Montana Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 74 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,168 Montana properties during the third quarter, a 74 percent increase from the previous quarter and up 299 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Montana reported 377 properties with foreclosure filings, a 34 percent decrease from the previous month, but still 246 percent above the level reported for the same month last year. One in every 1,163 Montana housing units received a foreclosure filing in September, the 38th highest foreclosure rate among the 50 states.

 

“Montana foreclosure activity heated up in the third quarter of 2010 with substantially more filings than were reported in the previous quarter and nearly four times the filings reported in the third quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Further compounding the problem is stagnant job growth within the state. It’s unemployment rate hovered around 7.4 percent for much of the quarter, adding to the frustration felt by many struggling homeowners.”

 

One in every 375 Montana housing units received a foreclosure filing during the quarter, the 37th highest state foreclosure rate in the nation.

 

Flathead County led state with top foreclosure rate in third quarter

Flathead County posted the highest foreclosure rate in Montana during the third quarter of 2010, where one in every 143 housing units received a foreclosure filing — 2.6 times the state average. Ravalli County posted the second highest foreclosure rate, where one in every 143 housing units received a foreclosure filing during the period — 2.6 times the state average. Golden Valley County documented the third highest foreclosure rate, where one in every 148 housing units received a foreclosure filing — 2.5 times the state average.

 

Flathead County posts state’s top foreclosure total in third quarter

Flathead County also led the state in foreclosure activity, reporting 267 properties with foreclosure filings for the quarter. Gallatin County had the second highest total, reporting 173 properties with foreclosure filings. Missoula County was third, tallying 147 properties with foreclosure filings. Ravalli County was fourth highest, reporting 115 properties with foreclosure filings. Yellowstone County had the fifth highest total, reporting 110 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Montana. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 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.

 

 

Montana Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Montana

0

0

667

0

501

1,168

375

0.37

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

123

0

144

267

143

0.97

2.63

Ravalli

0

0

65

0

50

115

143

0.97

2.62

Golden Valley

0

0

1

0

2

3

148

0.94

2.53

Mineral

0

0

3

0

8

11

180

0.77

2.09

Gallatin

0

0

94

0

79

173

223

0.62

1.68

 

 

Montana Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Montana

0

0

667

0

501

1,168

375

74.07

298.63

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

123

0

144

267

143

64.81

184.04

Gallatin

0

0

94

0

79

173

223

58.72

332.50

Missoula

0

0

99

0

48

147

315

101.37

444.44

Ravalli

0

0

65

0

50

115

143

61.97

248.48

Yellowstone

0

0

64

0

46

110

538

57.14

450.00

 

 

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