Wisconsin Foreclosure Activity Increases in May

Statewide foreclosure filings up 5 percent from April; Rises 32 percent from May 2009

 

Foreclosure activity in Wisconsin rose 5 percent in May to 4,614 properties with foreclosure filings and 32 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Wisconsin foreclosures were up in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 15 percent for the month. The state’s home values and home sales declined further than the national average during the first quarter. This has likely contributed to the recent rise.”

 

Wisconsin ranked 17th in the country in total foreclosures reported for the month. With one in every 557 housing units receiving a foreclosure filing, its foreclosure rate ranked 18th among the 50 states.

 

Rock County dominates foreclosure rate numbers in May

Rock County posted the highest foreclosure rate in Wisconsin for May, with one in every 220 housing units receiving a foreclosure filing — 2.5 times the state average. Kenosha County came in second, with one in every 250 housing units receiving a foreclosure filing — 2.2 times the state average. Racine County had the third highest foreclosure rate, with one in every 298 housing units receiving a foreclosure filing — 1.9 times the state average. Columbia County documented the fourth highest rate, with one in every 378 housing units receiving a foreclosure filing.

 

Milwaukee County tops in foreclosure total for May

Milwaukee County came out on top, reporting 997 properties with foreclosure filings for the month. Rock County followed in second, documenting 313 properties with foreclosure filings. Reporting 313 properties with foreclosure filings for the month, Waukesha County reported the third highest ranking. Racine County was fourth highest, reporting 274 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

Wisconsin accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

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: 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 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Wisconsin

0

2,162

0

1,479

973

4,614

557

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Rock

0

110

0

138

65

313

220

1.82

2.53

Kenosha

0

111

0

100

60

271

250

1.60

2.23

Racine

0

166

0

44

64

274

298

1.34

1.87

Columbia

0

27

0

25

15

67

378

1.06

1.47

Polk

0

27

0

17

20

64

380

1.05

1.47

 

Wisconsin Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Wisconsin

0

2,162

0

1,479

973

4,614

557

5.15

31.75

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

560

0

341

96

997

411

-24.18

-16.15

Rock

0

110

0

138

65

313

220

51.94

203.88

Waukesha

0

196

0

49

68

313

497

226.04

30.96

Racine

0

166

0

44

64

274

298

10.04

53.07

Kenosha

0

111

0

100

60

271

250

5.04

129.66

 

 

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