The Minnesota Housing Partnership has recently released its updated report (known as the "2 x 4 Report") that studies two indicators for each of four key housing areas:
- the home ownership market,
- the rental market,
- homelessness, and
- the housing industry.
The report is a great resource for housing information, and is designed to provide a concise, easy-to-digest, graphic overview of the state of housing in the state of Minnesota.
The complete report is available here.
Focusing on the "Owners' Market" segment of their report, it's interesting to see that delinquencies fell slightly to 6.5% in the fourth quarter of 2010, continuing the downward trend that we've seen throughout the year.
Somehow... there is a disconnect happening that isn't easily explained:
In both 2008 and 2010 delinquencies were LOWER than 2009, but actual foreclosures (Sheriff's Sales) were higher in both 2008 and 2010. In reality, the delinquency rate maxed out at just over 8% in Q4 2009, but the highest quarters for sheriff's sales have been Q2-2008 and Q3-2010.
View the report... and add your 2-Cents in the comments.
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.
Lender Processing Services has released their most recent version of the LPS Mortgage Monitor, October 2010 Mortgage Performance Observations which contains an informative series of charts and graphs that show that while delinquent and foreclosed loans had stabilized somewhat at the end of 2009 and into the first half of 2010, new problem loans are once again picking up:
(Click To Enlarge)
The graph above shows loans that are currently 60 days or more delinquent but that were current just 6 months ago. You can certainly see the upswing that started in the middle of 2010.
The LPS report also has some, albeit limited, information regarding Minnesota. For example, in their table on the Delinquency and Foreclosure Rate, Minnesota ranks 42nd in the nation (that's a good thing!) in percentage of delinquent mortgages:
(Click to Enlarge)
According to the chart, our delinquency rate is about 34% lower than the national average of 9.27%.
Another chart that contains information about Minnesota shows that the average number of days delinquent for loans that are in foreclosure (time delinquent before foreclosure sale) has increased 85% since 2008, and now overages over a year - 386 days to be exact:
(Click To Enlarge)
Not only is it taking lenders/servicers longer to foreclose... the number of foreclosures is starting to increase again. This problem is NOT going to go away soon. Thousands of Minnesota families are still struggling every month to make their mortgage payments! If you, or someone you know is struggling... don't wait, contact a member of the Minnesota Home Ownership Center's network of foreclosure counseling agencies TODAY. The sooner you call, the more options you have available!
According to tax records in Carver County, Minnesota's famed musical artist formerly-known-as, and now known again as, PRINCE, is delinquent on his state tax liabilities.
The Associated Press has reported that Prince's company (PRN Music Corp.) owes over $227,000 to local tax agencies, in addition to his personal tax obligations.
PRN Music houses Prince's "Paisley Park Studios" in Chanhassen. County records also list several other properties under his full name, Prince R. Nelson, as delinquent.
According to the AP, the outstanding amount Prince and PRN music owe is about $450,000!
As the Center has highlighted repeatedly... not only can a lien holder (mortgage holder) foreclose on a property... counties can too! If Prince and/or PRN music don't pay their back property taxes, the county does have "seizure authority" and can seize the properties in order to sell them to recover owed taxes.
While the Center can't help PRN music with their taxes, it is conceivable that one of our Foreclosure Counselors may be able to assist Prince IF the property that he owes taxes on is his primary residence. There are no income minimums or maximums to receive counseling. And counselors can offer information and assistance to ANYONE - even Prince - if they are struggling with mortgage payments or property tax payments on their home.
If Prince (or you) would like to speak with a FREE, non-profit Housing Counselor, visit the MN Home Ownership Center's website here.
One of the most frequent 'concerns' that the MN Home Ownership Center receives from clients that are trying to be proactive about foreclosure avoidance - that is, they are trying to work with their lender/servicer BEFORE they fall behind in payments - is that their lender can't work with them until they are already delinquent.
In some instances... this was actually due to an invester policy with FHA-backed mortgages. Homeowners were not eligible for loss mitigation services until they were at least 30 days behind on payments
HUD has announced a rule change for FHA-backed mortgages, and now homeowners experiencing financial hardship who have FHA loans are now eligible for loss mitigation before they fall behind on their monthly payments. Now, loss mitigation options of forbearance and FHA-HAMP may be used when borrowers are “facing imminent default.” For more information, see HUD’s press release here.
If at all possible... homeowners should seek solutions BEFORE falling behind in payments. If you, or someone you know is struggling with mortgage payments... don't wait until it's too late. To find your local non-profit, FREE Foreclosure Counselor, click here. For additional information about preventing foreclosure in Minnesota, click here.
The Federal Reserve Bank of New York has made the first quarter 2009 data regarding mortgage payments that are 90+ days delinquent available in an interactive map (county-by-county) on their website here.Even with all the foreclosures that have occurred over the past few years, there are counties in Minnesota where the 90+ days delinquent is over 5%! One in 20 mortgages!Here are the percentages of mortgages reported as 90+ days delinquent during the first quarter of 2009 for the 7-County Twin Cities Metro area:- Anoka ............ 3.76 %
- Scott ............ 3.61 %
- Ramsey ............ 3.28 %
- Hennepin ............ 3.03 %
- Dakota ............ 2.75 %
- Washington ............ 2.44 %
- Carver ............ 2.33 %
County with the highest percentage of 90+ days delinquent mortgages? - - - Isanti County ............ 5.3 %County with the lowest percentage of 90+ days delinquent mortgages?
- - - Redwood County ............ 0.36 %The interactive map ALSO tracks, using TransUnion data, the 60+ day delinquency rate on bank-issued credit cards. If the 60+ day delinquency rate is a leading indicator of future mortgage foreclosure (and it probably is, as struggling homeowners load their credit cards while trying to make mortgage payments) Minnesota is still in for a long haul with future foreclosures.If you're struggling with your mortgage payments... don't despair. HELP IS AVAILABLE. Click here for more information.
