Thursday, August 15, 2013

Minnesota Foreclosure Activity Continues to Plummet

Sheriff’s Sales drop to less than 7,000 in the first half of 2013

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From the Minnesota Homeownership Center's most recent press release:  -- During the first half of 2013 the number of completed Sheriff’s Sales, the final step of the foreclosure process in Minnesota, has fallen to the lowest level since the beginning of the housing crisis.  Statewide, there were 6,795 foreclosures in the first two quarters of 2013. This number is 29 percent less than the same period of 2012, with a greater decline seen in the Twin Cities metro area (down 33 percent) than in Greater MN (down 23 percent).

The “2013 Semi-Annual Foreclosures in Minnesota” report was released Thursday by the Minnesota Homeownership Center using research provided by HousingLink and adds to other recent evidence showing that fewer Minnesota homeowners are struggling with mortgage payments than at any time since 2006. 

While more than 1,100 homes each month were lost to foreclosure in the first half of the year, this number pales in comparison to 2010, when Minnesota was experiencing the worst of the housing collapse.  During the first half of 2010, lenders were auctioning off more than 2,100 homes each month.

“Modest improvements in Minnesota’s economy and increasing home prices, combined with improvements in how banks and lenders deal with struggling homeowners are positively impacting the number of homes lost to foreclosure,” stated Ed Nelson, Marketing and Communications Manager for the Minnesota Homeownership Center. “However, while the most recent data is encouraging, we can’t lose sight of the fact homes are still being lost to foreclosure at rates that exceed twice those of historic levels.”

Homeowners that are struggling to make mortgage payments are encouraged to seek help from a certified foreclosure prevention specialist that is a member of the Homeownership Advisors Network as soon as possible.  Waiting limits a homeowner’s option.   To find a free local foreclosure specialist, click here, or call the Minnesota Homeownership Center at 866-462-6466.   

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