Foreclosures fall dramatically
Crow Wing County foreclosures fell nearly to single digit numbers in June, marking a dramatic change from previous summers.
Last month, the number of foreclosures in the county numbered 10.
There were 27 in June of 2012, 41 in June of 2011, 26 in June of 2010, 37 in June of 2009, 32 in June of 2008 and 19 in June of 2007.
In the six years since the start of the Great Recession, there has never been a month where the number of people losing their homes was this low. The closest month? An even dozen foreclosures in February of 2007.
This year, as of June, there have been 98 foreclosures. That’s a marked decrease from the 218 foreclosures already racked up as of June just two years ago. The current numbers are lower than 2007 when there were 108 foreclosures in the county by June. In 2001, there were 39 foreclosures in Crow Wing County for the entire year.
The notices of pendency, indicating a foreclosure is in the pipeline, amounted to 17 in June. Two years ago there were 31 notices of pendency in June. Last year in June there were 29 notices. In 2012, there were already 218 pending foreclosures in the wings as of June, although not every looming foreclosure actually ends up in a sheriff’s sale of someone’s home. As of June this year, there were 138 pending foreclosures.
This year the volume of warranty deeds picked up by 65 percent in the Crow Wing County Recorder’s office showing houses on the market are moving.
“I truly believe we are seeing the return of an active healthy real estate market,” said Kathy Ludenia, Crow Wing County recorder. “Along with foreclosures being at a six-year low, our general document filings are up 13 percent from this time last year.”