Compared to last year, foreclosures in Minnesota fell to levels far below last October. On the down side, filings were up slightly from September. According to Realty Trac numbers 1 in 1119 homes in Minnesota were in foreclosure compared to the nationwide average of 1 in 706. For the Twin Cities this is a 31% decrease from levels in October 2011 but a 24% increase from September. The most likely reason for the increase is the different rates of processing foreclosures since the height of the foreclosure process in 2010 and the backlog of foreclosures that needs to be put on the market. HousingLink just released their 2012 third quarter Minnesota Foreclosure Update, showing sheriff sales are down 10% from the third quarter in 2011 and down 38% from the third quarter in 2010! Overall the decline of foreclosures in the market is helping to stabilize home and is sending the market back to traditional home sales rather than distressed properties.
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