A new report on foreclosures in Minnesota finds there were 21,298 homes sold at Sheriff’s Sale in 2011, the fewest since 2007. However, it also reflects the fact that the foreclosure crisis is not over yet. The report shows that more than 1% of EVERY HOME in Minnesota was lost to foreclosure last year.
It also brings the cumulative total of foreclosures in Minnesota since we began tracking these numebrs in 2005 to more than 135,000.
The comprehensive report analyzes sheriff’s sale data, the primary means of identifying foreclosures, from each of Minnesota’s 87 Counties. Minnesota is unique among other states in the availability of current, comprehensive foreclosure sale data. You can see the entire report here.
In addition to the 21,298 homes that were sold in a foreclosure sale, more than 54,500 households continued to struggle with mortgage payments and received a pre-foreclosure notice from their lender during the year.
The Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report, with research provided by HousingLink.
As always, struggling homeowners are encouraged to seek the help of a certified foreclosure prevention specialist who is a member of the Homeownership Advisors Network, as soon as possible. Waiting to get help limits a homeowner’s options. To find a free local foreclosure specialist, homeowners can visit www.hocmn.org or call the Minnesota Homeownership Center at (866) 462-6466.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 19,000 members who are active in all aspects of the real estate industry.