Pre-Foreclosure Notices Up In Minnesota In 2010
ST. PAUL, Minn. (AP) — The number of Minnesota homeowners who fell behind on their mortgage in 2010 increased over the previous year.
The Minnesota Homeownership Center reports more than 71,000 households got a pre-foreclosure notice in 2010, an increase of 8 percent over the previous year. Several months of missed mortgage payments will generally trigger a pre-foreclosure notice.
In the Twin Cities, the number of notices increased by 3 percent over 2009. In Greater Minnesota, the number of foreclosure notices jumped 15 percent.
Minnesota Homeownership Center spokesman Ed Nelson tells Minnesota Public Radio News that while there are some bright spots in the housing market, “we are still in this for the long haul with foreclosures.”
Nelson says job loss is the No. 1 reason why people fall behind on their mortgage payments.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)