A recent report by RealtyTrac reveals that Minnesota foreclosures rose 42 percent in September compared to foreclosure filings during the same period in 2007. Overall there were 2,144 foreclosure filings in Minnesota during September, placing Minnesota 26th in the nation for foreclosure filings that month. Hennepin County made up more than half of all foreclosure filings in the state.
The good news? The Twin Cities actually fell in the nationwide rankings for foreclosure filings during the third quarter. Out of 100 metro-area foreclosures, Minneapolis-St. Paul ranks 61st. During that period the Twin Cities saw nearly 5,000 foreclosure filings, or about 0.38 percent of total households went into foreclosure.
However September numbers spotlight a growing problem in Minnesota. Nationwide, foreclosure numbers increased by 21 percent compared to September of 2007, while Minnesota’s rise doubled that. As we reported earlier, Housing Link projects that foreclosures will continue to rise into 2010 in Minnesota.