Number of mortgage foreclosures in Minnesota dropped 34 percent in 2013
In Minnesota the number of mortgage foreclosures decreased by more than a third in 2013 from the previous year.
In 2013, there were 11,834 foreclosures in Minnesota, down 34 percent from 2012 with the decrease being balanced between the Twin Cities metro area (a 37 percent decrease) and greater Minnesota (a 30 percent decrease).
In Dakota County last year Dakota County Sheriff's Office staff handled 925 foreclosures, down 39 percent from the previous year's 1,525.
Dakota County Sheriff Dave Bellows credits the improving economy for the continuing decline in the numbers.
In 2000, the staff handled 159 foreclosures.
“But as the financial crisis worsened, foreclosures grew exponentially by 2007, when we handled 1,536 sheriff’s sales,” he said. “The crisis hit a high-water mark in 2010 with 2,147 foreclosures.”
Since that year, the numbers have steadily decreased both in Dakota County and across the country. The numbers are almost back to the 2006 number – 864.
The decrease in the state numbers is the third consecutive year for the double-digit decrease. The state reached its high mark in 2010 with slightly more than 25,000 foreclosures.
Sheriff's sale records are the primary data that identify foreclosed properties and are identified as foreclosures. However, the records do not reflect the total number of properties that enter the foreclosure process.
Some of the properties identified in the sheriff's sales do not result in actual loss of title and occupancy for borrowers because they are redeemed within the allowed time frame.