Montana Foreclosures Up in August

Montana foreclosure activity rose in August, up to 100 properties with foreclosure filings for the month, an 11 percent increase from the previous month but 26 percent below the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Although Montana foreclosures were up in August, the numbers are down from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 83 percent during the year. The state currently holds the sixth lowest unemployment rate and home sales here have improved recently. This is likely why there are still fewer foreclosures here than most of the country right now.”

 

Montana ranked 47th in the country in total foreclosures reported for the month. With one in every 4,355 housing units receiving a foreclosure filing, its foreclosure rate ranked 46th among the 50 states.

 

Flathead County posts state’s top foreclosure rate in August

Flathead County posted the highest county foreclosure rate in the state for August, with one in every 921 housing units receiving a foreclosure filing — 4.7 times the state average. Ravalli County had the second highest foreclosure rate, with one in every 969 housing units receiving a foreclosure filing during the month — 4.5 times the state average. Lincoln County posted the third highest rate, where one in every 3,119 housing units received a foreclosure filing — 1.4 times the state average.

 

Five counties accounted for 87 percent of state’s foreclosure activity for August

Flathead County led the way, tallying 41 properties with foreclosure filings for the month. Ravalli County reported the second highest foreclosure total, documenting 17 properties with foreclosure filings. Reporting 11 properties with foreclosure filings for the month, Gallatin County posted the third highest total in the state. Cascade County was fourth highest, reporting 10 properties with foreclosure filings, while the fifth highest total was in Yellowstone County, where eight properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

Montana accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Montana

1

0

20

0

79

100

4,355

0.08

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

1

0

12

0

28

41

921

0.39

4.73

Ravalli

0

0

2

0

15

17

969

0.37

4.49

Lincoln

0

0

1

0

2

3

3,119

0.11

1.40

Gallatin

0

0

0

0

11

11

3,393

0.11

1.28

Cascade

0

0

1

0

9

10

3,630

0.10

1.20

 

 

Montana Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Montana

1

0

20

0

79

100

4,355

11.11

-25.93

 

 

 

 

 

 

 

 

 

 

Flathead

1

0

12

0

28

41

921

28.13

95.24

Ravalli

0

0

2

0

15

17

969

240.00

-34.62

Gallatin

0

0

0

0

11

11

3,393

10.00

37.50

Cascade

0

0

1

0

9

10

3,630

-23.08

-44.44

Yellowstone

0

0

1

0

7

8

7,342

14.29

-75.00

 

 

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