Stearns County Foreclosure Update
Much has been reported in the news media over the last few years about the number of foreclosures and the impact that they are having on real estate markets. The focus of these reports have often centered on national, regional, and state statistics. In an attempt to provide a profile on the amount of foreclosed residential/seasonal recreational residential properties within Stearns County, several summaries are offered for your review and consideration. This data represents the reported foreclosures of all improved and unimproved residential/seasonal recreational residential properties for the years 2006 through 2009 and the first nine months on 2010. A brief synopsis featuring commercial, industrial, and apartment foreclosure data for the year 2009 and the first nine months of 2010 is included, too.
This information is proof that the foreclosure problem differs significantly throughout the United States, Minnesota, and even within Stearns County. The compiled data is one measurement of the vitality of the marketplace and points to the fact that all markets are highly localized. It is based upon the actual number of Sheriff Sales processed by the Land Records Division of the Auditor-Treasurer’s Office after the loss of title and occupancy. These sales usually involved legal action and have been sold at auction to the highest bidder. In most instances, the successful bidder was the lender who obtained the property by offering the amount of the unpaid loan plus interest and fees.
The following data suggests that the local markets have experienced some problems, but not to the same extent as reported in other areas of the country or state. The number of foreclosures has increased over the last five years, primarily in St. Cloud City and a few surrounding cities, but are showing signs of leveling off or decreasing. The actual number of properties sold at a Sheriff Sale is slightly below one percent of the total residential/seasonal recreational residential parcel count. For the commercial, industrial, and apartment property type, the total number of reported foreclosures in 2009 was eight and in 2010 is twelve, resulting in an insignificant percentage for comparative purposes.
Reported Foreclosure Data
Reported Foreclosure Data 2006 - September, 2010 (adobe pdf 1.48 MB)
2010 (1/1/10 through 9/30/10) RES/SRR Foreclosures in Stearns County (adobe pdf 31 KB)
2009 (1/1/09 through 12/31/09) COMM/IND/APT Foreclosures in Stearns County
2010 (1/10/10 through 9/30/2010) COMM/IND/APT Foreclosures in Stearns County