Tuesday, July 23, 2013

Preforeclosure Notices Continue to Plummet in Minnesota

The Minnesota Homeownership Center has compiled the most recent quarterly data on Preforeclosure notices and the report shows that the number of notices issued by banks and servicers continues to plummet across the state.  The data is another encouraging sign that the Minnesota housing market is slowly recovering from the foreclosure crisis.

In the second quarter of 2013, Minnesota homeowners received only 6,598 preforeclosure notices, a healthy 34% drop from the almost 10,000 notices received in the same quarter of 2012:

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Click To Enlarge

The decline is even more dramatic in the Twin Cities metro area, where the 3,339 3,714 notices received* by homeowners represent a drop of almost half from the same period last year:    

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Click To Enlarge

”We see signs of the overall economy improving as well as a willingness on the part of lenders and servicers to work with struggling homeowners before they enter the foreclosure process,” Said Ed Nelson, Marketing and Communications Manager for the Center  “If the economy continues to gain traction, combined the extraordinary efforts of the statewide network of foreclosure prevention counselors, we should continue see even fewer foreclosures in the future.”

The positive trend for Minnesota cannot be denied... but we also know that these numbers mean that almost SIXTEEN THOUSAND families were struggling to make mortgage payments - and fell behind - during the first half of 2013.   The Minnesota Homeownership Center and the Homeownership Advisors Network will continue to offer FREE foreclosure avoidance services to anyone who is struggling with their mortgage payments.

If you, or someone you know, is struggling with to keep up with their mortgage payments, or is worried about a FUTURE payment... don't delay, contact a Homeownership Advisor that specializes in foreclosure today!  To learn more, or to contact your local organization, click here.

*DATA UPDATED - The author incorrectly tallied the data for the Twin Cities metro area.

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