2010:



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While not as pronounced as the statewide numbers, a similar increase can be seen in the Twin Cities Metro Area numbers:


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Here's how the different counties have fared so far in 2010:

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To compare these monthly numbers to the same time period last year... you can see our year-end wrap-up numbers here.


These increases certainly don't bode well for the number of foreclosures that we'll see in Minnesota in 2010!


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.

1 comment:

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    ReplyDelete

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