The number of foreclosures across Minnesota and in the Twin Cities is falling. According to the latest CoreLogic report the year-over-year foreclosure rates in the Twin Cities metro area was down .33 percentage points in December of 2011 compared to December of 2010 when the number was 2.27%. What these numbers indicate is that 1.94 % of outstanding mortgages in Minnesota were in foreclosure. This number is substantially lower than the national average of 3.37% in December of 2011.

The number of those homeowners who were delinquent in their monthly mortgage payments in the Twin Cities fell from 5.58% in December 2010 to 4.91% in December of 2011. CoreLogic also reported that in February of this year the number of homeowners delinquent on their monthly mortgage payments in Minnesota fell by 0.7%. There is still however a significant amount of homes in Minnesota that are in foreclosure that have yet to be put up for sale.  Nationwide there were 60 major markets in February of this year that saw a decrease in their foreclosure rates compared to a year ago. President and CEO of CoreLogic had this to say about the decline, “This combined with faster REO-clearing rates, better employment news, and continued historically low interest rates are all positive signs of improvement in the housing economy.”

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065