Montana Foreclosure Activity Increases in August

Filings increase 124 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 571 Montana properties in August, a 124 percent increase from the previous month and a 471 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Montana foreclosures more than doubled in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auction notices, which rose 209 percent for the month. While below the national average, the state’s unemployment rate reached the highest level seen this decade in August. Plus, the state’s home values have fallen over the past year. These factors are contributing to the overall rise in foreclosure activity the state is experiencing.”

Montana ranked 41st in the nation in total foreclosures for the month. Its foreclosure rate of one in every 768 housing units receiving a foreclosure filing during the month ranked it 31st among the 50 states.

Ravalli County posts highest foreclosure rate in state for August

One in every 223 housing units received a foreclosure filing in Ravalli County during August, the highest county foreclosure rate in the state. One in every 326 housing units received a foreclosure filing in Flathead County, for the second highest rate. Coming in third was Mineral County, where one in every 395 housing units received a foreclosure filing. Fourth highest was Gallatin County, where one in every 420 housing units received a foreclosure filing. Golden Valley County came in fifth, with one in every 445 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August reported in Flathead County

Flathead County reported the highest level of foreclosure activity in the state for August, tallying 117 properties with foreclosure filings. Second highest total was in Gallatin County, where 92 properties with foreclosure filings were reported. Ravalli County came in third, reporting 74 properties with foreclosure filings. Fourth highest was Missoula County, where 74 properties with foreclosure filings were reported. Yellowstone County came in fifth, reporting 44 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Montana accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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.

 

 

Montana Top Foreclosure Rates By County – August  2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Montana

0

0

368

0

203

571

768

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Ravalli

0

0

38

0

36

74

223

1.71

3.44

Flathead

0

0

71

0

46

117

326

1.17

2.36

Mineral

0

0

2

0

3

5

395

0.96

1.94

Gallatin

0

0

50

0

42

92

420

0.91

1.83

Golden Valley

0

0

1

0

0

1

445

0.86

1.72

 

 

Montana Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Montana

0

0

368

0

203

571

768

123.92

471.00

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

71

0

46

117

326

74.63

185.37

Gallatin

0

0

50

0

42

92

420

170.59

736.36

Ravalli

0

0

38

0

36

74

223

428.57

335.29

Missoula

0

0

52

0

22

74

626

117.65

1,750.00

Yellowstone

0

0

33

0

11

44

1,346

46.67

450.00

 

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