The Minnesota Homeownership Center has released its 2012 year end data which shows tht Preforeclosure notices are down. For the fourth quarter, there were only 6,937 notices issued which is 45% less than the same period in 2011! For the entire 2012 year, there were 28% few Preforeclosure notices issued than in 2011. The City of St. Paul is the only area where Preforeclosure notices have not decreased. While this is encouraging news showing that we are moving in the right direction, there are still some 40,000 homes struggling with their mortgage payments.
Preforeclosure notices seem to be on the decline! The Minnesota Homeownership Center has just released its data for the 3rd quarter of 2012. Between June and September, 10,016 homeowners were notified that they would be facing foreclosure if they did not catch up on their mortgage payments.
This is good news as it shows a 31% decline from the same period in 2011. Between June and September 2011 there were 14,586 notifications sent out.
The bad news is that there was no decrease in the number from the second to third quarter of 2012 and actually there was a slight .21% increase.
What we can take away from these numbers about preforeclosure notices is that foreclosures are slowing and declining but there is still a long road ahead.
The Minnesota Homeownership Center has released its data on the number of preforeclosure notices received by foreclosure counselors in the Homeownership Advisors Network for the second quarter of 2012. Notices received dropped 17% from the first quarter of 2012, reaching their lowest point since the law was enacted in late 2008. In the second quarter of 2012, 9,995 preforeclosure notices were received which is 17% fewer than the previous quarter, and 25% fewer than the second quarter of 2011. The Twin Cities metro area also experienced a 16% drop in the number of notices.
While numbers were mostly down, Carver County experienced a 13% increase and the City of Minneapolis a 45.6% increase in the number of preforeclosure notices. Overall the number of notices is down but there still have been 22,101 preforeclosure notices sent out so far this year.
If you are experiencing difficulties paying your mortgage or need to sell but owe more than what your home is worth, take a look at my short sale and foreclosure page for more information.