July National, State and Twin Cities Foreclosure News
A recent report show that foreclosure filings have declined since last fall. However, this real estate snap shot isn't a completely pretty picture.
RealtyTrack, an Irvine California firm, has reported foreclosure filings have slowed and are down 25% nationally during the first half of 2011 as compared to the first half of last year. The rate is 29% lower compared to the rate from the second half of 2010. Still, a depressing total of 1,170,402 foreclosures were filed through the end of June, 2011.
The length of time from default to foreclosure to auction has grown. U.S. properties foreclosed in the second quarter were in the foreclosure process an average of 318 days from the initial notice to the completion, up from 277 days in the second quarter of 2010. New York leads the nation in the length of its foreclosure process at an astounding 944 days. Florida was next at 676 days. At the other end of the spectrum, Texas’ process took 92 days.
The longer length of time for the foreclosure process could be a good or a bad sign. On the one hand, banks are still processing a high-number of defaults, which may be slowing the foreclosure process. On the other, many programs are being developed and offered to help homeowners avoid foreclosure. This is also true for Minnesota.
On a completely related note!
The Washington County Library and the Washington County Housing and Redevelopment Authority are offering free foreclosure counseling and information workshops on Thursdays in July, providing advice from trained foreclosure-prevention counselors. The events will include a 45-minute presentation summarizing the foreclosure process. Participants will also have an opportunity to meet individually with a foreclosure-prevention counselor. No pre-registration is required.
"The value in speaking to a county foreclosure-prevention counselor is identifying options," said Barbara Dacy, HRA executive director. "More than 60 percent of households that have worked with one of the prevention counselors have avoided foreclosure."
The next two sessions are on July 21 from 1 to 2 p.m. at Oakdale Library, 1010 Heron Av. N. and July 28 from 6 to 7 p.m. at R.H. Stafford Library, Conference Rooms A&B, 8595 Central Park Place in Woodbury.
Additionally, check out the limited time program to help 1,400 Minnesotans avoid foreclosure. The deadline for application is July 22. 2011!