Foreclosures in Minnesota have fallen to the lowest level since the beginning of the housing crisis, but Crow Wing County saw an increase in July.
“While the numbers are up from last month, out totals are still well below previous years,” said Kathy Ludenia, Crow Wing County reorder/registrar of titles.
In Crow Wing County, there were 26 foreclosures in July, an increase from 10 in June. The notices of pendency, indicating a foreclosure is in the works, reached 24 in July. Back in June, the county had 17 notices indicating a foreclosure was looming.
Compared to 2012, there were 20 July foreclosures and 31 more pending. And in 2011, there were 38 foreclosures in July with 29 more waiting in the wings.
The Minnesota Homeownership Center reported there were 6,795 foreclosures statewide during the first two quarters of 2013, down 29 percent compared to the same time frame in 2012.
A greater decline was experienced in the Twin Cities compared to greater Minnesota, the homeownership center reported.
“While more than 1,100 homes each month were lost to foreclosure in the first half of the year, this number pales in comparison to 2010, when Minnesota was experiencing the worst of the housing collapse.
“During the first half of 2010, lenders were auctioning off more than 2,100 homes each month.”
In the first half of 2013, sheriff’s sales — the final step in the foreclosure process — dropped to less than 7,000.
Using research from HousingLink, the Minnesota Homeownership Center reported recent evidence shows fewer Minnesota homeowners are struggling with mortgage payments than at any time since 2006.