Wisconsin Foreclosures Rise in October

Statewide filings up 4 percent from September

 

Wisconsin reported 4,311 properties with foreclosure filings, up 4 percent from the previous month and 128 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 594 Wisconsin housing units received a foreclosure filing in October, the 18th highest foreclosure rate in the nation.

 

“Foreclosures continued to rise in Wisconsin in October, bringing the level of activity to more than double what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “That said, the pace at which foreclosures are mounting within the state appears to be slowing after the major increase seen in September.”

 

Milwaukee County tops state in foreclosure rate for October

Milwaukee County posted the highest county foreclosure rate in the state for October, with one in every 292 housing units receiving a foreclosure filing — twice the state average. Racine County had the second highest foreclosure rate in the state, with one in every 336 housing units receiving a foreclosure filing — 1.8 times the state average. Columbia County had the third highest foreclosure rate, with one in every 366 housing units receiving a foreclosure filing — 1.6 times the state average. Kenosha County posted the fourth highest foreclosure rate, where one in every 383 housing units received a foreclosure filing during the month — 1.6 times the state average.

 

Milwaukee County tops state in foreclosure totals during October

Milwaukee County led Wisconsin in foreclosure activity, reporting 1,408 properties with foreclosure filings for the month. Dane County reported the second highest foreclosure total, documenting 304 properties with foreclosure filings. Racine County was third highest total in Wisconsin, reporting 241 properties with foreclosure filings for the month. Brown County came in fourth, reporting 202 properties with foreclosure filings, while the fifth highest total was in Waukesha County, where 197 properties with foreclosure filings were reported for the month.

 

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

Wisconsin accounted for 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.

 

 

Wisconsin 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

Wisconsin

0

1,983

0

1,158

1,170

4,311

594

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

589

0

392

427

1,408

292

1.32

2.04

Racine

0

105

0

85

51

241

336

1.15

1.77

Columbia

0

28

0

31

10

69

366

1.05

1.62

Kenosha

0

111

0

0

65

176

383

1.00

1.55

Sheboygan

0

55

0

30

28

113

442

0.87

1.34

Polk

0

21

0

20

14

55

442

0.87

1.34

 

 

Wisconsin 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

Wisconsin

0

1,983

0

1,158

1,170

4,311

594

3.78

128.22

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

589

0

392

427

1,408

292

38.04

40.24

Dane

0

148

0

96

60

304

694

45.45

153.33

Racine

0

105

0

85

51

241

336

62.84

190.36

Brown

0

98

0

52

52

202

507

-4.72

126.97

Waukesha

0

105

0

48

44

197

791

-9.63

496.97

 

 

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