Minnesota Foreclosure Rate Slows 2008 According to Housing Link and Pioneer Press
The Pioneer Press published this story this morning with data from HousingLink.org outlining the trends in the number of foreclosures in Minnesota. The growth rate in foreclosures is expected to slow in 2008 to 39% growth over 2007.   That’s down from a growth rate of 84% for 2007 over 2006 but that was when the foreclosure trend was in its infancy.
Hennepin County still leads the way in foreclosures in the Twin Cities accounting for 45% of all foreclosures in the Twin Cities in 2008 according to HouseLink’s projected analysis found in this excellent report which was published in April 2008. (I hope they reproduce a second version soon). Hennepin County is expected to have nearly 8,900 foreclosures out of the projected 20,000 this year in the Twin Cities.
While the growth may be slowing, as well it should, the foreclosures will continue to move out to the suburbs where we’re seeing a significant increase in distress sales and foreclosures. I would expect next year’s overall number to continue to grow but the overall rate will continue to slow. I mean, how many more homes can really be foreclosed on in Minneapolis? If anyone has the specifics for the foreclosure trends in Minneapolis for 2006-2008, it would be interesting to see and publish them.
