The number of home foreclosures in the state continues to decline. Ed Nelson with the Minnesota Homeownership Center says in 2016 there were just over five-thousand-300 foreclosures…
Nelson says foreclosure numbers have been on the decline since the housing crisis…
“We’ve been on a downward trend to this point here which is the lowest rate of foreclosures… the lowest number of foreclosures we’ve seen since we started collecting the data since 2006.”
To put this in perspective, there were more than 26,000 foreclosures in Minnesota in both 2008 and 2010 at the height of the housing crisis.
Nelson says the report analyzes sheriff’s sale data, the primary means of identifying foreclosures, from all Minnesota counties.
“We’re seeing a combination of events that are having a positive impact on the number of foreclosures. Foreclosure prevention efforts across the state, combined with improvements in how banks and servicers deal with struggling homeowners and recent home value increases are allowing more homeowners to either avoid losing their homes to foreclosure or to sell without having to bring additional money to the table.”
While the numbers are positive for Minnesota’s housing market, the Center also noted that 17,456 households received a pre-foreclosure notice in 2016. Struggling homeowners are encouraged to seek help from a certified foreclosure prevention specialist who is a member of the Homeownership Advisors Network as soon as possible. Waiting limits a homeowner’s options. To find a free local foreclosure specialist, visit www.hocmn.org or call the Minnesota Homeownership Center at 866-462-6466.
To view a copy of the 2016 Foreclosures in Minnesota report, go to: www.hocmn.org