Foreclosure rates falling in Minnesota

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Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Foreclosure rates falling in Minnesota

Posted by: Jim Buchta under Foreclosures Updated: March 15, 2012 - 2:45 PM

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Foreclosure rates in the Twin Cities and most large metro areas in the state fell slightly at the end of last year, according to the lastest CoreLogic report. It says that year-over-year foreclosure rates in the Twin Cities metro were down .33 percentage points compared to December of 2010 when the rate was 2.27 percent.

That means 1.94 percent of all outstanding mortgages were in foreclosure, well below the national foreclosure rate, which also fell slightly to 3.37 percent for December 2011.

Mortgage delinquency rates (those that were 90 days or later on a payment) were also down in the Twin Cities, falling from 5.58 percent in December 2010 to 4.91 percent last year.

Foreclosure rates are down, too, in several metro areas in outstate Minnesota, which are faring slightly better than the Twin Cities:

In Duluth the foreclosure rate was 1.42 percent, down .27 percent from last year. Delinquencies stood at 3.76 percent.
In Rochester the foreclosure rate was 1.07 percent, down .16 percent from last year. Delinquencies stood at 3.10 percent
In St. Cloud the foreclosure rate was 1.23 percent, down .13 percent from last year. Delinquencies stood at 3.60 percent.