Montana Foreclosure Activity Declines in January

Statewide filings down 30 percent from December

 

Foreclosure activity in Montana decreased in January to 396 properties with foreclosure filings, a 30 percent decline from December 2009, but still up 708 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 1,107 Montana housing units received a foreclosure filing in January, the 35th highest foreclosure rate in the nation.

 

“Montana foreclosure filings slowed down significantly in January, though activity remained high for the state – a staggering nine times the level of activity reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains one of the lowest in the nation, though that information likely brings little comfort to those on the verge of losing their homes.”

 

Ravalli County posts top foreclosure rate in the state for January

Ravalli County posted the state’s highest county foreclosure rate in January, with one in every 393 housing units receiving a foreclosure filing — on par with the national average. Flathead County had the second highest foreclosure rate, with one in every 465 housing units receiving a foreclosure filing. Gallatin County was third, with one in every 502 housing units receiving a foreclosure filing. Mineral County came in fourth highest, with one in every 659 housing units receiving a foreclosure filing. Fifth highest rate was in Sanders County, where one in every 881 housing units received a foreclosure filing during the month.

 

Flathead County led the state in total foreclosure filings for January

Flathead County led all counties, totaling 82 properties with foreclosure filings for the month. Gallatin County was second highest, documenting 77 properties with foreclosure filings. Reporting 42 properties with foreclosure filings for the month, Ravalli and Yellowstone counties each had the third highest total. Missoula County came in fourth highest, reporting 41 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total in January

Montana accounted for less than 1 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Montana Top Foreclosure Rates By County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Montana

0

0

251

0

145

396

1,107

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Ravalli

0

0

21

0

21

42

393

1.03

2.82

Flathead

0

0

55

0

27

82

465

0.87

2.38

Gallatin

0

0

36

0

41

77

502

0.81

2.21

Mineral

0

0

3

0

0

3

659

0.61

1.68

Sanders

0

0

3

0

3

6

881

0.46

1.26

 

 

Montana Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Montana

0

0

251

0

145

396

1,107

-29.66

708.16

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

55

0

27

82

465

-33.87

583.33

Gallatin

0

0

36

0

41

77

502

-15.38

2,466.67

Ravalli

0

0

21

0

21

42

393

-19.23

500.00

Yellowstone

0

0

33

0

9

42

1,410

-26.32

425.00

Missoula

0

0

29

0

12

41

1,130

-22.64

583.33

 

 

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