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MinnEcon Blog
Annie Baxter

Fewer Minnesota homes headed into foreclosure pipeline

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Minnesota continues to see fewer homes heading into the foreclosure pipeline.

The delinquency rate in Minnesota, which is based on loans that are at least one payment in arrears, fell in the third quarter ending in September.

The Mortgage Bankers Association says residential mortgage delinquency rates in Minnesota dropped to 5.4 percent in the third quarter, down from 6.3 percent during the same period last year.

That third quarter performance was a lot better than then nation's rate of 7.99 percent. Minnesota's rate put it in 45th place out of the 50 states and Washington D.C.

Mississippi had the unfortunate distinction of ranking first, with the highest delinquency rate.

Nationally, the early delinquency rate, which is based on mortgage payments 30 days past due, hit its lowest level in at least four years.

It's also worth noting that the percentage of homes on which the foreclosure process was started in Minnesota improved in the third quarter on an over-the-year basis.