Montana Foreclosure Activity Up Slightly in 2009

Statewide filings up 10 percent from 2008; Up 266 percent from November

 

Montana foreclosures were up in 2009, with 1,373 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 10 percent increase from the total reported for 2008, and is 19 percent higher than the level reported for all of 2007.

 

Montana foreclosures were up slightly in 2009, but were still lower than most states,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains well below the national average and home sales are beginning to pick up. If these trends continue, we may see foreclosures decline here in 2010.”

 

Montana ranked 46th in total foreclosures reported for 2009 when compared to the 50 states. With one in every 317 housing units receiving a foreclosure filing, Montana’s foreclosure rate also ranked 44th in the nation for the year.

 

Reporting 563 properties with foreclosure filings for December, Montana had a 266 percent increase from the previous month, and was 1382 percent above December 2008. The state’s foreclosure rate — one in every 774 housing units received a foreclosure filing — ranked 30th in the nation for the month.

 

Mineral County posts state’s highest foreclosure rate for 2009

Mineral County posted the highest county foreclosure rate in the state for the year, with one in every 99 housing units receiving a foreclosure filing in 2009. Flathead County had the second highest foreclosure rate, with one in every 108 housing units receiving a foreclosure filing. Ravalli County came in third highest, with one in every 132 housing units receiving a foreclosure filing. Gallatin County was fourth highest with one in every 184 housing units receiving a foreclosure filing, followed by Broadwater County, with one in every 288 housing units receiving a foreclosure filing.

 

Flathead County led state in foreclosure activity in 2009

Flathead County led the state in total foreclosures in 2009, reporting a total of 351 properties with foreclosure filings for the year. Gallatin County came in second, documenting 203 properties with foreclosure filings. Missoula County had the third highest total in the state, reporting 127 properties with foreclosure filings for the year. Ravalli and Cascade Counties were fourth highest, each reporting 125 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

Montana accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Montana

1,373

0.32

317

10.19

19.39

 

 

 

 

 

 

Mineral

20

1.01

99

81.82

300

Flathead

351

0.93

108

66.35

66.35

Ravalli

125

0.76

132

-14.38

13.64

Gallatin

203

0.54

184

58.59

178.08

Broadwater

7

0.35

288

600

 

 

 

Montana Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Montana

1,373

0.32

317

10.19

19.39

 

 

 

 

 

 

Flathead

351

0.93

108

66.35

66.35

Gallatin

203

0.54

184

58.59

178.08

Missoula

127

0.28

360

-2.31

-0.78

Ravalli

125

0.76

132

-14.38

13.64

Cascade

125

0.34

290

-22.36

-22.84

 

 

Montana Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Montana

0

0

422

0

141

563

774

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

77

0

47

124

304

1.20

2.54

Ravalli

0

0

40

0

12

52

317

1.15

2.44

Mineral

0

0

5

0

0

5

397

0.92

1.95

Gallatin

0

0

75

0

16

91

410

0.89

1.89

Park

0

0

12

0

3

15

564

0.65

1.37

 

 

Montana Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Montana

0

0

422

0

141

563

774

265.58

1,381.58

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

77

0

47

124

304

235.14

1671.43

Gallatin

0

0

75

0

16

91

410

468.75

1416.67

Yellowstone

0

0

50

0

7

57

1,030

850

1800

Missoula

0

0

41

0

12

53

864

341.67

1666.67

Ravalli

0

0

40

0

12

52

304

235.14

1671.43

 

 

 

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