I recently reported that foreclosure rates in Minnesota had fallen dramatically last year, this morning CoreLogic is out with a new report that compares the Twin Cities to the rest of the nation. The news is good. During December the foreclosure rate in the Twin Cities metro fell to 0.70 percent from 1.28 percent last year compared with 2.09 percent nationwide.
Mortgage delinquencies, loans that were 90 days or more late, represented 2.70 percent of all outstanding mortgages compared with 3.93 percent last year.
Experts have largely attributed the gains to a lower unemployment rate, rising home prices and an increase in efforts to help struggling homeowners. While the news is good, foreclosure rates are still way above the national average, but expected to return to more normal levels in just a few years.
- Jim Buchta