Minnesota’s Foreclosure Crisis Nears End
MINNEAPOLIS (AP) – Minnesota’s foreclosure crisis is nearing an end after eight long years.
House prices are rising and the number of foreclosures is falling. Reports say the latest sign is that the number of Twin Cities homes lost to foreclosure fell by nearly half in January compared with a year ago.
The crisis peaked statewide in 2008 when there were 26,000 foreclosures. Last year, there were about 11,800 foreclosures across Minnesota.
But it’s difficult to say when foreclosures will recede all the way to their pre-crisis lows. Many families earn less than they did five years ago, and thousands of homeowners will never regain the equity they lost when house prices crashed. And there are still broad swaths of the state where thousands of homeowners are struggling.