2011 Minnesota Foreclosure Update

If you pick up the paper and read through the sheriff sales notices you still see several in their in most areas on a weekly basis. According to the Minnesota Foreclosure report there were about 54,000 households are still struggling with their mortgage.

On a positive note Foreclosures were down 17% from their peak in 2007. In 2011 21,298 houses sold at sheriff sale. Overall the percentage of foreclosures dropped in nearly every county with several western Minnesota counties having the fewest.

The Twin Cities metro area with the heaviest population of course suffered the most foreclosures. As a real estate agent I do notice there are less bank owned REO listings available. They are coming on the market and selling fast. We are not in the clear as their are certainly many more yet to hit the market, but the fact that the number of foreclosures are going down, and the number of buyers are going up, means we are heading toward in better Real Estate market overall.

For the full report click here.