Minnesota Foreclosures Plummet 21% in 1st Quarter of 2011 Compared to Previous Year

May 6, 2011 - PRLog -- The foreclosure crisis rumbles on in Minnesota, but the past two quarters have seen some measure of improvement according to HousingLink’s recently released report. There were 5,364 foreclosures in Minnesota in the first quarter, which is down 21% from the first quarter of 2010. While still at historic highs, the number of statewide foreclosures remained steady, up just one-percent from the previous quarter. The year-over-year decline was higher in Greater Minnesota, down 24%, compared to the Twin Cities Metro Area, which was down 19%.

Interestingly, this was also the first quarter in the current crisis that Ramsey County did not hold the number two position in foreclosures behind Hennepin County. It was surpassed by Anoka County. Anoka County’s foreclosure rate was down 11% year-over-year, but Ramsey County’s decreased more.

A large backlog of delinquent and past due mortgages raises concerns that the past two quarters are merely a temporary lull due to lender-initiated moratoriums and processing delays, and that foreclosure levels could rise again in future quarters.

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About HousingLink: Since 1997 HousingLink has served as the Twin Cities’ only clearinghouse of affordable rental housing information. Every day housinglink.org is visited by thousands of Twin Cities residents, service agencies, landlords, and policy makers to search for affordable rental housing; view subsidized housing waiting list information, and read HousingLink’s industry leading housing research. For more information visit housinglink.org or call 612-522-2500 ext. 223.