Cass foreclosures show jump

BACKUS - Assessor Steve Kuha reported Tuesday to Cass County commissioners the number of foreclosures and cancellation of contracts for deed rose the first quarter this year compared with the past two years.

There were 45 foreclosures recorded through March this year, compared with 16 in 2009 and 35 in 2008. He said the reason for the fewer number in 2009 was the temporary moratorium the government placed on foreclosures that year.

Close to half of this year's foreclosures were on lakes. Eighteen were homesteaded properties. Twenty-five were non-homesteaded residences (cabins and vacation homes). Only one each was classed as agricultural or commercial.

The vast majority of foreclosures were valued at and had mortgages of less than $400,000. About a third of those were valued at and had mortgages of less than $100,000.

The county's overall estimated market value this year, which will be used to calculate property taxes in 2011, declined for the second year in a row after many years of increases. It dropped 5.2 percent, from $6,959,400,000 to $6,597,000,000.

New construction has been declining more than 25 percent annually for three years. There was $123,400,000 new construction in Cass the first quarter of 2007, but only $44,000,000 this year.

In 2006, 426 new homes were started during the first quarter, but have steadily declined to only 120 this year in Cass.