The report is available online here.
Here are just a handful of the highlights of the report:
- Although the number of sheriff sales in Minnesota dropped from 26,000 to 23,000 between 2008 and 2009, the 2009 level is dramatically higher than the 6,500 sales that occurred in 2005.2 In addition, the number of sheriff sales started to increase again in late 2009 and early 2010.3 Sheriff sales are expected to rise back up to the 26,000 level in 2010.
- Between 2007 and 2010, the subprime market’s share of residential mortgages in foreclosure dropped from 54% to 25% in Minnesota. During the same period, the prime market’s share increased from 40% to 60%.
- There is concern about alt-A loans and option ARMs that will reset or recast in the next few years.
The report is full of great graphics that show exactly where the highest concentrations of delinquencies (60-day lates) and foreclosures are happening. Here is the map of loans that are 60-days or more delinquent throughout the state of Minnesota:
(Click To Enlarge)
From this map alone... it is clear that the foreclosure crisis is continuing to move out of the core cities of Minneapolis and St. Paul, and into the outer ring communities just outside the seven-county metropolitan area, particularly in Wright, Sherburne, and Isanti counties.
The report also maps the prevalence of REO properties and homes in foreclosure (as of June, 2010). In addition... the data is not just available in map form, but Minnesota Housing has included the information for EVERY Zip Code (where there are more than 200 residential parcels).
Go ahead... go dig through the report... let us know if you find anything that surprises you. Your comments are welcome!
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