Montana Reports Nearly 100 Properties With Foreclosure Filings in July

Statewide filings increase 45 percent from June; down 37 percent from year ago.

 

Montana reported 90 properties with foreclosure filings for July, a 45 percent increase from the previous month, but 37 percent below the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

“Foreclosure activity in Montana had a major spike in July, although remaining well below the level reported at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “One likely cause was the continuing climb in unemployment within the state which reached 6.7 percent in July, still well below the national average.”

 

Montana ranked 48th in the country in total properties with foreclosure filings for July. One in every 4,839 Montana housing units received a foreclosure filing during the month, ranking 47th among the 50 states.

 

Flathead County posts state’s top foreclosure rate in July

With one in every 1,180 housing units receiving a foreclosure filing — 4.1 times the state average — Flathead County posted the highest county foreclosure rate in the state for July. Mineral County came in second highest, with one in every 1,984 housing units receiving a foreclosure filing during the month — 2.4 times the state average. Third highest rate was documented in Broadwater County, where one in every 2,018 housing units received a foreclosure filing — 2.4 times the state average.

 

Five counties responsible for bulk of state foreclosure activity in July

Five counties accounted for 79 percent of all foreclosure activity in Montana in July. Flathead County tallied the highest activity level, reporting 32 properties with foreclosure filings for the month. Cascade County came in second, documenting 13 properties with foreclosure filings. Gallatin County tallied 10 properties with foreclosure filings, the third highest total in the state. Lewis And Clark County was fourth, reporting nine properties with foreclosure filings, followed by fifth place Yellowstone County, where seven properties with foreclosure filings were reported for the month.

 

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

Montana contributed less than 1 percent of the 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 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 – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

n/a

n/a

Montana

0

0

2

0

88

90

4,839

0.07

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

0

0

32

32

1,180

0.30

4.10

Mineral

0

0

0

0

1

1

1,984

0.18

2.44

Broadwater

0

0

0

0

1

1

2,018

0.18

2.40

Cascade

0

0

1

0

12

13

2,792

0.13

1.73

Lewis And Clark

0

0

0

0

9

9

2,940

0.12

1.65

 

 

Montana Top Foreclosure Totals by County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

6.74

32.32

Montana

0

0

2

0

88

90

4,839

45.16

-36.62

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

0

0

32

32

1,180

220.00

10.34

Cascade

0

0

1

0

12

13

2,792

116.67

-13.33

Gallatin

0

0

0

0

10

10

3,732

-23.08

-41.18

Lewis And Clark

0

0

0

0

9

9

2,940

800.00

0.00

Yellowstone

0

0

0

0

7

7

8,391

0.00

-68.18

 

 

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