Minnesota Foreclosures Continue to Drag on the Real Estate Market
The foreclosure crisis is far from over. Last year there were 25,673 foreclosure sales in Minnesota, an 11% increase over 2009 and the second-worst year on record.
According to a new report from the Minnesota Home Ownership Center, more than half of all of the foreclosure sales in the state last year happened in the Twin Cities metro area, where sheriff’s sales rose 9%. In greater Minnesota the number of sales was up 16%.
Foreclosures have been a drag down the housing market, pushing prices down and leaving an excess in available housing inventory. The situation was particularly bad in some of the communities north and northwest of the Twin Cities. Anoka and Hennepin Counties had the highest foreclosure rate statewide last year.