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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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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”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.

Uptick in Preforeclosure Notices: Blip or Trend?

A mixed-bag for foreclosures in Minnesota


On Wednesday, May 1st, the Minnesota Homeownership Center released its first quarter data on the aggregate number of Preforeclosure Notices received by foreclosure prevention specialists in the Homeownership Advisors Network.  The numbers send some mixed messages.  Overall… it’s something that we’ll need to track carefully over the coming quarters.  

In the first quarter of 2013, members of the Homeownership Advisors Network received 9,291 preforeclosure notices, 23% fewer than during the same time period in 2012, but a somewhat troubling 34% increase from the number received in the Fourth Quarter of 2012.  

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The Twin Cities Metro area also saw a similar situation with their preforeclosure notice numbers… down Year-Over-Year (-34.5%) while up from the fourth quarter of 2012 to the first quarter of 2013 (+25.1%).

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Interestingly… there was a WIDE variance in the year-over-year comparison of preforeclosure notices received by homeowners in the Twin Cities Metro:

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Suburban Hennepin County homeowners received less than HALF the number of preforeclosure notices in the first quarter of 2013 than they received in the first quarter of 2012.  However, 20% MORE Ramsey County residents received a preforeclosure notice when we compare the same time period.

While most Metro counties overall saw generous declines in the number of struggling homeowners… Anoka County bucked that trend and 44 more households received a notice in the first quarter of 2013 than in the same quarter in 2012.  (A 4% increase).

One quarter of data does NOT make a trend.  We’ll keep monitoring these numbers carefully over the coming quarters to see if a trend develops.

We certainly don’t want to sound like a broken record… but it’s also important to keep in mind that while the overall trend of preforeclosure notices continues to head in the right direction… the numbers signify that almost 10,000 Minnesota families continue to fall behind in mortgage payments.  Tens of thousands more are surely struggling to make mortgage payments and will continue to need the foreclosure prevention services provided by the Minnesota Homeownership Center and the Homeownership Advisors Network.

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.

Dramatic Drop in Preforeclosure Notices

Another good sign for Minnesota's Housing Market


On Tuesday, January 22nd, the Minnesota Homeownership Center released its year-end data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network.  The numbers continue to show almost universal good news about the future of foreclosures in Minnesota.  

In the fourth quarter of 2012, members of the Homeownership Advisors Network received only 6,937 preforeclosure notices, 45% fewer than during the same time period in 2011, reaching the lowest level reported since the state legislature required the notices in late 2008:

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In total, Minnesota households received 28% fewer preforeclosure notices in 2012 than they did in 2011.  In addition, the preforeclosure notices are down just as dramatically in the Twin Cities Metro as well:

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The City of St. Paul seems to be the ONLY location where notices have not dramatically decreased.  We'll keep our eye on these numbers to see if the quarter four data is an anomaly or a sign of a deeper issue. 

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While it is encouraging that the numbers of preforeclosure notices received is down to the the lowest level since we started tracking these numbers, we can't lose sight of the fact that almost 40,000 Minnesota households continued to struggle with their mortgage payments in 2012.

If you're struggling with mortgage payments... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today. 

Housing Holding Pattern: Preforeclosure Notices

A Good News / Bad News situation

On Monday, October 29th, the Minnesota Homeownership Center released its data on the aggregate number of Preforeclosure Notices received by counselors in the Homeownership Advisors Network for the third quarter of 2012.  

10,016 households were notified by their lender/servicer between June and September that they may find themselves in foreclosure if they aren't able to bring their mortgage payments current.

This number sends a mixed message that can be cause for celebration or concern, depending on your disposition:
  
The Good News -  Year over year, the numbers continue to show improvement for the number of households that are struggling with foreclosure as the number reflects a decline of 31% from the number received in the same period in 2011.  (14,586 vs. 10,016)

The Not-So-Good News -  We saw no improvement when we compare the number received in the third quarter with the number received in the second quarter.  When comparing the two quarters, we actually see a very minor 0.21% increase.

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The Twin Cities Metro area experienced a slightly larger increase in the number of notices from Q2 – Q3 (a 2% increase) and while it shows a substantial decline from the same time period in 2011 (-27%) the decline doesn't match the overall statewide decline (-31%, mentioned above).

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Overall today’s numbers show that while the foreclosure crisis is slowly coming to an end…we are, by no means, out of the woods yet.

In addition, we shouldn't lose sight of the fact that the numbers show that more than THIRTY THOUSAND Minnesota families continue to struggle with mortgage payments. You can help these families by connecting them with information, resources and effective foreclosure prevention help.  

Join us in spreading the word by placing banners on your blog/website… or asking your employer, social service agency or local government to post links to the Minnesota Homeownership Center’s website:

For electronic copies of banners you can use, visit: http://hocmn.org/en/bannerpage.cfm.

If you're struggling with mortgage payments... it's as you can see from this blog post.... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today.

More Good News For Housing in Minnesota

Preforeclosure Notices Resume Their Drop 


On  Thursday, August 2nd, the Minnesota Homeownership Center released its data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network for the second quarter of 2012.


Notices received dropped 17% from the first quarter of 2012, reaching their lowest point since the law was enacted in late 2008.


In the second quarter of 2012, members of the Homeownership Advisors Network received 9,995 preforeclosure notices, 17% fewer than the previous quarter, and 25% fewer than the during Q2, 211:

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Encouragingly, the metro area also experienced a similar 16% drop in the number of notices received:

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There are, however, a few areas of the state that we’ll need to continue to monitor as they have bucked the downward trend of the rest of the state: the City of Minneapolis and, to a lesser degree, Carver County:

While the overall numbers are certainly cause for celebration… we also have to remember that this brings the year-to-date total of Preforeclosure Notices received by Minnesota homeowners to 22,101. 


More than 22 THOUSAND Minnesota families continue to struggle with mortgage payments.  You can help them by sharing the message that help is available.  For free.

This online advertising campaign (more info here) is already helping hundreds of struggling homeowners by connecting them with information, resources and effective foreclosure prevention help.  Join us in spreading the word by placing them on your blog/website… or asking your employer, social service agency or local government to post them.   For electronic copies of these ads, visit: http://hocmn.org/en/bannerpage.cfm.

Preforeclosure Notices Continue Downward Trend

Special thanks to Aaron Dickinson for reminding us that we hadn’t released our first quarter pre-foreclosure data.  THANKS AARON!

On  Thursday, June 7th, the Minnesota Homeownership Center released its data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network for the first quarter of 2012 (January through March).  The numbers, while increasing slightly from Q4 2011, show that the number of struggling households in Minnesota continues its downward trend. 

In the first quarter of 2012, members of the Homeownership Advisors Network received 12,106 preforeclosure notices, up very slightly (.75%) from Q4 2011, but 17% fewer than during the same time period in 2011:

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Encouragingly, the number of pre-foreclosure notices is down in every area of the state… except for two areas that seem to have bucked the downward trend.  We’ll continue to monitor these two areas to see if this is a trend… or just an anomaly:

• Scott & Carver Counties reported an increase of 7% (From 558 to 599 notifications); and
• Wilkin & Clay Counties reported a 40% increase – although small numeric changes in this area can show large variations in the percentage (40 households received a notice in Q1 2011, while 56 households received a notification in Q1 2012). 

While these numbers are encouraging, there were still over 12,000 households that received a preforeclosure notice in the first quarter of 2011:

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Here's the breakdown for the number of preforeclosure notices received by members of the Homeownership Advisors Network in the 7-county metro area:

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As background, Minnesota state law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgagor (homeowner) and provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency before filing the notice of pendency.

Once the Minnesota Homeownership Center's network of foreclosure counselors receives notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.


Most importantly, 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.

Preforeclosure Notices Continue to Decline in Minnesota

On  Thursday, January 19th, the Minnesota Homeownership Center released its year-end data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network.  The numbers continue to indicate that Minnesota is slowly emerging from the foreclosure crisis.  


In the fourth quarter of 2011, members of the Homeownership Advisors Network received 12,016 preforeclosure notices, 30% fewer than during the same time period in 2010, reaching the lowest level reported since the state legislature required the notices in late 2008:

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On a yearly basis, Minnesota households received 24% fewer preforeclosure notices in 2011 than they did in 2010.  

Most encouraging is that the fact that the numbers of preforeclosure notices received is down in every county in the Metro area.  In addition, every agency in the Homeownership Advisors Network reported receiving fewer notices in the fourth quarter of 2011 than in the third, AND reported receiving fewer notices in the fourth quarter of 2011 compared to the same period in 2010.


While these numbers are encouraging, we shouldn’t lose sight of the fact that they still show that more 54,500 households continued to struggle with delinquent mortgages in 2011:

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Here's the breakdown for the number of preforeclosure notices received by members of the Homeownership Advisors Network in the 7-county metro area:

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As background, Minnesota state law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgagor (homeowner) and provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency before filing the notice of pendency.


Once the Minnesota Homeownership Center's network of foreclosure counselors receives notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.


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.

Preforeclosure Notices, 3rd Quarter - A Mixed Bag

Preforeclosure Notices Send Mixed Signals for Housing in Minnesota


On Thursday, October 27th, the Minnesota Homeownership Center released its third quarter data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network.  The numbers continue to show that Minnesota is slowly emerging from the foreclosure crisis, while also signaling reasons for the state to continue to make fighting foreclosures a priority: the number of preforeclosure notices received in the third quarter of 2011 signals the first uptick in quarterly notices in a year.


In the third quarter of 2011, members of the Homeownership Advisors Network received 14,586 preforeclosure notices, 23% fewer than during the same time period in 2010, but an increase of 9% from the second quarter of 2011, when 13,372 notices were received.

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Most troubling is that 85% of the increase in notices from Q2 to Q3 came from the Twin Cities metro… with 43% of the increase coming from Hennepin County alone, which saw an increase of more than 500 preforeclosure notices.  Is this a statistical outlier or the beginning of a troubling trend?  The Minnesota Homeownership Center will continue to track these notices and will report on the Q4 and year-end numbers in early 2012.


The total number of preforeclosure notices received in the state of Minnesota in 2011 now exceeds 42,000:

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Here's the breakdown for the number of preforeclosure notices received by members of the Homeownership Advisors Network in the 7-county metro area:

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As background for new readers, Minnesota state law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgager (homeowner) and provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency before filing the notice of pendency.


Once the Minnesota Homeownership Center's network of foreclosure counselors receives notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.


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.

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.

Pre-Foreclosure Notices Increase 8% in 2010

The Minnesota Home Ownership Center has compiled the pre-foreclosure notices received by the Homeownership Advisors Network (statewide network of housing counseling agencies) through the end of 2010 and the numbers continue to show that Minnesota households are struggling with mortgage payments even as other signs point to an overall improved economy.

For the year, the number of pre-foreclosure notices issued by foreclosing entities statewide increased 8% (Eight Percent) in 2010 over 2009, from 66,570 to 71,665. In the Twin Cities metro area, the number of notices received increased by 1,334, a 3% increase over 2009.

Homeowners in Greater Minnesota seem to be struggling more, as the number of pre-foreclosure notices issued increased FIFTEEN PERCENT. 3,761 more households received notice in 2010 (28,522) than in 2009 (24,761).

On a brighter note, the rate of increase has slowed and in the Twin Cities the trend has almost leveled off. Whether this signals a possible decline in pre-foreclosure notices to be received in 2011 remains to be seen.

Minnesota households received a total of 71,665 notices in 2010:

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Here's the breakdown for the number of pre-foreclosure notices received by members of the Homeownership Advisors Network in the 7-County Metro Area:

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However, the rate of increase appears to be slowing, especially in the Twin Cities Metro:

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The overall numbers make it hard to forecast anything but continued foreclosure activity and continued struggles for Minnesota families.


Minnesota State law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgagee (homeowner) AND provide the homeowner’s name, address, and most recent known telephone number to an approved member of the Homeownership Advisors Network- BEFORE filing the notice of pendency.

As always... if you, or someone you know, is struggling with your mortgage payments - or think you might fall behind soon - don't wait! There is a network of non-profit agencies that can help. Contact them today. For additional information about foreclosure prevention in Minnesota - visit the Center's foreclosure prevention resource page here.

Pre-Foreclosure Notices Continue Unabated

The Minnesota Home Ownership Center has compiled the pre-foreclosure notices received by the statewide network of Housing Counselors through the end of the third quarter (September)... and the upward trend continues!

The most recent quarter (July through September) recorded the second-highest number of pre-foreclosure notices since the MN legislature enacted the notices in the third quarter of 2008.  Year-To-Date, the total number of pre-foreclosure notices received has now exceeded 54,000.

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Here's the breakdown for the number of pre-foreclosure notices received by members of the Home Ownership Advisors Network in the 7-County Metro Area:

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NEW:  For the first time since the Center started tracking and publishing the pre-foreclosure notice totals in June of 2009, we are now tracking the running quarterly totals of notices received to see where the trend is heading: 

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This information makes it hard to forecast anything but continued foreclosure activity and continued mortgage difficulties for Minnesota families.  As always... if you're struggling with your mortgage payments - or think you might fall behind soon - don't wait!  There is a network of non-profit agencies that can help.  Contact them today.  For additional information about foreclosure prevention in Minnesota - visit the Center's foreclosure prevention resource page here.

2010 Continues To Outpace 2009 (Pre-foreclosure Notices)

The Minnesota Home Ownership Center has compiled the pre-foreclosure notices received by the statewide network of Foreclosure Counselors through the end of the second quarter (June)... and 2010 continues to outpace 2009:

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The same trend continues for the Twin Cities Metro area. 2010 pre-foreclosure numbers have outpaced 2009 numbers EVERY MONTH of the quarter:

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Here's how the different Metro counties break down in 2010:

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2009 had the SECOND HIGHEST foreclosure rate ever in the state of Minnesota. Is it possible... given the fact that the number of pre-foreclosure notices issued by lenders in 2010 is outpacing the number in 2009, that 2010 will become the second highest year on record? We welcome your opinion in the comments.

As background for new readers, Minnesota State law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgager (homeowner) AND provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency - BEFORE filing the notice of pendency.

Once The Minnesota Home Ownership Center's network of foreclosure counselors receives notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.

Uh-oh... First Quarter Pre-Foreclosure Notices

The Center has compiled the pre-foreclosure notice counts for the First Quarter of 2010 and the news is NOT GOOD! 

Q1 of 2010 is the highest quarter on record:

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Here are the statewide numbers for the first quarter of 2010... with a chart comparing year-over-year to the same time period in 2010:

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While not as pronounced as the statewide numbers, a similar increase can be seen in the Twin Cities Metro Area numbers:

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Here's how the different counties have fared so far in 2010:

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To compare these monthly numbers to the same time period last year... you can see our year-end wrap-up numbers here.


These increases certainly don't bode well for the number of foreclosures that we'll see in Minnesota in 2010!


As background for new readers, Minnesota State law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgager (homeowner) AND provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency - BEFORE filing the notice of pendency.

Once The Minnesota Home Ownership Center's network of foreclosure prevention agencies recieves notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.