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.
Author:
Updated:
Original:

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.

Next Up

All Energy Solar Residential Installation

End 'renting' from your utility company and go solar

A solar installation is one of the few home improvements that actually pays for itself.

Byron Buxton

Twins talking contract extension with Byron Buxton

The Twins are 88-38 over the past two seasons with Buxton in the lineup.

minneapolis police

Police arrest man in connection to deadly Minneapolis hit-and-run

The victim died the scene in north Minneapolis on Friday.

Jordan Greenway

Wild's fast start vanishes in loss to Coyotes

Arizona scored five unanswered goals in a 5-2 loss.

Screen Shot 2021-03-06 at 4.12.00 PM

Police seeking tips in search for road rage shooting suspect

The incident took place in Maplewood last week.

Paige Bueckers

Paige Bueckers lands on Wooden Award list for women's college basketball

The Hopkins grad is the only freshman on the 15-player ballot.

Related

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.

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.

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.

Metro foreclosures expected to jump

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.

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.

Foreclosure looms for U.S. Bank Center

A sheriff's sale has been scheduled for Oct. 15 for the downtown St. Paul office building, Finance & Commerce reports. Minneapolis-based U.S. Bank is the biggest tenant, but isn't expected to be affected by the foreclosure.

Report: 8 percent of Minnesota mortgages end in foreclosure

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.