Foreclosures at lowest level since 2007
Foreclosures in Crow Wing County have reached numbers not seen in six years.
And for individuals and families who have struggled to hold on to their homes in the aftermath of the Great Recession, that’s a good thing.
“With financing readily available and market values trending upward, I think we are finally seeing the end,” said Kathy Ludenia, Crow Wing County recorder. “We have not seen foreclosure numbers this low since prior to 2007.”
In February of 2007 there were 12 foreclosures.
In May of this year, foreclosures dropped down to 13. Notices of pendency, which indicate a foreclosure is coming, were 25. Sheriff’s certificates, or foreclosures, for May of 2011 were 33 and notices of pending foreclosures were 41.
In 2007, the year the Great Recession started, foreclosures came in fits and starts ranging from 12 to 26 per month that year. As the 2007 foreclosures fluctuated, the notices of a pending foreclosure in the works grew, from 33 in January of 2007 to 54 by the following December. By 2008, it was common to have 50 or more foreclosures in the pipeline each month with more than 30 actual foreclosures in hand.
In 2001, there were 39 foreclosures for the entire year in Crow Wing County. By September of 2010, there were 57 foreclosures that month alone.
Foreclosures started to inch up in 2002 and then made a jump from 68 in 2004 to 101 in 2005, before beginning a rapid climb.
Foreclosures by year:
• 231 in 2007.
• 356 in 2008.
• 352 in 2009.
• 388 in 2010.
• 369 in 2011.
• 273 in 2012.
In previous years, foreclosures dropped into the teens for a month or two at a time before rising again. So what makes 2013 appear to be different? A string of months where the pending foreclosures are consistently in the low to mid-20s, a feat not seen in Crow Wing County since before 2007.