Home Foreclosures Increase In MN

Everyone says the bubble will burst and the recovery is just around the corner. We all wait patiently for the housing market to restart and no one is waiting more patiently than in MN.

Foreclosure filings are up 7 % for the month of May, compared to last years stats and unfortunately MN outperforms the national foreclosure activity.

Across the whole US, there were a total of 94,000 homes repossessed and this was an all time high. Of those, over 3000 were in the state of MN alone.

The number of homes being repossessed in the U.S. has hit a record high. Lenders repossessed nearly 94,000 properties in May.The state of Minnesota accounted for 3,167 of those foreclosure filings.

The problem is that unemployment for middle America is up, this means a loss of incomes and spending.

Combine this with the problem of over financing and people find themselves owing more on their properties that they could possibly sell them for.

Now foreclosures are not new, there has always been people who could no longer pay. A growing popularity exists for people who are taking a proactive approach and deciding not to pay.

Lets hope it is not you, but remember, every state has agencies that will assist you through the process.

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Posted by Kevin Needham on Jun 12 2010. Filed under Business, Featured News, Legal. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry