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Minnesota experiencing “improvement in the housing market,” report says


If you’re fighting to keep your home payments current, you may benefit from speaking with a Carver, Minneapolis or St. Paul bankruptcy attorney that can help you analyze your available options.


On February 14, The Associated Press reported that the number of U.S. homes entering the foreclosure process declined in January, hitting its lowest level since before the housing market crash of the 2000s. In total, the report indicated that foreclosure starts had fallen nearly 30 percent year-over-year and were down 11 percent from December.

The Minnesota Homeownership Center, Minnesota Housing, Greater Minnesota Housing Fund and the Family Housing Fund further indicated in a February 13 report that in the North Star State the sales of foreclosed homes fell to their lowest level since 2006 in recent months. The report, entitled “Foreclosures in Minnesota,” estimates there were a total of 17,895 foreclosures in 2012, dropping 16 percent from 2011.

“We continue to see improvement in the housing market,” Julie Gugin, of the Minnesota Homeownership Center, said in a press release. “And we know that our foreclosure prevention efforts in Minnesota, combined with improvements in how banks and lenders deal with struggling homeowners, are having a positive impact on the number of foreclosures.”

The biggest gains were seen in the metro areas, but despite this key improvement, other parts of the state were not showing similar signs that local residents are on the path to recovery, according to the Star Tribune. While sheriff's sales and repossessions were down, many homeowners are facing economic hardships that are making their home mortgage payments more difficult.

If you're fighting to keep your home payments current, you may benefit from speaking with a Carver, Minneapolis or St. Paul bankruptcy attorney that can help you analyze your available options. In some cases, bankruptcy may be a beneficial option that allows you to avoid foreclosure and stem the credit score damage you've been experiencing.

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