In 2010, a wave of foreclosures began to crash over homes sold in Minnesota. The result was a housing market that became capsized. Fortunately the ship is turning in the right direction and it’s full steam ahead towards the summer season. Minnesota’s foreclosure rate has sunk to one of the nation’s lowest.
According to a report by the Star Tribune, Minnesota is second to only Alaska when it comes to the number of homes in foreclosure. With a rate of just 0.4 percent, the North Star State is in-line with Arizona, Colorado and Utah.
The data from CoreLogic’s National Foreclosure Report supports what the Transition Realty and other real estate professionals are seeing in their work. Foreclosure rates have been tapering around the country. Foreclosure rates show the strongest decline in areas where the rate of new job creation increases in tandem with household income.
Another factor is a revitalized home market. If home buyers are present, foreclosure is probably not necessary. In January, local Realtor groups reported the number of homes sold in Minnesota (the Minneapolis/St. Paul metro area) set a 10-year high.
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