Worst of Foreclosure Epidemic is Over in Minnesota

The total of new foreclosure filings fell nationally to its lowest level in nearly a decade in the month of August. The research was done by RealtyTrac, which is an online foreclosure property marketer.

In Central Minnesota, it looks as if the worst of the foreclosure epidemic has come to an end.

Benton County saw just two sheriff’s auctions. March also saw just two and these two months represented the fewest number of foreclosures in any one month since 2006. By the end of the year, Benton County is expected to have a total of 75 foreclosures, which would be the smallest total in one year in at least seven years.

Stearns County foreclosures also saw improvement and Stearns County has a higher population and a larger land base, so it has the most foreclosures despite the improvement. For instance, September 2010 was the peak for foreclosures in the country, but Stearns County only saw 58 auctions. That year they had a total of 511. Last month, there were only 12, placing Stearns County at 264 for the year.

There are a number of indicators that are looked at to give individuals a sense of what direction the local economy is moving in. Among the economic indicators are new vehicle registrations, occupancy, and beverage and food tax collections.

All of these indicators showed improvement in the third quarter.

Truck sales are showing stronger in the fourth quarter. Last year there were 496 in November and December saw 471. If the next couple of months show growth, then that indicates an improvement.

Hotels are seeing the most occupancy since 2007 and this means that more individuals are starting to travel to Minnesota again to enjoy its lakes and everything it has to offer. When the economy started to suffer, Minnesota saw a decline in tourism.

The food and beverage tax ticked upward as more people are starting to dine out in solid numbers. The tax receipts on record are showing more than $1.3 million in collections in 2013 so far.

The only months in 2013 that are on record that did not see growth were March and August. Collections were the highest in January, April, June, and July. Data regarding the number of foreclosures and the statistics surrounding economic indicators will not be available until at least January 2014 or later.



Please contact our law office concerning your case. The content of this article does not constitute an attorney-client relationship.