26,000 Minnesotans lost their homes in 2010

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: February 10, 2011 - 9:18 PM

Foreclosures rose 11 percent in 2010 as more than 26,000 Minnesotans lost their homes.

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pitythefoolsFeb. 10, 11 9:35 PM

I await the conservative posts that it was all about people living "beyond their means" so they should be thrown in the gutter. Bring it on, compassionless conservatives, live in your fantasy world.

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sueinmnFeb. 10, 11 9:37 PM

The banks refuse to work with owners yet are willing to sell at auction for little to nothing. I suppose they are getting their losses made up by US the taxpayers via government making banks whole and forgetting the people that pay the taxes! Something must change soon before we begin to look like Egypt.

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kenw1952wFeb. 10, 11 9:39 PM

I find it rather disgusting that a lender would prefer to have a home sold at sheriff's auction for $36,000 and take a huge loss than to try and work with the homeowner and take a much less of a loss and be able to keep a family in their home.

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aaronmdFeb. 10, 11 9:43 PM

While this is certainly not great news, it is important to note that the foreclosure activity is still slightly below the highest level of 2009 - which is to say that foreclosures in Minnesota are more of a "high tide" than increasing "waves." Foreclosures by their very nature are always going to be a lagging indicator of the housing market: http://www.twincitiesrealestateblog.com/2011/foreclosures-are-a-lagging-indicator/ - Aaron Dickinson, Edina Realty

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aaronmdFeb. 10, 11 9:45 PM

I apologize, I meant to say 2010's number is slightly lower than the peak seen in 2008. - Aaron Dickinson, Edina Realty

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buttercakesFeb. 10, 11 9:46 PM

If it's a few percent, I suppose one could argue that it's people living beyond their means, but at this level it's far beyond that. More jobs and better jobs need to happen and until corporations start seeing value in the American worker and paying them a decent wage, we'll continue to see this happen.

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camb24Feb. 10, 11 9:48 PM

This is only the beginning! 2011 will come the landslide of foreclosures. I work in default mortgages for a large bank and we have record amounts of people just stopping the payments on their mortgages. They are underwater on it and are making a financial decision to just walk away. We are only foreclosing on a set number each month and we have thousands that are over 12 months behind on payments.

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qryptik1Feb. 10, 11 9:59 PM

This sucks

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frostyskinsFeb. 10, 11 9:59 PM

The cost of taking over foreclosed homes greatly exceeds the principal reductions that are inevitable anyway. Either way the taxpayer foots the bill. As usual, big business and government have taxpayers paying the higher bill. Here is how the narrative ran. The trillion dollar banks and some "smaller" ones used all their influence over the media and lawmakers to get the narrative going in the direction of "why should anyone get a free house?" or "Why should HE get a break on HIS mortgage just because he stopped making payments? I've been the good citizen making my payments and I don't see anyone giving me a break." The answer is as simple. This is not a mortgage problem, it is a fraud problem that will bring down the whole economy. And victims of fraud have a right under our existing laws to be made whole, if possible or at least given some relief from the fraud enabled by highly sophisticated financier leveraging off asymmetry of information. By getting us fighting amongst each other about a non-issue, the banks, media and lawmakers distracted us from the real issue. The result was a bailout for the fraudsters and a nightmare for the rest of us whether we got hurt directly or not. In fact, we are all hurting from the foreclosure mess either directly or indirectly. Property values are going lower and lower, nice neighborhoods have turned to urban blight, and upscale neighborhoods are seeing ugly signs go up inviting unwanted buyers who either look for the quick buck or who don't fit with the old context of the neighborhood. Jobs are being lost by everyone, not just people who are losing their houses in foreclosures. The plain truth is that both the homes and the securities sold to finance the mortgages were inflated through fraudulent means. The resulting fall-out continues to drag median income down and with it, the price of housing. Everyone knows the securities were overvalued, everyone knows they are worth far less than represented, and that the reason is the appraisals of the homes and viability of the loans were simply a lie. The ONLY possible end to this under any scenario, is that the real value is going to be reflected in the market place whether we like it or not. That means in simple language that the securities are going to be marked down to their real value and the home loans, which were also securities in this scheme must meet the same fate. It doesn't matter what people in or out of power want. The cat is out of the bag and nobody is going to pay the premium that sellers and banks are looking

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wellieFeb. 10, 1110:02 PM

A few thoughts: 1. While "officially" the recession is over, of course in reality we are--and will continue to be--in a Greater Depression, with the long, grinding downward spiral of deflation (yes, deflation). 2. The "shadow" inventory of homes in either the process of foreclosure, pre-foreclosure, or late payments is larger, I think the Wall Street Journal this past fall put the inventory at 8 years. Prices simply will continue to drop. 3. An article in yesterday's paper quoted someone from the Mpls Fed saying that the decline in home prices was offset by gains in the stock market. Of course, the people being hurt by underwater homes are not in the stock market, which is propped up by the Fed's QE2 program. Nice talking points coming from those trying desperately to prop up a system that is, well, falling apart. 4. Families are still in debt, and will continue to be in debt for some time.

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