North Dakota Foreclosure Activity Rises in October

Statewide filings up 74 percent from September

 

North Dakota foreclosure filings rose 74 percent from the previous month to 59 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is also 40 percent ahead of the state foreclosure level reported one year ago.

 

“North Dakota foreclosures spiked in October and is up compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped 207 percent for the month. Even so, the state has the second lowest number of foreclosures in the country right now. With the lowest unemployment rate, it is unlikely that the foreclosure crisis hitting most states will affect North Dakota much.”

 

North Dakota ranked 49th in the country in total foreclosures for the month. With one in every 5,264 housing units receiving a foreclosure filing, its foreclosure rate ranked 47th among the 50 states.

 

Richland County posts state’s top foreclosure rate in October

With one in every 1,285 housing units receiving a foreclosure filing — 4.1 times the state average — Richland County posted the highest county foreclosure rate in the state for October. Cass County ranked second highest, reporting one in every 2,077 housing units receiving a foreclosure filing — 2.5 the state average. Wells County had the third highest rate, with one in every 2,657 housing units receiving a foreclosure filing — two times the state average. Fourth highest foreclosure rate was in Benson County, where one in every 2,986 housing units received a foreclosure filing during the month — 1.8 times the state average. Fifth highest rate was reported in Morton County, where one in every 3,900 housing units received a foreclosure filing during the month — 1.4 times the state average.

 

Five counties dominate state in foreclosure totals during October

Five counties accounted for 83 percent of all foreclosure activity in the state for October. Cass County led all counties, totaling 31 properties with foreclosure filings for the month. Grand Forks County and Richland County tied in second place, each documenting six properties with foreclosure filings. Burleigh County and Morton County followed, each reporting three properties with foreclosure filings for the month.

 

State a minor contributor to nation’s foreclosure total in October

North Dakota accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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.

 

 

North Dakota Top Foreclosure Rates by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

North Dakota

0

0

0

16

43

59

5,264

0.07

n/a

 

 

 

 

 

 

 

 

 

 

Richland

0

0

0

0

6

6

1,285

0.30

4.10

Cass

0

0

0

11

20

31

2,077

0.19

2.53

Wells

0

0

0

0

1

1

2,657

0.14

1.98

Benson

0

0

0

0

1

1

2,986

0.13

1.76

Morton

0

0

0

0

3

3

3,900

0.10

1.35

 

 

 

North Dakota Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

North Dakota

0

0

0

16

43

59

5,264

73.53

40.48

 

 

 

 

 

 

 

 

 

 

Cass

0

0

0

11

20

31

2,077

63.16

40.91

Richland

0

0

0

0

6

6

1,285

500.00

20.00

Grand Forks

0

0

0

3

3

6

4,892

100.00

100.00

Morton

0

0

0

0

3

3

3,900

-40.00

200.00

Burleigh

0

0

0

2

1

3

11,017

200.00

0.00

 

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