The latest word on foreclosures from CoreLogic: Foreclosure rates in the Twin Cities metro area have increased for the month of September is 1.99 percent for the month of September, an increase of 0.14 percentage points compared to September of 2009 when the rate was 1.85 percent. Foreclosure activity in Minneapolis-St. Paul-Bloomington is lower than the national foreclosure rate which was 3.29 percent for September 2010, representing a 1.30 percentage point difference.
Also in Minneapolis-St. Paul-Bloomington, the mortgage delinquency rate has decreased. According to CoreLogic data for September 2010, 5.58 percent of mortgage loans were 90 days or more delinquent compared to 5.64 percent for the same period last year, representing a decrease of -0.06 percentage points.*
As of September 2010, 0.99 percent of homes with a mortgage in Minneapolis-St. Paul-Bloomington were in REO (real estate owned) status, meaning after they were not sold at auction, they were returned to possession of the lender. This is an increase over one year prior when 0.80 percent of homes were in REO status.
- Also on Wednesday Freddie Mac said that in the west north central division, which includes Minnesota, home value decreased 1.7 percent (−6.7 percent, annualized) in the third quarter of 2010. Over the last 12 months, home values decreased 1.9 percent; over the last five years, home values fell 2.2 percent.