Report: Fewer foreclosures in Minnesota this year

A new report out from the Minnesota Homeownership Center shows the number of foreclosures in Minnesota fell in the first half of this year.

If the trend continues, the state could be on track to see 15 percent fewer foreclosures this year over last year. Experts say the decrease could be due in part to efforts by lenders to help struggling homeowners.

But the number of people who are least sixty days behind on their mortgages is up, and Ed Nelson from the Minnesota Homeownership Center says the positive trend could reverse later this year if homeowners who are currently delinquent on their loans do not catch up on their payments.

"There are just so many unknowns as to where we are actually heading," he said. "We just don't know where 2009 will end up."

The state saw more than 26,000 foreclosures in 2008, a record number.

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