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Twin Cities Preforeclosure Notices Down 45%

The positive trends in housing continue as the Minnesota Home Ownership Center released Q4 2012 preforeclosure notice statistics that show such notices declined an astounding 45% from a year ago in both the Twin Cities and Minnesota as a whole:

(click on images for a full view)

As preforeclosure notices proceed a sheriff sale by 2-6 months, the continued decline of notices foretells future declines in sheriff sales and the continued waning of foreclosures in our housing market.

There were still 39,000 notices served in 2012 however so we are still not clear of the problem yet, but the future looks much brighter than the past!

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1 comments
DerrickMonroe
DerrickMonroe

Hopefully this continues, both "pre" and "foreclosed" homes.  I still haven't heard of too many clients of ours getting their loans modified but I wonder if this is part of the reason it's down?  Have you had many clients get mortgages adjusted rather than face foreclosure?

Disclaimer

TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.