Foreclosures Decline From May 2010
MINNEAPOLIS (AP) — The number of Minnesotans receiving foreclosure notices in May is down 11 percent from a year ago.
Housing experts say delays in processing foreclosures helped hold down the number of homeowners in default. Data from RealtyTrac shows an increase of about 6 percent in foreclosure filings in Minnesota compared to April.
Housing advocates say efforts to help Minnesota homeowners avoid foreclosure through loan modifications and other means have kept the foreclosure rate in check. The Star Tribune says Minnesota recently received more than $3 million from NeighborWorks America to fund foreclosure prevention counseling.
Nationally, the foreclosure rate fell 33 percent from a year ago.
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