A new report from HousingLink, a Twin Cities-based non-profit group, shows the tally of foreclosures in Minnesota fell 22 percent in the first three months of 2013 compared to the same period a year earlier, Minnesota Public Radio reports.
The first-quarter decline follows a general two-year downward trend, however, foreclosures are still running significantly ahead of their level before the housing crisis.
"In a traditional year pre-crisis we would've seen about 5,000 foreclosures statewide, and in just in a single quarter, the first quarter of 2013 we're somewhere just under 4,000," Dan Hylton, the group's research director, told MPR. "By the time we get to the end of the year, we're likely to exceed the traditional numbers by a couple times over."
Click here for the complete HousingLink report.
There were 17,895 foreclosures in Minnesota last year, according to a news release. That is down 16 percent down from 2011, and the lowest statewide total since 2006.
Meanwhile, the median home price in the Twin Cities 13-county area in April hit $182,312, according to recent figures from the Minneapolis Area Association of Realtors and the St. Paul Area Association of Realtors.