Minn. sees larger spike in foreclosure filings than nationby Annie Baxter, Minnesota Public Radio
St. Paul, Minn. — Minnesota had a bigger spike in foreclosure filings last month than the national average.
The national housing research firm RealtyTrac says a backlog of distressed properties is making its way through the system, causing foreclosure numbers to spike.
Foreclosure prevention programs presumably delayed sheriff's sales last year, but now those sales are getting processed.
RealtyTrac says foreclosure activity nationally climbed nearly 8 percent in March compared to the year before. Minnesota had a much bigger bump, with foreclosure activity growing 22 percent over the same period.
RealtyTrac says, while completed foreclosures spiked, default notices were down nationally on a year-over-year basis in the first quarter of the year.