This just in from HousingLink:
There were 4,935 foreclosures in Minnesota in Q3 of 2011, down 32% from Q3 2010. Q3 2011 marks four consecutive quarters with fewer than 6,000 statewide foreclosures. While this follows four quarters in which the statewide count exceeded that number, the Q3 2011 figure of 4,935 still far exceeds the 1,618 foreclosures averaged in 2005, the first year sheriff sale records were totaled for the state of Minnesota.
Below is a chart from their very detailed report:
While this in no way means we are out of the foreclosure mess, it is another sign that foreclosure activity continues to run well below the peaks of 2010. Fewer sheriff sales today means fewer bank owned (REO) homes for sale 6-9 months from now. Don’t get too optimistic though as the Minnesota Home Ownership Center’s data shows that pre-foreclosure activity did tick up in the most recent quarter.