Wisconsin Foreclosure Activity Falls 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 Wisconsin fell 3 percent during the first quarter of 2010, but was up 31 percent from the same period last year. In all, the state reported 11,644 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 4,232 properties with foreclosure filings, a 6 percent increase from the previous month, and 11 percent above the level reported in March 2009. One in every 607 Wisconsin housing units received a foreclosure filing during the month, the 24th highest state foreclosure rate.

 

“After increasing steadily for the past five quarters, Wisconsin foreclosures fell slightly during the first quarter of 2010,” said James J. Saccacio chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 13 percent for the period. The state’s unemployment rate continues to remain below the national average, and home sales have picked up recently. These factors are likely contributing to the decline.”

 

Wisconsin ranked 20th in the country in total foreclosures for the first quarter. With one in every 221 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Kenosha County tops in foreclosure rate for the first quarter

Kenosha County posted the highest county foreclosure rate in Wisconsin during the first quarter, as one in every 104 housing units received a foreclosure filing — 2.1 times the state average. Rock County came in second, with one in every 113 housing units receiving a foreclosure filing — twice the state average. Racine County came in third highest foreclosure rate, with one in every 117 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Milwaukee County led state in total foreclosures for the first quarter

Milwaukee County documented 3,493 properties with foreclosure filings for the quarter. Dane County was second, reporting 703 properties with foreclosure filings. Reporting 696 properties with foreclosure filings for the month, Racine County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Wisconsin 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: DefaultNotice 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.

 

Wisconsin 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

Wisconsin

0

5,415

0

3,160

3,069

11,644

221

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Kenosha

0

298

0

208

143

649

104

1.33

2.12

Rock

0

265

0

190

154

609

113

1.23

1.95

Racine

0

306

0

165

225

696

117

1.18

1.88

Milwaukee

0

1,683

0

882

928

3,493

117

1.18

1.88

Polk

0

74

0

50

39

163

149

0.93

1.48

 

 

 

Wisconsin 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

Wisconsin

0

5,415

0

3,160

3,069

11,644

221

-3.00

30.68

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

1,683

0

882

928

3,493

117

9.36

30.00

Dane

0

366

0

166

171

703

30

-3.83

4.15

Racine

0

306

0

165

225

696

117

14.66

136.73

Kenosha

0

298

0

208

143

649

104

3.51

295.73

Rock

0

265

0

190

154

609

113

39.04

74.50

 

 

 

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