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Summary of Key Observations <br /> 1. 38,077 mortgages were foreclosed in Minnesota between 2005 and 2007.Another 28,282 are <br /> projected to be foreclosed in 2008—While the total number of foreclosures continues to <br /> increase substantially in Minnesota, the majority of foreclosures are occurring in the Twin Cities <br /> seven-county metro and in a subset of counties in Greater Minnesota. For example, in 2007 the <br /> Twin Cities seven-county metro' accounted for 64% of total foreclosures. The 10 counties in <br /> Greater Minnesota with the next highest number of foreclosures'accounted for 19%,while the <br /> 70 remaining Greater Minnesota counties accounted for 17%. Detailed information regarding <br /> foreclosure counts by county can be found in Figure 5. <br /> Foreclosures in Minnesota by Region <br /> 2005-2008(Projected) <br /> N <br /> 30,000 _. _.. <br /> C 25,000 <br /> 20,000 4 Minnesota <br /> 0 15,000 —*—Twin Cities Metro <br /> 0 10,000 •--Greater MN <br /> # 5,000 <br /> O 0 <br /> ~ 2005 2006 2007 2008 <br /> (Projected)' <br /> Year <br /> 2. One mortgage foreclosed for every 54 households in Minnesota from 2005-2007—If 2008 <br /> foreclosure projections hold true, approximately 28,000 more Minnesota mortgages will be <br /> foreclosed by the end of the year. This would translate into one mortgage foreclosure occurring <br /> for every 31 households' from the beginning of 2005 to the end of 2008. <br /> When looking at 2007 alone, there was one mortgage foreclosure for every 100 households in <br /> Minnesota. Overall, the highest rates of foreclosures in 2007 were in Greater Minnesota <br /> counties directly surrounding the Twin Cities seven-county metro area (Sherburne, Isanti, Mille <br /> Lacs, Pine, Wright, Chisago, Le Sueur and Kanabec). Detailed information on foreclosure rates <br /> by county can be found in Figure 12. <br /> z Twin Cities Metro counties in order of highest to lowest number of foreclosures in 2007:Hennepin,Ramsey,Anoka,Dakota, <br /> Washington,Scott,and Carver <br /> s Top 10 Greater Minnesota Counties with the highest number of foreclosures in 2007(in order from highest to lowest):Wright, <br /> Sherburne,Stearns,St.Louis,Olmsted,Isanti,Chisago,Rice,Crow Wing,and Mille Lacs <br /> 'This foreclosure rate varies from other foreclosure rates calculated in this report in that it sums foreclosure counts over multiple years <br /> to compare to the 2005 household count. <br /> Page 2 Foreclosures in Minnesota:A Report Based on Sheriffs Sale Data(April 2008) <br /> HousingLink 612.522.2500 <br />