RealtyTrac: Foreclosure activity could riseby Jessica Mador, Minnesota Public Radio
St. Paul, Minn. — Research firm RealtyTrac says initial foreclosure notices were up in the first quarter of this year compared to a year ago. That's the second increase in a row for initial notices, which could signal another wave of foreclosures.
There were more than 7,500 foreclosure filings in Minnesota in the first three months of the year. Realtytrac's Daren Blomquist said that although the number of filings fell slightly from the same time last year, initial foreclosure notices were up by 11 percent.
"And so on the surface, that is a good thing, Blomquist said. "There is a downward trend in foreclosure activity."
"The caution there is that we are seeing an increase on the front end of the foreclosure process which is foreshadowing an increase in actually completed foreclosures going forward as well," Blomquist added.
Lenders restarted the foreclosure process after more than a year of delays, Blomquist said. Many lenders slowed the pace of foreclosures amid questions about procedures and foreclosure documentation.