Report: Ramsey home values hurt by foreclosures
Ramsey County saw more than 19,000 foreclosures during the four-year study period, which covered 2008 to 2012.
In recent posts, we've been breaking down “The Wall Street Wrecking Ball: What Foreclosures Are Costing Minnesotans and What We Can Do About It,” a report released in March that extensively detailed the economic effect the real estate market collapse has had on area home values, and by extension, Minnesota property owners.
Compiled by Minnesota groups like Neighborhoods Organizing for Change and the Northside Community Reinvestment Coalition, perhaps most notable among the study's conclusions is that it suggests certain counties were more adversely affected by the collapse than others.
For example, Ramsey County saw more than 19,000 foreclosures during the four-year study period, which covered 2008 to 2012. The report indicated that the loss to foreclosed home values was nearly $1 billion – $956 million – during this time. Even greater was the decline in value recorded in the residences surrounding these houses due to foreclosures, which was estimated at $1.9 billion.
According to the report, the total loss Ramsey County homes saw during the recession was more than $2.9 billion, greater than the drop in home values recorded in Anoka County, which came in third place, and less than the $8.7 billion value deduction seen in Hennepin County, the Minnesota county most directly affected by the real estate market collapse.
And while the study focused on the effects of past foreclosures, recent reports indicate that many homeowners across the state are still struggling under the burden of monthly mortgage payments that are straining their budgets. If you're one of these individuals, however, you can secure professional assistance.
At Atlas Law Firm, our Minneapolis foreclosure attorneys can help you decide if a Ramsey bankruptcy, foreclosure or loan modification is right for you. Our representatives help people use bankruptcy as a financial tool to resolve burdensome debt and can help you through the entire process, from developing a payment plan to protecting your from wage garnishment and other adverse actions.