In 2016, there were roughly 5,300 properties that went into foreclosure in Minnesota. While that still shows that thousands of people were impacted, it is worth noting that the number is 26 percent lower than it was in 2015. It’s also the lowest number that the state has seen in more than 10 years.
This information comes from the Minnesota Homeownership Center. The report also noted that roughly 50 percent of the properties were in the Twin Cities.
The 5,300 mark is impressive when looking at the numbers from the recession and the housing crisis in the previous decade. Back then, the average — not the peak — was 23,000 homes per year.
The numbers that the Minnesota Homeownership Center has only go back to 2005. Reports say that they noticed an uptick in the number of homes being reclaimed by the bank that year, started tracking the numbers, and then had a few years worth of data when the housing crisis struck.
It’s also important to note that the numbers only look at sheriff’s sales. This is a very common practice, but experts point out that some homes do go into foreclosure but do not end up at a sheriff’s sale. Plus, other homes may start down that path and then see homeowners sort things out financially and avoid losing the house.
While things may be tending in a positive direction for homeowners, this still indicates that more than 5,300 people in our state faced foreclosure last year. It’s very important for those dealing with it in 2017 to know what legal options they have and how the process is intended to play out. There may be ways to stop or delay a foreclosure.
Source: Star Tribune, “Minnesota foreclosures reach lowest level in more than a decade,” MaryJo Webster, May 22, 2017