Negligible Increase in Minnesota Foreclosure Homes

September 18th, 2009 | Tags: Foreclosure Homes

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Minnesota is one of the states that is benefiting quite nicely from the federal government programs to refinance and restructure mortgages. The increase is les that one half of one percent and that directly attributable to the stimulus package and the ability of the lenders and the desire of the mortgage holders to work hand in hand with the homeowners to try and resolve the issues before they actually had to be forced to file foreclosure notices.

At a period when other states are posting huge increases, the state of Minnesota was lucky enough to turn in a .4 percent increase for the period of time from May to July of this year. While that is still an increase, it is significantly lower than it would have been had the federal government done nothing or refused to allow the bill of President Obama to pass.

Homes here are also not losing value as quickly as they are in other parts of the country like California where homes have dropped as much as 60 percent of their value or more in just the last two or three years. For the most part the housing in the state of Minnesota has maintained values at rates above the national average.

All of these points come together to help make a stronger than normal foreclosure market in the sate of Minnesota, which is something that makes the residents here very happy.

Another thing that helped to keep things low on foreclosure numbers here is the fact that a lot of the land and property and indeed homes in the northern part of the state are actually mortgage free and many are mainly vacation homes that have been paid for or in the family a long time. So with less housing subject to mortgages it is going to lower the possibility of defaults on payments.

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