GOLDEN VALLEY, Minn. - There is encouraging news on the housing front in Minnesota.
The total number of foreclosures in the state in 2011 was down to 21,298, down 17 percent from the year before (25,673 in 2010).
These numbers are the findings in a
Minnesota Home Ownership Center report titled "Foreclosures in Minnesota." The report analyzes sheriff's sale data, the primary means of identifying foreclosures, from all Minnesota counties.
"It is certainly heartening to see that foreclosure prevention efforts are beginning to have a positive impact on the number of foreclosures," stated Julie Gugin, Executive Director of the Minnesota Home Ownership Center. "However, we can't lose sight of the fact that the number of Minnesota families that lost their home to foreclosure is still three to four times higher than before the crisis began. In addition, more than 54,500 households continued to struggle with mortgage payments and received a pre-foreclosure notice from their lender during the year. "
Foreclosures in Minnesota hit an all-time high in 2008 when 26,251 homes were foreclosed.
The Minnesota Home Ownership Center encourages struggling homeowners to seek the help of a certified foreclosure prevention specialist who is a member of the Home Ownership Advisors Network as soon as possible. To find a free local foreclosure specialist, visit hocmn.org or call the Minnesota Home Ownership Center at (866) 462-6466 or (651) 659-9336.
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