Thursday, January 20, 2011

Pre-Foreclosure Notices Increase 8% in 2010

The Minnesota Home Ownership Center has compiled the pre-foreclosure notices received by the Homeownership Advisors Network (statewide network of housing counseling agencies) through the end of 2010 and the numbers continue to show that Minnesota households are struggling with mortgage payments even as other signs point to an overall improved economy.

For the year, the number of pre-foreclosure notices issued by foreclosing entities statewide increased 8% (Eight Percent) in 2010 over 2009, from 66,570 to 71,665. In the Twin Cities metro area, the number of notices received increased by 1,334, a 3% increase over 2009.

Homeowners in Greater Minnesota seem to be struggling more, as the number of pre-foreclosure notices issued increased FIFTEEN PERCENT. 3,761 more households received notice in 2010 (28,522) than in 2009 (24,761).

On a brighter note, the rate of increase has slowed and in the Twin Cities the trend has almost leveled off. Whether this signals a possible decline in pre-foreclosure notices to be received in 2011 remains to be seen.

Minnesota households received a total of 71,665 notices in 2010:

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Here's the breakdown for the number of pre-foreclosure notices received by members of the Homeownership Advisors Network in the 7-County Metro Area:

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However, the rate of increase appears to be slowing, especially in the Twin Cities Metro:

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The overall numbers make it hard to forecast anything but continued foreclosure activity and continued struggles for Minnesota families.

Minnesota State law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgagee (homeowner) AND provide the homeowner’s name, address, and most recent known telephone number to an approved member of the Homeownership Advisors Network- BEFORE filing the notice of pendency.

As always... if you, or someone you know, is struggling with your mortgage payments - or think you might fall behind soon - don't wait! There is a network of non-profit agencies that can help. Contact them today. For additional information about foreclosure prevention in Minnesota - visit the Center's foreclosure prevention resource page here.

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