More Minnesota homeowners struggled to make mortgage payments in February, according to new data from First American CoreLogic. In the Twin Cities metro area, 2% of outstanding mortgage loans were in foreclosure in February, an increase from a 1.4% foreclosure rate in February 2009. The number of people 90 or more days behind on their mortgage payment also increased. This February, 6.3% of mortgage loans were delinquent compared with 4.6% for the same period last year. Scott Anderson, senior economist for Wells Fargo, isn’t surprised. “The main variable that drives delinquencies is the unemployment rate, and it’s still near 30-year highs,” he said.
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With home prices reaching unprecedented heights and interest rates soaring, the discerning nature of today’s buyers requires all agents to employ every possible advantage. Simply put, cutting corners on staging is a risky move that risks prolonged market presence.