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Foreclosures down from past summer's pace

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Foreclosures continue in Crow Wing County but not at the pace of previous summers.

There were 20 foreclosures in the county in July with 31 notices of pending foreclosures.

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That means foreclosures were down in July compared to June but still higher than January or February of this year.

To date this year, there have been 161 foreclosures in the county.

Compare that to last July, where foreclosures had already reached 256 by July on the way to a high of 369 for the year. By July of 2011, pending foreclosures totaled 273. Through July of this year, notices of pending foreclosures were down by 24 to 249.

Current numbers are still above or on pace with those recorded in 2007 when the recession was starting, although the housing market was already melting.

By 2008, there were already 220 foreclosures as of July and 333 pending. In 2009, there were 209 foreclosures by July and 390 pending. In 2010, foreclosures through July dropped slightly to 200 and pending foreclosures dropped to 344.

Pending foreclosures have continued to drop from a year-high of 645 in 2009 to 590 in 2010 and down to 479 in 2011.

While the number of foreclosures declined slightly this July compared to June, pending foreclosures rose a bit.

The highest monthly foreclosure number in the last six years was recorded in March of 2011 with 58. There were more foreclosures that month than recorded per year in 1998, 1999, 2000 or 2001.

Pending foreclosures hit a high of 83 in September of 2009. The highest number of pending foreclosures this year was 47 in May.

All the 356 foreclosures recorded in a seven-year span between 2004 and 1998 were equaled in a single year in 2008.

While foreclosure numbers remain relatively high, they are not as high as they once were and only time will tell if the downward trend continues although Kathy Ludenia, Crow Wing County recorder said it appears the county may be over the hump.

Trends have been challenging to identify as total foreclosures went down slightly between 2008 and 2009 only to climb higher in 2010.

Foreclosures by year:

➤ 2011 — 369

➤ 2010 — 388

➤ 2009 — 351

➤ 2008 — 356

➤ 2007 — 231

➤ 2006 — 142

➤ 2005 — 101

➤ 2004 — 68

➤ 2003 — 63

➤ 2002 — 60

➤ 2001 — 39

➤ 2000 — 43

RENEE RICHARDSON, senior reporter, may be reached at 855-5852 or renee.richardson@brainerddispatch.com. Follow on Twitter at www.twitter.com/Dispatchbizbuzz.

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Renee Richardson
Richardson is a Pacelli High School graduate from Austin, Minn., who earned an applied science degree from the University of Minnesota, Waseca, with an emphasis in horse management. She worked extensively in the resort industry. She received an associate’s degree from Central Lakes College, where she was editor of the Westbank Journal student newspaper, as well as a summer intern at the Dispatch. She graduated from St. Cloud State University summa cum laude with a bachelor’s degree in mass communications and interned at the St. Cloud Times covering business while attending SCSU. She's been with the Brainerd Dispatch since 1996.
(218) 855-5852
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