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Jessica Mador
St. Paul, Minn.

Minn. foreclosures higher than U.S. average in August

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The number of homes in some stage of foreclosure in Minnesota was up last month at a higher rate than the national average.

A new report out Thursday from foreclosure research firm RealtyTrac shows that foreclosure filings in the state were up 11 percent over July. Nationwide, foreclosure filings increased by 4 percent from the previous month.

RealtyTrac spokesman Daren Blomquist said that while lenders foreclosed on a record monthly number of properties in August, the overall numbers are down because fewer people are beginning the foreclosure process.

"In Minnesota, in contrast to the nationwide numbers, we saw increases on both ends of the foreclosure process and we saw that in other states too," Blomquist said. "The bottom line here is that we are not out of the woods with this foreclosure cycle."

One in every 381 U.S. housing units were in some stage of foreclosure last month.