1 In 336 Minnesota Houses In Default

ST. PAUL, Minn. (AP) — The number of housing foreclosures in Minnesota during the third quarter is down nearly 27 percent compared to the same time last year.

The real estate research company RealtyTrac says one in every 336 houses in Minnesota was in default, repossession or scheduled auction in the third quarter.

RealtyTrac’s Daren Blomquist tells Minnesota Public Radio News the delinquencies could be a sign of more foreclosures in the future. He says from August to September, there’s an 11 percent increase in delinquent activity.

Nationwide, foreclosure activity inched up after three straight quarterly declines. One in every 213 houses was in foreclosure.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • zee the reporter

    I could live in a tent that would be easy living!

  • Al

    That would be 335 that aren’t in default. Now if the government would watch it’s taxation and spending addiction we would be even better off!!

    • what!?!

      ” Now if the government would watch it’s taxation and spending addiction we would be even better off!!” – foolish comment

  • bud

    If we didn’t have Fanny and Freddie, this would have never happened.

    Buy what you can afford people! Stop listening to the realtors, loan officers, and friends. Buy a home that is 20% or less of your monthly income and you will have a much happier life.

    • Bill Black

      BS. This was fraud by the banks plain and simple. To claim otherwise shows ignorance or a deliberate attempt to mislead.

      • dan

        @ Bill
        Fraud by the banks? Please state one example of fraud that the banks committed?

    • It's about jobs and making less than when you bought

      That strategy is great, but what about when you loose your job and can’t find another? Then it doesn’t matter what your house payment is – it’s not going to get paid.

      • C-mon

        It has everything to do with the size of your house payment, ours is $900 we could both work at a gas station and still survive, the pity party is over for you people 2 years unemployed, there’s work quit thinking you’re to smart or good to do something for less money, take some pride in yourself.

  • What's the big deal

    The solution for us was easy. I keep the equal amount of my mortgage balance in cash off to the side and out of the market. If I was to loose my job or if they remove the mortgage interest deduction, I have options. We are down to below $300,000 on the mortgage now which is a good feeling given it’s been 10 years and we put down 20%. This ensured we didn’t buy more than we could afford if the economy ever collapsed and I move the annual mortgage balance diffence into the market. I boil it down to personal responsility and some pretty easy choices. The bank and others told me I could live in a much larger home but all I did was calculate what my income could support and buy accordingly. I don’t get what all the hubub is about. I’m thinking playing the victim is beginning to be the national hobby. Why didn’t peopl have a large cash reserve if you entered into a 15 or 30 year committment? I’m thinking people make life much harder than it needs to be.

    • @dreamer

      Never happened!

      • What's the big deal

        @dreamer, the sad part is that you can’t believe a person actually did something the right way and planned for the contingencies. Not only did it happen, the mortgage worry is removed completely from my list of things that I do actually worry about. Instead I can worry about the important things like properly raising a family, carreer, etc. I realize I am the exceptional example of a responsible citizen and that the choices I made to get to here are difficult for most yet we are all capable of making the tough choices. Most folks don’t measure up in the choice department and most folks also then make poor choices but at least had choice. They unfortunatly just blew it.

        • @pinchyourself

          If you bought your home in 2001 you overpaid, so good thing you put 20% down because thats gone. You can think your house is worth this or that but it’s only worth what someone will pay for it, implying you keep 300k in cash on side like it’s in a safe, is really funny, you’re saying you’d rather pay 4plus interest on 30 year mortgage, than have a 300k secured cd or other bank guaranteed investment, i bought my home last year, which means I paid nothing for it, if either me or the girl lost our job we could still afford all the bills on 1 income, but life would be extremely boring.

          • what's the big deal

            @pinchyourself, I have a 15 year mortgage and the home is worth almost exactly what I paid for it given similar sales but of course it is only worth what somebody will pay. I am ignoring all the improvements to the house so in real terms yes probably at the point of having overpaid. The cash isn’t in a safe it is in secured investments yielding almost nothing. Those statements aren’t exciting to open I agree. No up but no down.
            I’ve contemplated other strategies, buying up, and extending the mortgage to a 30 year given the ultra low rates but this strategy is what we have settled on given our ultra fantastic area/location and the quality/size of the house. I’m not underwater and likely that couldn’t happen without a serious depression setting in. What you are not recognizing is the fact that keeping 300k in poor investments is not material in relation to the rest of my portfolio. Also I have been out of college for 12 years so I really hustled to get to this point. If I’m a bit annoyed at how poorly people handle themselves and blame others, then you will have to excuse me. Quite literally If I can get to this point, anybody should be capable of it.

            • hard rains

              Are you saying you are the normal run of the mill average person with an average run of the mill life with an average run of the mill hourly wage?

  • Dean

    When a much needed job calls you to a different part of the state and the bank won’t accept a short-sale on your home for what is now, it’s true market-value, sometimes you find yourself doing something you never dreamed you’d consider – foreclosure here I come……

  • AJ

    Bud, your comment is moronic. There has never been a Causation Analysis that demonstrates that Fannie & Freddie were in any way a CAUSATION of the financial crises.
    The TOP 3 CAUSES of the financial crisis according to Economist’s View are:
    1. Ultra Low Interest Rates.
    2. Unregulated, Non Bank Sub Prime Lenders.
    3. Ratings Agencies giving “AAA” Ratings to Junk Paper.

    A SECONDARY List of Causes that May or May Not be prime causal factors, but that did help make the crisis worse are:
    1. The Commodity Futures Modernization Act of 2000
    2. Net Cap Rule change 2004
    3. Repeal of Glass Steagal 1998

    – Yes Fannie and Freddie were companies that were run by business weasals.

    – Yes Fannie and Freddie did securitize mortgages for DECADES without major issues.

    – Yes Fannie and Freddie did securitize SUB Prime mortgages but PRIMARILY ONLY after 2005, after the financial problems had started.

    – WALL STREET had been Securitizing MOST Sub Prime Mortgages for YEARS prior to Fannie and Freddie. F&F jumped in very late because they were losing market share. F&F Started doing Non Conforming Mortgages just as the Market Peaked.

    If Fannie and Fredddie NEVER Existed, mortgage securitization would have happened ANYWAY, just like securitized credit card receivables, auto loans, small biz loans ALL took place without Fannie and Freddie.

    YES Fannie and Freddie made things worse. But there is no way that Fannie and Freddie could have caused a Housing Meltdown due to Mortgage Securitization in which F&F didn’t even participate until 2005.

    God some of you people have got to start using your brains and start to THINK.

  • easyrider

    The Glass-Steagall Act, first enacted in the 1930’s in response to the stock market crash that lead to the first Great Depression was deregulated in 1999. Presented and backed by a majority of Republicans and signed by then President Clinton. The Glass-Steagall act prevented Investment banks from using Commercial bank assets, like mortgages, in Wall Street speculation. It’s deregulation was supposed to give the US greater leverage in the Global Markets, but instead lead to the mortage debacle in the housing market here at home which lead to the Wall Street collapse and lead to Global financial instability. For the first time in almost 100 years the public is directly affected by poor financial decisions on Wall Street without having any control of how their own assets in their own neighborhood banks are used in the market place.

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