Foreclosure rate rises in Twin Cities area

  • Updated: January 6, 2012 - 7:35 AM

There's more evidence the Twin Cities housing market isn't out of the woods, at least not when it comes to home prices.

The foreclosure rate in the metro area increased to 2.16 percent in October from 2.04 percent in October 2010, according to CoreLogic data.

Foreclosure sales depress home prices, so while the number of home sales was up last year in the Twin Cities metro, prices are down -- and will stay down -- because foreclosure sales are elevated.

Still, the Twin Cities is faring better than many areas. The national rate increased to 3.51 percent this past October, up from 3.29 percent the previous October.

JIM BUCHTA

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