Montana Foreclosure Activity Lower in Second Quarter

Activity level drops 25 percent from Q1

Foreclosure filings increase 420 percent mid-year; up 26 percent in June

 

Montana reported 671 properties with foreclosure filings for the second quarter of 2010, a 25 percent decrease from the first quarter of the year but is nearly 344 percent above the level reported for the second quarter of 2009.

 

Activity level in the Treasure State dropped during the first half of 2010, but rose in June. For the first six months of the year, Montana reported 1,507 properties with foreclosure filings, a 32 percent rise in activity from the second half of 2009, and 420 percent above the level reported mid-year 2009. In June the state tallied 226 properties with foreclosure filings, an increase of 26 percent from the previous month and up 264 percent from June 2009.

 

Montana foreclosures increased significantly during the first half of 2010 and during the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s home sales dropped further than the national average during the first quarter. This has likely contributed to the recent rise.”

 

One in every 653 Montana housing units received a foreclosure filing during the quarter, giving the state the 41st foreclosure rate in the nation.

 

Ravalli County posts state’s top foreclosure rate for the quarter

Ravalli County posted the highest county foreclosure rate in Montana during the second quarter, with one in every 232 housing units receiving a foreclosure filing in the county — 2.8 times the state average. Flathead County posted the second highest foreclosure rate, with one in every 235 housing units receiving a foreclosure filing — 2.8 times the state average. Gallatin County reported the third highest foreclosure rate, with one in every 354 housing units receiving a foreclosure filing during the second quarter — 1.8 times the state average.

 

Flathead County leads state in total foreclosures for the second quarter

Flathead County led Montana in foreclosure activity, reporting 162 properties with foreclosure filings for the quarter, while Gallatin County documented the second highest foreclosure total, reporting 109 properties with foreclosure filings. Reporting 73 properties with foreclosure filings for the quarter, Missoula County came in third. Ravalli County was fourth, reporting 71 properties with foreclosure filings. Fifth highest total was Yellowstone County, where 70 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Montana represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Montana

0

0

285

0

386

671

653

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Ravalli

0

0

24

0

47

71

232

0.62

2.81

Flathead

0

0

53

0

109

162

235

0.61

2.78

Gallatin

0

0

43

0

66

109

354

0.41

1.84

Deer Lodge

0

0

6

0

6

12

423

0.34

1.55

Golden Valley

0

0

0

0

1

1

445

0.32

1.47

 

 

Montana Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Montana

0

0

285

0

386

671

653

-25.20

344.37

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

53

0

109

162

235

-29.87

406.25

Gallatin

0

0

43

0

66

109

354

-35.12

395.45

Missoula

0

0

35

0

38

73

634

-10.98

305.56

Ravalli

0

0

24

0

47

71

232

-17.44

407.14

Yellowstone

0

0

37

0

33

70

846

-9.09

288.89

 

 

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