MN Q3 Foreclosures Up, Ranks 25th in Nation
Minnesota's third-quarter foreclosure rate increased 5.56 percent from the second quarter, with 9,499 homes receiving a foreclosure filing during the quarter, according to a report released by RealtyTrac, Inc., a firm that runs an online real estate database.
Although Minnesota's third-quarter rate was up more than 5 percent from the second quarter, it was down 10.6 percent from the third quarter in 2009.
The 9,499 homes-or one out of every 245 housing units-receiving a foreclosure notice in the third quarter places Minnesota 25th in the nation. Foreclosure filings include default notices, scheduled auctions, and bank repossessions.
Most of the Minnesota homes that received notices in the third quarter, 5,243, were bank repossessions, or REOs. REOs hit a national record high during in the third quarter, with a total of 288,345 properties repossessed by the lender during the quarter-an increase of 7 percent from the previous quarter and an increase of 22 percent from the third quarter of 2009.
In terms of location, the Twin Cities fared the worst for foreclosures with 8,739 homes, or one out of 154, receiving notices during the third quarter.
Nationally, foreclosure filings were reported on 930,437 properties in the third quarter, meaning that one in every 139 U.S. housing units received a foreclosure filing. Third-quarter figures were up nearly 4 percent from the last quarter, but down 1 percent from the third quarter of 2009.
For the 16th consecutive quarter, Nevada had the nation's highest state foreclosure rate despite a year-over-year decline in foreclosure activity. One in every 29 Nevada housing units received a foreclosure filing during the quarter, almost five times the national average. Nevada foreclosure activity increased nearly 1 percent from the previous quarter, but was down nearly 20 percent from the third quarter of 2009.