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Format Dynamics :: C1eanPrint :: http://vwvw.startribune.com/business/115807964.htm1 Page 1 of 3 <br />_~~ .. _ -I <br />~~ ~~~ ~ ~ ~ :'~~'. t71 ~7Li~t ~il~ V`_Cr ~ ~ <br />i'~tE7, .~df,n~Un_Ct3~ <br />26,000 Minnesotans lost their <br />homes in 2010 <br />Foreclosures rose 11 percent in <br />201.0 as more than 26,000 <br />Minnesotans lost their homes. <br />By JIM BUCHTA~, Star Tribune <br />Last update: February 10, 2011 - 9:18 PM <br />Officially, the recession is over. <br />Manufacturers are building again, consumers <br />are occasionally spending and. the stock <br />markets are reaching highs not seen in more <br />than two years. <br />But the foreclosure crisis is far from over. <br />During 2010 almost 26,000 Minnesota <br />homeowners packed up their houses, gave <br />their keys back to the bank and watched <br />their houses be sold at a sheriffs sale. Lt was <br />an 11 percent increase over the previous <br />year, the second-highest number on record <br />and four times what it was in 2005, <br />according to data compiled by HousingLink <br />for the Minnesota Home Ownership Center. <br />"Staggering," is how Julie Gugin, executive <br />director of the Minnesota Home Ownership <br />Center, described. the numbers. <br />Also on Thursday, RealtyTrac said that <br />foreclosure nationwide rose 1 percent during <br />January. Filings in Minnesota were down 8.5 <br />percent compared with. last year, mostly <br />because of delays caused by a slowdown in <br />the way foreclosures are processed, <br />RealtyTrac said. <br />Still the Home Ownership Center report, <br />which was based on sheriff sale data, offers a <br />somber warming for the broader housing <br />market, which despite a dismal 2010 had <br />appeared to stabilize in recent weeks. <br />Foreclosures have a devastating effect on the <br />overall housing market, pulling prices down <br />and flooding the market with hard-to-sell <br />inventory. <br />The foreclosure increase is also a sign that <br />improvements in the broader economy aren't <br />trickling down to many individuals. <br />"While some economic indicators are <br />pointing in a positive direction, many people <br />and neighborhoods are still deeply mired. in <br />the recession and aren't seeing a <br />turnaround," said Steve Cramer, executive <br />director for Project for Pride in Living, a Twin <br />Cities-based affordable housing nonprofit. <br />Cramer said that he sees the fallout from <br />foreclosures on a day-to-day basis in <br />Advertisement <br />NTDF?l~ TfAttt ~~~~ V~~ <br />t:Al~"S, CA~~' k At'1tr1~7 1~1~'1~~5! <br />r~~~i~ ~~ ~~~~~~ <br />Ft~1~lAYS, FEBRUARY ~7 - NI1.IRGH '?# <br />tem~r`n ,lC;z~-:e:ee `a '~'~AS<x3+x ~4 +.t~<..•,a s .__-- ~~'i_~ <br />r{~~~t~~l<7IcC'.tt~n1 <br />i i±, <br />{`'_~ t a .yt <br />http://www.startribune.com/templates/fdcp?1297694056731 2/14/2011 <br />