Wisconsin Foreclosure Activity Rises in February

Statewide filings increase 8 percent from January

 

Foreclosure activity in Wisconsin rose in February to 3,994 properties with foreclosure filings, up 8 percent from the previous month and 34 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Wisconsin foreclosure filings crept up again in February to a level well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even as the state recently added jobs, its unemployment rate rose nonetheless to 8.7 percent, leaving many struggling homeowners to face the threat of impending foreclosure.”

 

With one in every 643 Wisconsin housing units receiving a foreclosure filing in February, its foreclosure rate ranked 18th among the 50 states.

 

Rock County posts top foreclosure rate in the state for February

Rock County posted the state’s highest county foreclosure rate in February, with one in every 299 housing units receiving a foreclosure filing — 2.2 times the state average. Kenosha County was second, with one in every 308 housing units receiving a foreclosure filing — 2.1 times the state average. Racine County came in third highest, with one in every 314 housing units receiving a foreclosure filing — 2.1 times the state average.

 

Milwaukee County led the state in total foreclosures in February

Milwaukee County led the way, totaling 1,140 properties with foreclosure filings for the month. Dane County was second, documenting 264 properties with foreclosure filings. Racine County ranked third highest, reporting 260 properties with foreclosure filings for the month. Rock County came in fourth place, reporting 230 properties with foreclosure filings, while the fifth highest total was in Kenosha County, where 220 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Wisconsin accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Wisconsin

0

1,805

0

1,179

1,010

3,994

643

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Rock

0

93

0

83

54

230

299

1.40

2.15

Kenosha

0

99

0

71

50

220

308

1.36

2.09

Racine

0

102

0

51

107

260

314

1.33

2.05

Milwaukee

0

539

0

379

222

1,140

360

1.16

1.79

Dodge

0

50

0

15

30

95

387

1.08

1.66

 

 

Wisconsin Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Wisconsin

0

1,805

0

1,179

1,010

3,994

643

7.65

33.76

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

539

0

379

222

1,140

360

-9.88

1.88

Dane

0

122

0

69

73

264

802

42.70

-8.33

Racine

0

102

0

51

107

260

314

24.40

312.70

Rock

0

93

0

83

54

230

299

11.11

11,400.00

Kenosha

0

99

0

71

50

220

308

3.29

900.00

 

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