Home foreclosures in Elk River show decline

The number of home foreclosures in Elk River dropped in 2011.

There were 170 foreclosures in Elk River in 2011, down from 255 in 2010.

So far, that downward trend is continuing in 2012.

In the first quarter of 2012, there have been 41 foreclosures.

“If that pace continues, Elk River’s foreclosures would slightly decrease from 2011 to 2012,” according to Elk River Assistant Director of Economic Development Clay Wilfahrt.

Local lenders have indicated that two-income families becoming one-income families due to job loss have become more prevalent and have contributed to a significant number of recent foreclosures, he said.

Meanwhile, the Minnesota Home Ownership Center continues to offer free foreclosure prevention services in the Elk River area.

“The best advice we can give a homeowner that is struggling with mortgage payments is to speak with a homeownership advisor as quickly as possible,” said Julie Gugin, executive director of the Minnesota Home Ownership Center.

The number to call is 651-659-9336 or toll-free at 866-462-6466.

Statewide, more than 3,700 foreclosures were prevented in 2011, according to a study by the Minneosta Homeownership Center.

Minnesota is slowly recovering from the foreclosure crisis, according to the center. In 2011, the number of households receiving a preforeclosure notice declined by 24 percent from 2010.

Home foreclosures in Elk River, 2009-2012

2009……………………….190

2010……………………….255

2011……………………….170

2012*………………………..41

*first quarter 2012

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