Average Residential and Commercial Foreclosed Property Market for MN- By: John Cutts
If there is a state that can be classified as having a residential and commercial foreclosed property market that is just about right, it will be Minnesota. The state is right in the middle of the ranking for foreclosure activities in the third quarter of 2010 at 25th.
This means that the supply of foreclosed homes for sale in Saint Paul and in the rest of the state is equally worse, and at the same time, better than other U.S. states. Third quarter housing data showed that one household out of 245 has received a notice of foreclosure in the state.
Minnesota foreclosed homes for sale totaled 9,499 during the July-September 2010 period, with foreclosure activity jumping by 5.56% compared with the second quarter, but declining by 10.56% when compared with the 2009 third quarter. The percentages put Minnesota in a much better place than the highest ranked states that include Nevada, Arizona and Florida.
Compared with statewide supplies, foreclosed homes for sale in the Twin Cities are in worse position, with one household out of 154 under foreclosure in the region for the 2010 third quarter. A total of 8,739 dwellings were under foreclosure in the 13-county region for the quarter.
Residential and commercial foreclosed property rates in the Twin Cities represent an 8.59% rise compared with the 2010 second quarter, but translate to a 10.53% decline when compared with the 2009 third quarter. Among the counties, Anoka had the worst foreclosure rating, with the area recording a ratio of one household out of 87 being under some phase of foreclosure.
Meanwhile, Isanti County recorded the best foreclosure ratio for the third quarter, with one household out of 933 receiving a notice of foreclosure. Isanti seemed to have gone through its foreclosure backlog faster than other counties, as foreclosure activity declined in the area by over 37% when year-over-year statistics are taken into consideration.
The Minnesota housing market is right in the middle of the ranking, with nationwide foreclosures for the third quarter having a total of 930,437. This represents a 4% increase compared with the 2010 second quarter. The market for commercial foreclosed property and residential properties in the state is expected to maintain its level for the rest of 2010.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.