Duplex Foreclosure Report A Sign Of Things to Come?

Our friends over at RealtyTrac just released their Foreclosure Market Report for August, and the news was mixed.

While the number of Default Notices issued nationwide was down 33 percent from August of last year, the 78,880 single family home and duplex owners who received those notices this August represented a 7 percent jump from the number who did in July.

Foreclosure auctions, or sheriff’s sales, were down 1 percent from July, and 43 percent from August of 2010.

Nationally, the 64,813 properties repossessed by the banks in August was actually  a 4 percent drop from July, and a 32 percent decline from August 2010.

In Minnesota, there were 2403 new notices of default issued to delinquent home and duplex owners. The vast majority of these came from the Twin Cities metro area.

Hennepin County lead the way with 843 foreclosure filings. Ramsey County contributed another 330, followed by Anoka County with 255, Dakota County with 241, Washington County with 118 and Scott County with 69.

Minnesota averaged one homeowner out of every 971 experiencing some sort of foreclosure average. This puts us in the middle of the pack when it comes to the foreclosure averages for all 50 states.

However, when breaking the data down on a county basis, Hennepin County averaged 1 out of every 600 homeowners officially in trouble.

These figures may be about to change, with rumors swirling the banks have begun stepping up foreclosures, now that they have the robo-signing and documentation issues behind them.