Press Release (ePRNews.com) - ST. PAUL, Minn. - Mar 20, 2017 - The number of homes lost to foreclosure in Minnesota has fallen to the lowest level since tracking of these numbers began in 2006, according to a new report from the Minnesota Homeownership Center.
The report, titled “Foreclosures in Minnesota,” identified a total of only 5,306 foreclosures in Minnesota in 2016, a decrease of more than 26% from 2015. To put this number in perspective, there were more than 26,000 foreclosures in Minnesota in both 2008 and 2010 at the height of the housing crisis.
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,” stated Ed Nelson of the Minnesota Homeownership Center. “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
The Minnesota Homeownership Center empowers smart homeownership choices through education, research and partnerships grounded in the belief that smart, sustainable homeownership has an essential role to play in fostering vibrant communities statewide. The Center’s education work includes Home Stretch™, the in-person homebuyer education course, and Framework®, the online homebuyer course, as well as free one-on-one consultation for people planning to buy a home and homeowners working to save theirs.