Monday, March 7, 2011

New Research on Foreclosures from Minnesota Housing

Minnesota Housing, the State of Minnesota's Housing Finance Agency, has released its "Residential Foreclosures in Minnesota, Winter 2011" report.  The data, on the delinquencies and foreclosures of residential mortgages in Minnesota, comes from LPS Applied Analytics.

The report provides information about key statewide trends on both delinquencies and foreclosures, and shows, using full-color maps, the foreclosure and delinquency hotspots around the state as well as information about changes in the number of delinquent and foreclosed loans in each zip code.

In addition, the appendices include two large tables that provide data for each residential zip code in the state... a plethora of information to dig through!

Here are some of their findings:
  • The state’s delinquency rate for residential mortgages has increased significantly over the last several years. Between the fourth quarter of 2005 and the fourth quarter of 2009, the percentage of mortgages that were at least 60 days past due quadrupled from 1.10% to 4.71%.1 On the positive side, the delinquency rate declined during all four quarters of 2010. By the fourth quarter of 2010, the rate was down to 3.43%, which is still very high by historical standards.
  • North Minneapolis and East St. Paul, like most areas of the state, experienced a decline in the number of loans at least 60 days past due.
  • The biggest increases in post-sale/REO loans were concentrated in the outer ring of the metro area and counties further out, including Rice, Le Sueur, Sibley, McLeod, Renville, Meeker, Benton, Kanabec, and Pine.

The full report is available here.

1 comment:

  1. I would like to know just how many foreclosures are due to homeowners buying houses with hidden defects. I bought a condo in a building that turned out to have water coming in the basement whenever it rains or snow melts. The storage areas had mold all in them, which neither my inspector found, nor the former condo owners disclosed. Our HOA, oddly, voted to clean up the mold but not to fix the water problems. I have been sick the entire time I moved in. It's not just allergies, which are severe, but infections, multiple infections, over the course of the year. We live in a fourplex. One owner is absentee, rents the unit out. Another has asthma and refuses to believe it could be due to mold. There are some people who are genetically susceptible to mold-related illness. Like me. Medications aren't touching this and my doctor wants me out. So now I have to walk away from my mortgage. Because NO ONE will help. Not the city, which I've called three times (they say it's a private matter), not the inspector we hired, no one. We can't afford $25,000+ in legal costs to sue. I really wonder how many other people foreclose because of hidden defects. It's an issue not talked about.


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