The foreclosure situation in the Twin Cities metro is terrible and stands to be a drag on the housing market for some time to come - probably years. There are, however, some indications that the situation has stabilized a bit and that the Twin Cities hasn't fared as poorly as the rest of the nation.
CoreLogic said this morning that while foreclosure rates in Minneapolis-St. Paul-Bloomington have increased, but that the mortgage rate declined.
During January 5.65 percent of mortgage loans were 90 days or more delinquent compared to 6.18 percent for the same period last year. And the foreclosure rate among outstanding mortgage loans is 2.33 percent compared with 1.93 percent during January 2010. Nationwide the foreclosure rate was 3.63 percent, a difference of 1.30 percentage points.
