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Associated Press, Published November 03 2013

Minot foreclosures climb since 2011 flood

MINOT, N.D. — Officials say foreclosures in Minot have risen substantially since the 2011 flood in the North Dakota city.

The Ward County Sheriff's Office reports eight foreclosure sales from its auctions in 2011. That has risen to 23 foreclosure sales this year as of the end of October, with more auctions pending.

Minot real estate agent Connie Lord tells the Minot Daily News that flood-damaged homes often don't sell when auctioned at sheriff's sales because the value typically isn't enough to cover what's left on the mortgage. The properties then wind up on the market with real estate firms.

Lord says lenders will sell houses at a discount to get them off their inventory, rather than risk not being able to sell later.