Monday, October 29, 2012

Housing Holding Pattern: Preforeclosure Notices

A Good News / Bad News situation

On Monday, October 29th, the Minnesota Homeownership Center released its data on the aggregate number of Preforeclosure Notices received by counselors in the Homeownership Advisors Network for the third quarter of 2012.  

10,016 households were notified by their lender/servicer between June and September that they may find themselves in foreclosure if they aren't able to bring their mortgage payments current.

This number sends a mixed message that can be cause for celebration or concern, depending on your disposition:
The Good News -  Year over year, the numbers continue to show improvement for the number of households that are struggling with foreclosure as the number reflects a decline of 31% from the number received in the same period in 2011.  (14,586 vs. 10,016)

The Not-So-Good News -  We saw no improvement when we compare the number received in the third quarter with the number received in the second quarter.  When comparing the two quarters, we actually see a very minor 0.21% increase.

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The Twin Cities Metro area experienced a slightly larger increase in the number of notices from Q2 – Q3 (a 2% increase) and while it shows a substantial decline from the same time period in 2011 (-27%) the decline doesn't match the overall statewide decline (-31%, mentioned above).

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Overall today’s numbers show that while the foreclosure crisis is slowly coming to an end…we are, by no means, out of the woods yet.

In addition, we shouldn't lose sight of the fact that the numbers show that more than THIRTY THOUSAND Minnesota families continue to struggle with mortgage payments. You can help these families by connecting them with information, resources and effective foreclosure prevention help.  

Join us in spreading the word by placing banners on your blog/website… or asking your employer, social service agency or local government to post links to the Minnesota Homeownership Center’s website:

For electronic copies of banners you can use, visit:

If you're struggling with mortgage payments... it's as you can see from this blog post.... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today.

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