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Fewer foreclosures across Minnesota in May

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The Star Tribune reports that foreclosures in May declined in across the state, including the Twin Cities, Rochester, Duluth and St. Cloud.

There newspaper cites statistics compiled by CoreLogic, which found that the foreclosure rate in the Twin Cities metro area was 1.04 percent in May, a decrease of 0.80 percentage points compared to May of 2012. The national foreclosure rate is 2.61 percent.

Mortgage delinquencies also plunged by 1.23 percent in the same time period.

An upswing in the economy, escalating home prices and loan-modification programs get the credit for the trend.

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