Montana Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Montana rose 11 percent during the first quarter of 2010 and was up 486 percent from the same period last year. In all, the state reported 897 properties with foreclosure filings during the quarter.

 

In March the state reported 369 properties with foreclosure filings, a 153 percent increase from the previous month and 495 percent above the level reported in March 2009. One in every 1,188 Montana housing units received a foreclosure filing during the month, the 38th highest state foreclosure rate.

 

“Montana foreclosure filings jumped back up in the first quarter of 2010, with the state reporting elevated activity compared to last month, last quarter, and the same period 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.”

 

One in every 489 Montana housing units received a foreclosure filing during the quarter — the 39th highest state foreclosure rate in the nation.

 

Flathead County tops state in foreclosure rate and total for the first quarter

Flathead County had the highest county foreclosure rate in Montana during the first quarter, with one in every 165 housing units receiving a foreclosure filing — three times the state average. Ravalli County had the second highest foreclosure rate, with one in every 192 housing units receiving a foreclosure filing — 2.6 times the state average. Gallatin County came in third, with one in every 230 housing units receiving a foreclosure filing — 2.1 times the state average. Mineral County had the fourth highest rate, with one in every 395 housing units receiving a foreclosure filing. 

 

Flathead County led the state in total foreclosures for the first quarter

Flathead County also led Montana in total foreclosures, reporting 231 properties with foreclosure filings during the first quarter. Gallatin County had the second highest foreclosure total, reporting 168 properties with foreclosure filings. Ravalli County came in third, reporting 86 properties with foreclosure filings for the quarter. Missoula County was fourth, reporting 82 properties with foreclosure filings. Yellowstone County was fifth, reporting 77 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Montana represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Montana

0

0

495

0

402

897

489

0.28

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

128

0

103

231

165

0.84

2.96

Ravalli

0

0

41

0

45

86

192

0.72

2.55

Gallatin

0

0

81

0

87

168

230

0.60

2.13

Mineral

0

0

4

0

1

5

395

0.35

1.24

Park

0

0

13

0

7

20

424

0.33

1.15

 

 

Montana Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Montana

0

0

495

0

402

897

489

11.15

486.27

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

128

0

103

231

165

21.58

560.00

Gallatin

0

0

81

0

87

168

230

36.59

663.64

Ravalli

0

0

41

0

45

86

192

36.51

405.88

Missoula

0

0

52

0

30

82

565

12.33

583.33

Yellowstone

0

0

53

0

24

77

769

13.24

352.94

 

 

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