Montana Foreclosure Activity Fell in May

Statewide foreclosure filings down 36 percent from April

 

Foreclosure activity in Montana fell 36 percent in May to 179 properties with foreclosure filings. This latest state total still represents a 384 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity dropped in Montana in May, though it remained nearly five times the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state ticked up to 7.2 percent, even as the national unemployment rate improved, falling to 9.7 percent. Though the state’s unemployment rate falls well below the national average, it is clear that strong and steady job growth is what Montana will need to bring foreclosure activity back in line with last year.”

 

The state’s foreclosure rate ranked 44th in the nation, as one in every 2,449 Montana housing units received a foreclosure filing during the month.

 

Golden Valley County led the state in foreclosure rate for May

Golden Valley County posted the highest foreclosure rate, with one in every 445 housing units receiving a foreclosure filing — 5.5 times the state average. Ravalli County had the second highest foreclosure rate, with one in every 971 housing units receiving a foreclosure filing — 2.5 times the state average. Mineral County had the third highest foreclosure rate, with one in every 989 housing units receiving a foreclosure filing — 2.5 times the state average.

 

Flathead County tops in foreclosure total for May

Flathead County led the state in activity, reporting 34 properties with foreclosure filings for the month. Gallatin County had the second highest total, documenting 27 properties with foreclosure filings. Reporting 21 properties with foreclosure filings for the month, Yellowstone County had the third highest total. Missoula County was fourth highest, reporting 18 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

Montana accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Montana

0

0

78

0

101

179

2,449

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Golden Valley

0

0

0

0

1

1

445

0.90

5.50

Ravalli

0

0

6

0

11

17

971

0.41

2.52

Mineral

0

0

1

0

1

2

989

0.40

2.48

Granite

0

0

2

0

0

2

1,031

0.39

2.37

Flathead

0

0

9

0

25

34

1,120

0.36

2.19

 

 

Montana Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Montana

0

0

78

0

101

179

2,449

-35.84

383.78

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

9

0

25

34

1,120

-54.05

1,600.00

Gallatin

0

0

8

0

19

27

1,430

-44.90

350.00

Yellowstone

0

0

10

0

11

21

2,820

-4.55

200.00

Missoula

0

0

9

0

9

18

2,573

-41.94

100.00

Ravalli

0

0

6

0

11

17

971

-52.78

466.67

 

 

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