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Minnesota Foreclosures Plummet 21% in 1st Quarter of 2011 Compared to Previous Year
Minnesota sees foreclosure relief in the first quarter of 2011.
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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