Montana Foreclosure Activity Down in February

Statewide filings decrease 63 percent from January; Up 170 percent from February 2009

 

Foreclosure activity in Montana decreased in February to 146 properties with foreclosure filings, down 63 percent from the previous month, but still 170 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Montana foreclosures fell significantly in February,” said James J. Saccacio chief executive officer of RealtyTrac. “The largest decrease was in auctions, which dropped 87 percent during the month. The state’s unemployment rate remains well below the national average and home sales here were higher than many other states last year. These trends are definitely contributing to the recent decline.”

 

Montana ranked 45th in the country in total foreclosures reported for the month. With one in every 3,002 housing units receiving a foreclosure filing, its foreclosure rate ranked 44th among the 50 states.

 

Flathead County posts top foreclosure rate in the state for February

Flathead County posted the state’s highest county foreclosure rate in February, with one in every 866 housing units receiving a foreclosure filing — 3.5 times the state average. Mineral County was second, with one in every 988 housing units receiving a foreclosure filing — three times the state average. Liberty County came in third highest, with one in every 1,060 housing units receiving a foreclosure filing — 2.8 times the state average.

 

Flathead County led the state in total foreclosures in February

Flathead County also led the way in total foreclosures for the state, reporting 44 properties with foreclosure filings for the month. Gallatin County was second, documenting 27 properties with foreclosure filings. Cascade County ranked third highest, reporting 17 properties with foreclosure filings for the month. Yellowstone came in fourth place, reporting 12 properties with foreclosure filings, while Lewis & Clark County, Missoula County, and Ravalli County all came in fifth place, each reporting 10 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s month foreclosure total

Montana accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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: DefaultNotice 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Montana

0

0

33

0

113

146

3,002

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

7

0

37

44

866

0.48

3.47

Mineral

0

0

1

0

1

2

988

0.42

3.04

Liberty

0

0

1

0

0

1

1,060

0.39

2.83

Gallatin

0

0

5

0

22

27

1,430

0.29

2.10

Ravalli

0

0

2

0

8

10

1,650

0.25

1.82

 

 

 

 

Montana Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Montana

0

0

33

0

113

146

3,002

-63.13

170.37

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

7

0

37

44

866

-46.34

238.46

Gallatin

0

0

5

0

22

27

1,430

-64.94

237.50

Cascade

0

0

2

0

15

17

2,138

-32.00

112.50

Yellowstone

0

0

4

0

8

12

4,935

-71.43

200.00

Lewis & Clark

0

0

4

0

6

10

2,654

-44.44

n/a

Missoula

0

0

3

0

7

10

4,632

-75.61

233.33

Ravalli

0

0

2

0

8

10

1,656

-76.19

42.86

 

 

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