Foreclosure numbers for 2010 in lakes area counties represent a staggering sum.
"The No.1 driver for foreclosure in the state of Minnesota is unemployment and underemployment," said Ed Nelson, marketing and communication manager with St. Paul-based Minnesota Home Ownership Center. "Until we start seeing our unemployment rate drop and stay dropped, we're going to see elevated numbers of foreclosures."
In 2010, there were 71,556 pre-foreclosure notices sent to Minnesota families.
While not all the foreclosures represent a homestead lost, since reports indicate a rise in second-home foreclosures, the majority are serving as primary homes.
In a Seminar at the Greater Lakes Association of Realtors on January 28,2011, Nelson presented a preview of preliminary foreclosure numbers. These initial figures, which may change slightly, present a picture of the extensive mortgage crisis. In the hard hit Crow Wing and Mille Lacs counties, up to 8 percent of all residential parcels are in foreclosure.
Crow Wing County had 388 foreclosures in 2010 for a running foreclosure total of just less than 1,600 households in the last four years. For Crow Wing, the numbers began a rather steep rise in 2007, bumped up even farther in 2008 before leveling off in 2009.
Mille Lacs County's foreclosures shot up in 2006, more than doubled by 2007 and climbed even higher in 2008. Nelson said the Mille Lacs County foreclosures have leveled off but at elevated numbers. The county had 226 foreclosures in 2010, slightly higher than 2009.
If you are falling behind on payments or have already received a notice of the Sheriff's Sale, please do not walk away. We may be able to negotiate with your lender to sell your home for less than you owe and avoid foreclosure. This will give you a graceful exit and allow you to move on.
Keller Williams Realty Brainerd Lakes
Short Sale Specialist