MIXED MESSAGE FOR HOUSING: YEAR OVER YEAR DOWN 15% BUT VIRTUALLY UNCHANGED FOR THE LAST 3 QUARTERS, RATES STILL EXCEED HISTORIC LEVELS
The Center has released its most recent report on the number of homes sold at Sheriffs’ sales in Minnesota during the first half of 2012... and it sends a mixed message on the overall health of Minnesota’s housing market. The report indicates that there were 9,565 foreclosures in the first half of 2012, a decline 15% from the same time period in 2011, but also shows that foreclosures have remained virtually unchanged for the last three quarters.
The report, titled “2012 Semi-Annual Foreclosures in Minnesota: A Report Based on County Sheriff’s Sale Data”, analyzes sheriff’s sale data, the only accurate means of identifying completed foreclosures, from each of Minnesota’s 87 Counties. Minnesota is unique among other states in the availability of current, comprehensive foreclosure sale data.
“This report does not predict the future, but it sends a discouraging message,” said Julie Gugin, Executive Director of the Minnesota Homeownership Center. “While the year-over-year declines are positive, we also know that thousands of Minnesota families continue to struggle with payments, and those numbers remain stubbornly high.”
The Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report, with research provided by HousingLink.
A full copy of the report is available at the MN Homeownership Center’s website: here.