MONTANA FORECLOSURE ACTIVITY UP 8 PERCENT IN 2008

More than 1,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 1,246 Montana properties in 2008, an increase of 8 percent from 2007 and an increase of 33 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Treasure State reported 38 properties with foreclosure filings in December, a 34 percent decrease from the previous month and a 75 percent decrease from December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Montana seems to have weathered the foreclosure crisis well in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Montana continued to hold one of the lowest unemployment rates in the nation. Home values throughout Montana also avoided the level of decline seen in most states. These factors have undoubtedly kept foreclosures here relatively low at a time when most regions have experienced sharp increases in foreclosure activity.”

 

Montana ranked 45th in the country in total foreclosures reported for the year. With one in every 347 housing units receiving a foreclosure filing, its foreclosure rate ranked 44th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Montana counties accounted for 67 percent of all foreclosure activity in the state for 2008. Flathead County led all others, reporting 211 properties with foreclosure filings for the year. Yellowstone County came in a close second, reporting 191 properties with foreclosure filings. Cascade County registered the third highest total, reporting 161 properties with foreclosure filings. Ravalli County documented the fourth highest foreclosure total, reporting with 146 properties with foreclosure filings. Missoula County came in fifth, documenting 130 properties with foreclosure filings.

 

Ravalli County posts top foreclosure rate for 2008

Three Montana counties led the state in foreclosure rate for 2008. Ravalli County topped the list, with 0.89 percent of its housing units receiving at least one foreclosure filing during the year. Deer Lodge County came in second, with 0.59 percent of its housing units receiving at least one foreclosure filing. Flathead County posted the third highest foreclosure rate, where 0.57 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Mineral County (0.55 percent) and Cascade County (0.45 percent).

 

State contributes less than 1 percent to nation’s foreclosure total for 2008

Montana accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Montana

1,246

0.29

8.35

 

 

 

 

 

38

Beaverhead

1

0.02

n/a

26

Big Horn

3

0.06

n/a

36

Blaine

1

0.03

n/a

30

Broadwater

1

0.05

n/a

27

Carbon

3

0.05

200.00

39

Carter

0

0.00

n/a

5

Cascade

161

0.45

-0.62

39

Chouteau

0

0.00

-100.00

20

Custer

6

0.11

100.00

39

Daniels

0

0.00

n/a

17

Dawson

7

0.17

0.00

2

Deer Lodge

30

0.59

3.45

39

Fallon

0

0.00

n/a

11

Fergus

14

0.25

0.00

3

Flathead

211

0.57

0.00

6

Gallatin

128

0.36

75.34

39

Garfield

0

0.00

n/a

39

Glacier

0

0.00

n/a

13

Golden Valley

1

0.22

n/a

31

Granite

1

0.05

0.00

25

Hill

5

0.07

66.67

19

Jefferson

5

0.12

400.00

39

Judith Basin

0

0.00

-100.00

16

Lake

26

0.19

-27.78

9

Lewis And Clark

75

0.28

5.63

15

Liberty

2

0.19

n/a

10

Lincoln

24

0.26

60.00

18

Madison

6

0.13

500.00

39

McCone

0

0.00

-100.00

39

Meagher

0

0.00

n/a

4

Mineral

11

0.55

120.00

8

Missoula

130

0.29

1.56

39

Musselshell

0

0.00

n/a

23

Park

7

0.08

250.00

39

Petroleum

0

0.00

n/a

34

Phillips

1

0.04

n/a

35

Pondera

1

0.04

0.00

39

Powder River

0

0.00

n/a

14

Powell

6

0.21

200.00

39

Prairie

0

0.00

n/a

1

Ravalli

146

0.89

32.73

39

Richland

0

0.00

n/a

37

Roosevelt

1

0.02

-50.00

29

Rosebud

2

0.05

n/a

22

Sanders

5

0.09

n/a

39

Sheridan

0

0.00

n/a

21

Silver Bow

18

0.11

200.00

12

Stillwater

10

0.25

n/a

28

Sweet Grass

1

0.05

n/a

24

Teton

2

0.07

100.00

32

Toole

1

0.04

-50.00

39

Treasure

0

0.00

n/a

33

Valley

2

0.04

100.00

39

Wheatland

0

0.00

n/a

39

Wibaux

0

0.00

n/a

7

Yellowstone

191

0.33

-25.97

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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