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.   

Lowest Number of Foreclosures Since 2006

17,895 homes sold at Sheriff’s Sale in Minnesota in 2012

The Minnesota Homeownership Center has just released its latest report on the number of foreclosures - as counted by completed Sheriffs' Sales - for every county in Minnesota.

The report, titled “Foreclosures in Minnesota,” identified a total of 17,895 foreclosures in Minnesota in 2012, a decrease of 16% from 2011. 

You can view the full report, here.

“We continue to see improvement in the housing market and we know that our foreclosure prevention efforts in Minnesota, combined with improvements in how banks and lenders deal with struggling homeowners are having a positive impact on the number of foreclosures,” stated Julie Gugin, Executive Director of the Minnesota Homeownership Center. “While we’re certainly moving in the right direction, we can’t lose sight of the fact that the number is still three times higher than it was before the crisis began. ”

Struggling homeowners 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 homeowners options.   If you, or someone you know is struggling with mortgage payments... visit www.hocmn.org or call the Minnesota Homeownership Center at 866-462-6466.  

Founded in 1993, the Minnesota Homeownership Center is celebrating 20 years of promoting successful homeownership throughout the state and has been one of the state’s primary responders to the foreclosure crisis.     

Midyear Sheriffs Sales Report Released

MIXED MESSAGE FOR HOUSING: YEAR OVER YEAR DOWN 15% BUT VIRTUALLY UNCHANGED FOR THE LAST 3 QUARTERS, RATES STILL EXCEED HISTORIC LEVELS

The Center has released its most recent report on the number of homes sold at Sheriffs’ sales in Minnesota during the first half of 2012... and it sends a mixed message on the overall health of Minnesota’s housing market.   The report indicates that there were 9,565 foreclosures in the first half of 2012, a decline 15% from the same time period in 2011, but also shows that foreclosures have remained virtually unchanged for the last three quarters. 

The report, titled “2012 Semi-Annual Foreclosures in Minnesota:  A Report Based on County Sheriff’s Sale Data”, analyzes sheriff’s sale data, the only accurate means of identifying completed foreclosures, from each of Minnesota’s 87 Counties.  Minnesota is unique among other states in the availability of current, comprehensive foreclosure sale data. 

 “This report does not predict the future, but it sends a discouraging message,” said Julie Gugin, Executive Director of the Minnesota Homeownership Center.  “While the year-over-year declines are positive, we also know that thousands of Minnesota families continue to struggle with payments, and those numbers remain stubbornly high.”  

The Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report, with research provided by HousingLink.

A full copy of the report is available at the MN Homeownership Center’s website: here.

Preforeclosure Notices Drop 21% in First Quarter

The beginning of the end of the foreclosure crisis in Minnesota?

Source: revjavadude

The Minnesota Homeownership Center has released its most recent report on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network and the numbers signal a possible light at the end of the tunnel for the foreclosure crisis that has affected the housing industry and Minnesota families for more than four years.

In the first quarter of 2011, members of the Homeownership Advisors Network received 14,595 preforeclosure notices, a drop of 21% from the same time period a year ago, and a 15% drop in the number of notices received last quarter (Q4, 2010).

This number reflects the lowest number received by counseling agencies since we started compiling the data in the first quarter of 2009:

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The drop in notices received by counseling organizations in the Twin Cities metro was equally dramatic. 8,836 notices were received, a 20% decrease over the same time period in 2010, and, like what we saw statewide, a 15% drop in the number of notices received last quarter:

It’s certainly too early to celebrate, as the number still means that almost 15,000 Minnesota families are still dangerously close to losing their homes to foreclosure and thousands of others are still struggling with their monthly mortgage payment. In addition, the most recent (Q1) Sheriff Sale numbers from HousingLink while down, still reflect numbers that are 400% higher than pre-crisis numbers. But it might be time to be cautiously optimistic that the very worst of the crisis is over. Remember, the housing crisis was a overwhelming painful for Minnesota and families involved and recovery will take MANY years.


If you or someone you know is struggling with their mortgage payment, new programs, resources and assistance are becoming available all the time. DON’T GIVE UP… contact a foreclosure counselor that is a member of the Homeownership Advisors Network TODAY to see if there’s help available for YOU to avoid foreclosure. Even if you’re not yet behind, now is the time to call. To find your local foreclosure counselor, click here.

For additional information about the statutory requirement for pre-foreclosure notices, visit the Office of Revisor of Statutes website here.

Report: 23,000 Foreclosures in 2009

The Center is pleased to announce the release of its 2009 "Foreclosures in Minnesota" Report, prepared in partnership with HousingLink.


There were 23,019 foreclosures in Minnesota in 2009, making it the second highest year on record.


While the number declined 12% from 2008, it is still an extraordinarily higher rate than the number of foreclosures experienced prior to the current housing crisis. The report shows that 1.28% of all residential parcels in Minnesota experienced a foreclosure in 2009.


This means that almost 5% of all residential properties in Minnesota have experienced a foreclosure in the last five years.


To view the press release of this report, click here.


To view the report, click here.




Press sightings:


To read the Pioneer Press story on the report, click here.


To read the Star Tribune story on the report, click here.

Update:

To read the MPR story, click here.

Update II:

To read the Star News (Elk River, Otsego, Rogers, Zimmerman) story, Click here.

One in every 83 Homes In Process of Foreclosure

As a follow-up to last Friday's post on the statewide number of pre-foreclosure notices that the Counseling Network has received for the first 6 months of 2009... our friends at HousingLink were able to take the numbers and put them in perspective:

According to HousingLink, there were 1,795,383 homes (residential parcels) in Minnesota (as of 2008).

HousingLink then divided the number of homes by the number of pre-foreclosure notices we reported (21,030). This results in an approximate calculation of 1.2% of all homes in Minnesota.

That translates to one of every 83.33 homes in Minnesota has received a pre-foreclosure notification in the first half of 2009.

Thanks to HousingLink for their input!

2008 Foreclosure rates in Minnesota

A new report prepared by HousingLink shows that there were 26,265 foreclosures in Minnesota in 2008 - an increase of nearly 6,000 foreclosures from 2007.

The majority of counties in Greater Minnesota experienced more foreclosures than originally projected, while several metro-area counties had lower than expected numbers of foreclosures.

What were the "Top 5" counties with the highest foreclosure NUMBERS in Minnesota?

1 ..... Hennepin ..... 7,348 (32% increase over 2007)
2 ..... Ramsey ..... 3,027 (29% increase)
3 ..... Anoka ..... 2,285 (36% increase)
4 ..... Dakota ..... 2,063 (28% increase)
5 ..... Washington ..... 1,257 (43% increase)

What were the "Top 5" counties with the highest foreclosure RATES in Minnesota?

1 ..... Isanti ..... 3.27% of ALL homes
2 ..... Sherburne ..... 2.65%
3 ..... Mille Lacs ..... 2.37%
4 ..... Wright ..... 2.35%
5 ..... Scott ..... 2.17%

Did you know that there were counties in Minnesota that saw 300% and 400% INCREASES in the number of foreclosures in 2008?

Which counties? You'll have to read the report: http://tinyurl.com/85nxvv

Resources for Renters in Foreclosure

Yesterday, MPR ran a story on a number of investor owned properties that have fallen in to foreclosure on the North side of Minneapolis.

These properties that have gone into foreclosure highlight another group of people affected by foreclosure through no fault of their own: renters.

The Minnesota Home Ownership Center's network of foreclosure prevention specialists can ONLY assist homeowners whose primary residence (no investment or second properties) is in foreclosure. But that doesn't mean that renters in a foreclosure situation are left to fend for themselves... There is a network of organizations that can assist!

Here's some important contact information if you are renting a property - and your landlord is unable to make the mortgage payments:

If you live in the city of Minneapolis, Contact:
Legal Aid of Minneapolis . . . . . 612-334-5970

If you live in Ramsey, Washington, Dakota, Scott or Carver Counties, Contact:
Southern MN Regional Legal Services. . . . . 651-222-4731

If you live in Southern Minnesota, Including Albert Lee, Mankato & Rochester, Contact:
Southern MN Regional Legal Services. . . . . 888-575-2954

If you live elsewhere in the State of Minnesota, Contact:
HomeLINE. . . . . 866-866-3546


Here are some additional resources you may find helpful:

The Family Housing Fund has published a brochure to help renters whose landlords are in foreclosure: Tenants and Foreclosure: Know Your Next Move

HousingLink has created a page with information for renters in a foreclosure situation, as well as a number of helpful links to additional services: http://www.housinglink.org/Renter_Foreclosure.htm

Another document, produced by the Legal Aid Society of Minneapolis, gives an overview of renter's rights and responsibilities during a foreclosure: When Your Landlord Loses the Building: Mortgage Foreclosure