Ten foreclosures were recorded in Crow Wing County in August.
The numbers represent a drop after a spike in July. But the notices of pendency, indicating a foreclosure is looming, rose to the highest number in 12 months. August had 29 pending foreclosures. There were only two months with higher numbers of pending foreclosures in all of 2012.
“I think we are seeing a much lower percentage of notices that actually result in foreclosures due to the availability of alternate financing at this time,” said Kathy Ludenia, Crow Wing County recorder. “As long as we can keep the number of foreclosures low we know we are going in the right direction.”
Compared to a year ago, the numbers are an improvement in the number of people losing their homes. There were 33 foreclosures and 41 notices in August of 2012. In August of 2011, there were 16 foreclosures and 34 in the pipeline.
So far this year there have been 134 foreclosures. By August of 2012, there had already been 194 foreclosures as the county was on track for 272 foreclosures for the year.
Crow Wing County has its highest number of foreclosures in 2010. That year, the county had 226 foreclosures by August on its way to post 388 for the year. Foreclosures first jumped to triple digits in 2005 and continued to climb peaking in 2010 before decreasing.
The year-to-date foreclosure numbers for 2013 are the lowest recorded since the start of the housing crisis and the beginning of the Great Recession.