Montana Foreclosure Activity Declines in October

Statewide filings down 3 percent from September

 

Montana foreclosure filings declined 3 percent from the previous month to 106 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 165 percent ahead of the state foreclosure level reported one year ago, however.

 

“Montana foreclosures headed downward in October but are still well ahead of the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, down 3 percent for the month. The state currently holds the fourth lowest unemployment rate in the country, allowing foreclosures to remain their current law level.”

 

Montana ranked 45th in the country in total foreclosures for the month. With one in every 4,109 housing units receiving a foreclosure filing, its foreclosure rate ranked 46th among the 50 states.

 

Mineral County posts state’s top foreclosure rate in October

With one in every 992 housing units receiving a foreclosure filing — 4.1 times the state average — Mineral County posted the highest county foreclosure rate in the state for October. Flathead County ranked second highest, reporting one in every 1,144 housing units receiving a foreclosure filing — 3.6 times the state average. Cascade County had the third highest rate, with one in every 2,017 housing units receiving a foreclosure filing — twice the state average. Fourth highest foreclosure rate was in Broadwater County, where one in every 2,018 housing units received a foreclosure filing during the month — also twice the state average. Fifth highest rate was reported in Gallatin County, where one in every 2,195 housing units received a foreclosure filing during the month — 1.9 times the state average.

 

Five counties dominate state in foreclosure total for October

Five counties accounted for 81 percent of all foreclosure activity in the state for October. Flathead County led all counties, totaling 33 properties with foreclosure filings for the month. Cascade County was second highest, documenting 18 properties with foreclosure filings. Reporting 17 properties with foreclosure filings for the month, Gallatin County was third highest total in the state. Missoula County and Yellowstone County followed, each reporting nine properties with foreclosure filings.

 

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

Montana accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Montana

0

0

0

0

106

106

4,109

0.09

n/a

 

 

 

 

 

 

 

 

 

 

Mineral

0

0

0

0

2

2

992

0.39

4.14

Flathead

0

0

0

0

33

33

1,144

0.34

3.59

Cascade

0

0

0

0

18

18

2.017

0.19

2.04

Broadwater

0

0

0

0

1

1

2.018

0.19

2.04

Gallatin

0

0

0

0

17

17

2,195

0.18

1.87

 

 

 

 

Montana Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Montana

0

0

0

0

106

106

4,109

-2.75

165.00

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

0

0

33

33

1,144

50.00

371.43

ascade

0

0

0

0

18

18

2,017

80.00

350.00

Gallatin

0

0

0

0

17

17

2,195

-10.53

183.33

Missoula

0

0

0

0

9

9

5,086

-50.00

125.00

Yellowstone

0

0

0

0

9

9

6,526

50.00

80.00

 

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