Wisconsin Foreclosure Activity Rose in Second Quarter

Activity level rose 11 percent from Q1

Foreclosure filings increase 1 percent mid-year; down 6 percent in June

 

Wisconsin reported 12,892 properties with foreclosure filings for the second quarter of 2010, an 11 percent rise from the first quarter and 28 percent above the level reported in the second quarter of 2009. 

 

Activity level in Wisconsin rose during the first half of 2010, but fell for the month of June. For the first six months of the year, Wisconsin reported 22,640 properties with foreclosure filings, a 1 percent rise in activity from the second half of 2009 and 26 percent above the level reported mid-year 2009. In June the state tallied 4,315 properties with foreclosure filings, a decrease of 6 percent from the previous month, but still up 22 percent from June 2009.

 

“Foreclosure activity rose in Wisconsin in the second quarter of 2010 to a level well above the previous quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “One recent trend that should improve foreclosures in the coming months is job growth within Wisconsin. With three consecutive months of job growth and an unemployment rate now well below 8 percent, Wisconsin appears to be recovering faster than most manufacturing-reliant Midwestern states.”

 

One in every 199 Wisconsin housing units received a foreclosure filing during the quarter, giving the state the 18th highest foreclosure rate in the nation.

 

Kenosha County posts state’s top foreclosure rate for the quarter

Kenosha County posted the highest county foreclosure rate in Wisconsin during the second quarter, with one in every 101 housing units receiving a foreclosure filing — twice the state average. Rock County documented the second highest foreclosure rate, with one in every 104 housing units receiving a foreclosure filing — 1.9 times the state average. Milwaukee County had the third highest foreclosure rate, with one in every 116 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Milwaukee County leads state in total foreclosures for the second quarter

Milwaukee County reported 3,539 properties with foreclosure filings for the quarter. Dane County had the second highest foreclosure total, reporting 774 properties with foreclosure filings. Reporting 702 properties with foreclosure filings for the quarter, Racine County came in third. Kenosha County was fourth, reporting 668 properties with foreclosure filings. Fifth highest total was Rock County, where 662 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Wisconsin represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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: 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Wisconsin

0

6,018

0

3,850

3,024

12,892

199

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Kenosha

0

284

0

223

161

668

101

1.42

1.97

Rock

0

272

0

209

181

662

104

1.39

1.92

Milwaukee

0

1,900

0

998

641

3,539

116

1.24

1.72

Racine

0

342

0

190

170

702

116

1.24

1.72

Polk

0

81

0

47

49

177

137

1.05

1.45

 

 

Wisconsin Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Wisconsin

0

6,018

0

3,850

3,024

12,892

199

10.72

28.18

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

1,900

0

998

641

3,539

116

1.32

22.50

Dane

0

406

0

204

164

774

273

10.10

24.84

Racine

0

342

0

190

170

702

116

0.86

37.92

Kenosha

0

284

0

223

161

668

101

2.93

69.54

Rock

0

272

0

209

181

662

104

8.70

79.40

 

 

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