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:
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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:
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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:
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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!
