Report: Anoka County saw $2 billion loss in home values from 2008 to 2012
In total, the report found that Anoka County had the third highest number of foreclosures during the four-year study period, following Hennepin and Ramsey, respectively, with 15,697.
In a recent article on this blog, we discussed a report compiled by local social justice groups and grassroots organizations that aimed to assess the damage foreclosures have had on area communities. Formally titled “The Wall Street Wrecking Ball: What Foreclosures Are Costing Minnesotans and What We Can Do About It,” the study took a close look at how each Minnesota county was affected by the nation's housing market troubles.
Our last piece focused on Hennepin County, an area that includes cities such as Maple Grove, Golden Valley and Plymouth, among others, and lead the state in foreclosures from 2008 to 2012. Today, we'll turn our attention to the data the groups collected regarding Anoka County foreclosures.
In total, the report found that Anoka County had the third highest number of foreclosures during the four-year study period, following Hennepin and Ramsey, respectively, with 15,697. The organizations estimate that the loss in home values for foreclosed houses was more than $800 million, while the decrease to the worth of surrounding residences was more than $1.6 billion.
This statistic illustrates that homeowners who live in close proximity to foreclosed houses were just as affected by the recent problems in the real estate market. Overall, the researchers estimated that the total loss to home values in the county was $2.4 billion during this period.
Worse, foreclosure rates in Minnesota are still higher than their pre-recession levels. As a result, many homeowners may still find themselves struggling under the burden of high monthly bills or decreased earnings due to a job loss related to the country's economic slump.
At Atlas Law Firm, our Anoka County bankruptcy lawyers and foreclosure attorneys specialize in helping homeowners regain their financial footing. By calling 1-763-568-7343 and examining all of your options with one of our dedicated legal professionals, you can take a step toward a brighter financial future today.