Foreclosure numbers in Dakota County down
The number of foreclosures in Farmington and Rosemount by mid-year has dropped by more than 50 percent since 2012, and that’s good news to the folks at Dakota County Community Development Agency.
The CDA recently released its 2014 mid-year summary and comparison for notices of pendency and sheriff sales. The statistics show a steady decline in both areas throughout Dakota County.
According to the CDA’s numbers, for the first half of the year (January through June) Farmington had a total of 46 notices of pendency filed, and 29 sheriff sales this year. In 2012, those totals were 144 and 61, respectively. Last year, at the same point, Farmington had 69 notices of pendency and 51 sheriff sales.
Rosemount is also seeing a decrease. At the mid-year mark, there were 33 notices of pendency filed this year, compared to 55 in 2013, and 88 in 2012. Rosemount had a total of 20 sheriff sales by the end of June this year, compared to 22 last year and 44 at the same time in 2012.
Countywide, 575 notices of pendency and 358 sheriff sales were filed by the end of June. That’s down from 880 notices of pendency and 533 sheriff sales at the same time last year.
CDA home ownership specialist Kwamme Owusu-Acheampong credits several factors for the decreases. For one, he said, Dakota County has experienced a decrease in its unemployment rate.
“That’s a major driving factor in all of this,” he said.
But there are new options and efficiencies available to residents who may be facing foreclosure, Owusu-Acheampong said. Homeowners have more programs available to them, and they are becoming more educated about the process.
Home prices and values are on the rise as well, CDA home ownership specialist Shannon Gerving said, which makes it easier for homeowners to sell their homes if they choose to take that route.
The CDA does not offer refinancing programs, but it has a number of resources available to help homeowners make good decisions if they are facing foreclosure.
“We’re here to help educate people and to help people apply for some of those options if it’s appropriate,” Gerving said. “Even though the situation is much better, we still recognize there are families who are struggling, so we want to make sure people know we are here to help them if they are facing foreclosure.”
For more information about the CDA’s homeowner services, residents can visit www.dakotacda.org, or call 651-675-4472.