This report provides a summary of findings from an evaluation of the foreclosure prevention counseling program supported by the Minnesota Home Ownership Center. The program delivers local foreclosure counseling services to consumers through 25 agencies throughout Minnesota. The report summarizes household and loan characteristics, service usage, and outcomes for homeowners receiving foreclosure counseling during 2009.
The complete report is available online at the Center's website, here.
Here are a few highlights from the report:
- In 2009, the Minnesota Home Ownership Center’s network of foreclosure counseling agencies served a record number of homeowners, providing services to 15,868 homeowners. This represents an increase of 34% from the previous year.
- 7,771 of the homeowners receiving counseling services were able to avoid foreclosure. \
- Foreclosures cost homeowners, lenders, local governments and neighboring home values. The foreclosures prevented by the Minnesota Home Ownership Center’s counseling network translates to an estimated savings of up to $600 million for Minnesota homeowners, lenders, neighborhoods and local governments in 2009 alone.
- The pattern of service use suggests that the foreclosure problem is moving out from the urban areas and into suburban and rural counties. The counties with the highest rate of households served form a ring surrounding Hennepin and Anoka counties.
The report was highlighted in an article in the Pioneer Press on June 19th. The article is here.