Bright spot in foreclosure trend may be coming
Crow Wing County had 21 foreclosures in November, but Kathy Ludenia, county recorder, said the bright spot may be a significant drop in pending foreclosures.
In November there were 18 notices of pending foreclosures. A year ago in November there were 32 notices and the year before that there were 38 notices. Earlier this year, pending foreclosures climbed to more than 40 in a single month.
For months, speculation existed about another wave of foreclosures looming. But Ludenia said the drop in notices of pendency, which indicate a foreclosure is in the works, has dropped so much, it is making her think that predicted additional foreclosure wave may not materialize.
The number of foreclosures in November of 2011 numbered 22. In November of 2010, there were 34 foreclosures.
With the latest numbers, there have been 333 foreclosures to date in Crow Wing County in 2012 with one more month to go in the year. In 2011, there were 369 foreclosures and in 2010, there were 388 foreclosures — for the highest number throughout the Great Recession and well into recorded history. In 2000, there were 43 foreclosures for the entire year.