Foreclosures: Heating Up in the West Metro

by Alex Stenback on July 31, 2008

Hennepin_county_fc_2

Graphic via Strib

Steve Brandt at the Star Tribune with an interesting find:

Foreclosure data for the first half of 2008 show that the number of sheriff’s sales jumped 59 percent in suburban Hennepin, compared with the same period last year.

But the number of sales is up only 20 percent so far this year in Minneapolis, and there are indications they are leveling off on the North Side, which has been the epicenter of the state’s foreclosure crisis.

Pure speculation on our part, but it seems that many of the foreclosures in Minneapolis, and especially North Minneapolis were of the more toxic variety, and simply went bad more quickly.

There was fraud in the burbs, to be sure, but the declining real estate market will take its toll, resulting in more "natural" foreclosures (job loss, divorce, speculation) in addition to those of the shady and toxic strain. It may simply take longer for the foreclosure numbers to build in these areas.

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