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Madeleine Baran

St. Paul, Minn.

September 21, 2009 3:18 PM

Minnesota has highest foreclosure rate in Upper Midwest

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Foreclosures in Minnesota dropped ten percent in August, but the state still reported the highest rate in the Upper Midwest.

Minnesota had a higher foreclosure rate than Wisconsin, Iowa, and the Dakotas, according to new data from RealtyTrac, the foreclosure sales and tracking website. Most of the state's foreclosures were concentrated in the Twin Cities area.

Overall, Minnesota ranked 21st in the nation, while Wisconsin came in 22nd.

Iowa's ranking was 41st, followed by South Dakota, at 44th, and North Dakota, at 49th.

Despite this month's decrease, Minnesota's foreclosure rate was still up 70 percent over last year, with 3,688 filings this month.

Illinois and Michigan were hit harder than the Upper Midwestern states, the report found. Michigan ranked 5th, while Illinois ranked 13th.

Vermont had the lowest ranking, with only 33 foreclosures filed in August. Nevada had the highest with 17,902 filings. One in every 53 housing units in Las Vegas is in foreclosure.

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