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Minnesota foreclosures down 19 percent last year, but 2012 spike looms

A dip in foreclosures in 2011 may be an aberration. One expert says lenders just fell behind in processing them and are likely to work through the backlog during 2012.
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A dip in foreclosures in 2011 may be an aberration. One expert says lenders just fell behind in processing them and are likely to work through the backlog during 2012.

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Plunge in home prices not limited to foreclosures

Foreclosures and short sales made up about half of the home sales in the Twin Cities area by the end of 2011. But even among traditional sales, prices are plunging. The median price fell more than ten percent last year, down to $190,000.

Minn. foreclosures drop 15% in first half of 2012

Minnesota home foreclosures fell below 10,000 for the first time since 2007, according to a report published by the Minnesota Homeownership Center. The Pioneer Press reports there were 9,565 foreclosures statewide in the first six-months of 2012.

Foreclosures are down in Minnesota, but the good news may not last

MPR reports one in every 336 homes was in default, repossession or scheduled for auction in the third quarter of this year. That could be a sign of more foreclosures to come.

Foreclosures drive down Twin Cities home prices

The average home in the metro area is now going for around $149,000. That's about 10 percent lower than a year ago. Foreclosures and short sales, economic fears and budget-minded buyers are keeping prices down despite stronger sales.

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Despite a drop in foreclosures in the Twin Cities last year, 2012 will not likely be the year that the housing crisis winds down. The Star Tribune reports that a moratorium on processing new foreclosures has ended, which will likely increase the number of local foreclosures processed in the coming year.

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The Center for Responsible Lending says Minnesota's foreclosure rate on bubble-era loans was higher than most other states. The report also found 5.5 percent of the Minnesota mortgages made during the housing bubble are delinquent.