Rate of foreclosures falls in second quarterby Jessica Mador, Minnesota Public Radio
St. Paul, Minn. — About 8,200 Minnesota homeowners received a foreclosure notice in the second quarter of this year, down almost 9 percent compared to the same quarter last year, according to new numbers from the research firm RealtyTrac.
Nationally, nearly 1.2 million homeowners received a foreclosure notice during the first half of 2011. That includes default and auction sale notices and bank repossessions. That was down 29 percent from the first half of 2010.
But Rick Sharga, senior vice president at RealtyTrac, said the numbers are misleading because delays in processing at many lenders are slowing foreclosure actions.
Sharga says high unemployment and underemployment, weak consumer confidence, home sales and home prices continue to depress the housing market. Falling home prices puts a mortgage upside-down can also influence a homeowner to fall delinquent, Sharga said.