RealtyTrac’s 2nd Quarter 2012 Foreclosure Reports show declining foreclosures nationally.
Although foreclosure-related sales as a percentage of total sales increased, the raw number of foreclosure-related sales in the second quarter (224,429) decreased 12 percent from the previous quarter and was down 22 percent from the second quarter of 2011 — the first annual decrease in foreclosure-related sales after five quarters of increases.
According to the report, Foreclosure related sales account for 22% of the residential sales in Minnesota. This is in the higher bracket in the nation, certainly not the worst as California takes that spotlight with 43%. Below is RealtyTrac’s foreclosure “heat map” of the US, it is interactive so you can compare.
Aaron Dickenson makes his prediction on the future foreclosure activity based on pre-foreclosure data for the Twin Cities. He debunks the Shadow Inventory theory, which I agree with to a certain point. Where I differ in opinion is I don’t believe we are out of the woods on this yet. I base this on just economic conditions, primarily the employment situation.