ST CLOUD, Minn. (AP) — Foreclosures in Minnesota fell 21 percent during the first quarter from a year earlier.

According to a HousingLink report released Friday, there were nearly 5,400 foreclosures in Minnesota in the first quarter, which was down 21 percent from the same quarter last year. The number is up one percent from the previous quarter, following a sharp spike in the third quarter of 2010.

The state had an 11 percent increase in foreclosures in 2010, making it the second-worst year for home repossessions.
The St. Cloud Times reports that foreclosures began rising in 2005 and peaked in 2008, with more than 26,000.

University of St. Thomas professor George Karvel says if the numbers continue to stay at this lower level it could be the ending of the housing problems.

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 This material may not be published, broadcast, rewritten or redistributed.)

Comments (5)
  1. Jackie says:

    The only reason why foreclosures have dropped is because the banks are so far behind and therefore people not paying their mortgages are able to live in their house longer than in the past. These number do not tell the whole truth.

  2. M B says:

    “The number is up 1 percent from previous quarter.”
    So, it’s all a matter of perspective. You could report that it’s actually UP as well.

    The mortgage companies are so bogged down by MortgageGate that they can’t file new ones.

    Well, that and a great number of people have already lost their homes. The rest either still have jobs or have a smaller house that doesn’t cripple their budget.

  3. Victim du jour says:

    @ Jackie

    That is true, the bank offered my friend to stay in his townhouse and pay them rent.

    They aren’t listing vacant properties for some reason too. Paying landscapers to do lawns for vacant properties (Perhaps for price fixing)

  4. hadenough says:

    Subprime lending was the demon of choice when this started, ignoring the layoffs and banking vultures. As more people were hit and this started to affect the affluent then it was the banks who became the demon of choice. The true demon in all of this is GREED. Claiming a decrease in foreclosures is a smoke screen. You can make numbers appear to say anything you want by how you group them and what type of analysis you choose. The fact I derive from this is that there are fewer home owners left and more rentals occupied.

  5. Tom says:

    Whoever wrote this article should be ashamed!

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