Minnesota foreclosures fall 21% during Q1

ST CLOUD, Minn. (AP) — Foreclosures in Minnesota fell 21% during the first quarter from a year earlier.

According to a HousingLink report released Friday, there were nearly 5,400 foreclosures in Minnesota in the first quarter, which was down 21% from the same quarter last year. The number is up one percent from the previous quarter, following a sharp spike in the third quarter of 2010.

The state had an 11% increase in foreclosures in 2010, making it the second-worst year for home repossessions.

The St. Cloud Times reports (http://bit.ly/iBx2eB) that foreclosures began rising in 2005 and peaked in 2008, with more than 26,000.

University of St. Thomas professor George Karvel says if the numbers continue to stay at this lower level it could be the ending of the housing problems.

Information from: St. Cloud Times, http://www.sctimes.com