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Housing Foreclosure Rate Up 56 Percent in Minnesota from One Year Ago

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Gopher State jumps from 26th highest foreclosure rate in nation to 18th highest over the last 12 months

The latest housing foreclosure rates from November 2009 show foreclosures increasing in Minnesota, along with 38 other states and the District of Columbia, from one year ago.

Data released by RealtyTrac found that while foreclosures have been declining nationwide for each of the past four months, they were up in Minnesota from October 2009 to November 2009 by 15 percent.

Taking the wider view, one year ago Minnesota was enduring a foreclosure rate of 1 per every 1,044 housing units, which was the 26th highest in the nation. In November 2009, the Gopher State had the 18th highest foreclosure rate in the country at 1 per every 671 units.

The 55.6 percent increase in foreclosures in Minnesota today compared to one year ago is the 19th highest rate of increase in the nation.

In the Upper Midwest, Wisconsin had the highest foreclosure rate in November 2009, at 1 out of every 596 units, or 16th highest in the nation. Foreclosures in the Badger State are up 116.1 percent from 12 months ago - the 11th highest increase in the US.

Iowa's foreclosure rate is currently 43rd in the country (1 per 2,138 units), with South Dakota at #45 (1 per 3,308) and North Dakota at 49 (1 per 6,751). South Dakota's 137.0 percent increase in foreclosures from November 2008 to November 2009 is the 8th highest in the country.

Upper Midwest Foreclosure Rate Snapshot, November 2008 vs. November 2009

State
Nov '08
Rank
Nov '09
Rank
Wisconsin
1,288
30
596
16
Minnesota
1,044
26
671
18
Iowa
2,529
39
2,138
43
South Dakota
7,840
47
3,308
45
North Dakota
5,596
45
6,751
49
Source: Compiled from RealtyTrac's November 2008 and November 2009 reports. Foreclosure rate is 1 per x housing units.

Nationwide, the rate of foreclosures is up 17 percent from a year ago, from 1 per 488 units to 1 per 417 units. Nebraska has experienced an increase of a staggering 495 percent during that span, although its overall foreclosure rate is still low at just 45th in the nation.

Wyoming, one of 12 states that has enjoyed a drop in its foreclosure rate, has seen the biggest improvement, with its foreclosure rate dropping 56.6 percent from one year ago.

Change in Rate of Foreclosures, November 2008 to November 2009 by State

Rank
State
Nov '08
Nov '09
Change
1
Nebraska
21,523
3,615
495.4
2
Louisiana
3,631
1,037
250.1
3
Alabama
3,442
996
245.6
4
West Virginia
25,817
7,743
233.4
5
Montana
7,449
2,828
163.4
6
New Mexico
3,864
1,562
147.4
7
Mississippi
9,265
3,768
145.9
8
South Dakota
7,840
3,308
137.0
9
Kentucky
4,422
1,893
133.6
10
Hawaii
1,272
581
118.9
11
Wisconsin
1,288
596
116.1
12
Illinois
657
319
106.0
13
Delaware
1,622
877
84.9
14
Idaho
479
259
84.9
15
Maryland
663
364
82.1
16
Massachusetts
1,193
680
75.4
17
New York
3,040
1,804
68.5
18
New Jersey
622
379
64.1
19
Minnesota
1,044
671
55.6
20
Texas
1,176
780
50.8
21
Alaska
1,545
1,038
48.8
22
Oklahoma
1,577
1,099
43.5
23
Utah
450
347
29.7
24
Pennsylvania
1,372
1,103
24.4
25
Kansas
1,706
1,389
22.8
26
California
218
180
21.1
27
Maine
2,304
1,909
20.7
28
Iowa
2,529
2,138
18.3
29
North Carolina
1,443
1,260
14.5
30
Washington
948
835
13.5
31
New Hampshire
879
787
11.7
32
Missouri
909
823
10.4
33
Michigan
309
283
9.2
34
South Carolina
978
911
7.4
35
Arizona
198
186
6.5
36
Tennessee
773
731
5.7
37
Florida
173
165
4.8
38
D.C.
822
785
4.7
39
Arkansas
826
819
0.9
40
Colorado
393
409
-3.9
41
Connecticut
653
680
-4.0
42
Oregon
535
564
-5.1
43
Georgia
387
410
-5.6
44
Indiana
615
659
-6.7
45
North Dakota
5,596
6,751
-17.1
46
Ohio
392
478
-18.0
47
Virginia
567
713
-20.5
48
Rhode Island
502
687
-26.9
49
Vermont
14,071
19,465
-27.7
50
Nevada
76
119
-36.1
51
Wyoming
2,392
5,508
-56.6
 
USA
488
417
17.0
Source: Data compiled by Smart Politics from RealtyTrac's November 2008 and November 2009 reports. Foreclosure rate is 1 per x housing units.

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5 Comments


  • Remember the delinquency rate includes loans in modification (something to remember - especially for the 90 day delinquent loans). Any modification that leaves a homeowner deep underwater is really converting the homeowner into a renter. And eventually most of those modifications will fail. There is no good solution, but at least we are acknowledging that many "homeowners" are really renters.

    Although the increases have slowed, about 40% of subprime loans are delinquent or in foreclosure. Historically house prices do not bottom until after foreclosure activity peaks in a certain area. Since the subprime crisis delinquency rates might be peaking, it would not be surprising if prices are near a bottom in the low end areas. But in general I'd expect further declines in house prices - especially in mid-to-high end areas.

    The data is really being impacted by all the loan mod programs and various moratoria. It is really unclear when (and how large) the next wave of foreclosures will be. The problem is that most of these people are so far underwater that small price increases don't matter. The only thing that would help for many of these borrowers is more income.

    We're all subprime now!

  • I have some counter arguments to the data that RealtyTrac is using and posted it on my blog... worth a read: http://www.twincitiesrealestateblog.com/

  • The biggest personal finance story of the year was the further slide in home prices and the house had become the piggy bank. Home equity was the driver of over consumption, overspending, over borrowing in this decade. And now housing has returned to its rightful place, as a place you live. It is shelter; it is not an investment.

    A lot of people were saving for their retirement in their home, and I feel very badly for those people that when their equity eroded, they're left without a broad array of financial assets, which should be the basis of future retirement security.

    I think one of the things we haven't learned, is that we don't learn lessons. They learn over-specific lessons. So, if you chased the hot returns of Internet stocks in 1999, and then you lost all your money in 2000, the lesson you learned was not to chase the performance of Internet stocks. So then you went out and you flipped condos in Ft. Lauderdale and then you got wiped out on that. And now the lesson you've learned is don't flip real estate, but you're piling into gold. And if that's the way you learn lessons, then you haven't learned any lesson at all.


  • Just more evidence of the growing delinquency problem. The non-credit enhanced serious delinquency rate is up from 1.06% last October to 3.28% in Oct '09. That is actually increasing at a faster rate than the credit enhanced delinquencies.

    I have to wonder who holds the 2nds? ( or is that, "Hu holds the 2nds.") They're history and F&F don't deal in that sphere, at least not yet.

    Unless my eyes deceive me, even the 2nd derivative is still climbing. Anyone for a poll on where (or when) the Delinquency Rate peaks?

    I say 8.9% in April, 2011.

  • Following my investigation, millions of persons all over the world get the mortgage loans from well known banks. Thence, there's a good possibility to receive a secured loan in any country.

  • Leave a comment


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