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Minnesota foreclosures fell to their lowest level since 2007

  • Blog Post by: Jim Buchta
  • May 4, 2012 - 5:19 PM

 

Just Listed has more data that should bode well for the broader market: Foreclosures fell to their lowest level since 2007 across the state, but there are still some counties where the problem is getting worse. That’s according to a 1st-quarter report from HousingLink, which said that from January though March there were 4,836 sheriff’s sales, or 10 percent fewer than the same quarter last year.

Just Listed talked with Dan Hylton, HousingLink’s research manager, who said that while the trend is positive, he warned that the number of people who have lost their home is still nearly four times higher than the 1,618 quarterly average posted in 2005. “It’s about what I’ve expected,” said Hylton. “But we know that there are still a lot out there."

Though the report bolsters evidence that the state’s economy is improving, It’s unclear whether the declines in some areas are sign that homeowners are doing better financially, or whether lenders are simply delaying the inevitable. “It’s still a mystery how many we’ll see coming through the pipeline,” he said. Throughout the state the declines have been steady, falling on average 3.3 percent from quarter to quarter. They were strongest in the Twin Cities metro, which posted a 11.5 percent decline compared with a 7.4 percent decline in outstate counties.

Here's a link to the full report, and to HousingLink's web site.

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