Montana Foreclosures Up in 2010

Foreclosure filings rise 141 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,307 Montana properties for 2010, up 141 percent from a year ago and 165 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 259 Montana properties in December 2010, a 3 percent decrease from November, and 54 percent lower than the level reported in December 2009. One in every 1,692 Montana housing units received a foreclosure filing during the month.

 

Montana foreclosures were up in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, the state still holds one of the lowest foreclosure totals nationwide. Its unemployment rate continues to remain well below the national average. If this trend continues, we may see foreclosures decline here this year.”

Montana ranked 44th in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 133 housing units receiving a foreclosure filing during the year, ranked it 39th among the 50 states.

Flathead County achieves top foreclosure rate honors in 2010

Flathead County posted the highest foreclosure rate in Montana for 2010, with one in every 51 housing units receiving a foreclosure filing — 2.6 times the state average. Ravalli County reported the second highest foreclosure rate, with one in every 54 housing units receiving a foreclosure filing for the year — 2.5 times the state average. Gallatin County came in third, with one in every 74 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Flathead County also dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Flathead County, which reported 754 properties with foreclosure filings for the year. Gallatin County tallied the second highest foreclosure level, reporting 524 properties with foreclosure filings. Third highest total was in Missoula County where 348 properties with foreclosure filings were reported. Fourth highest was Yellowstone County, where 312 properties with foreclosure filings were reported. Ravalli County filled out the state’s top five with 307 properties with foreclosure filings for the year.

 

State contributes less than 1 percent to total foreclosure activity in 2010

Montana accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Montana

0

0

1,561

0

1,746

3,307

133

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

318

0

436

754

51

0.89

2.62

Ravalli

0

0

125

0

182

307

54

0.84

2.47

Gallatin

0

0

243

0

281

524

74

0.61

1.80

Mineral

0

0

9

0

16

25

79

0.57

1.68

Golden Valley

0

0

2

0

3

5

89

0.50

1.49

 

Montana Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Montana

0

0

1,561

0

1,746

3,307

133

140.86

165.41

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

318

0

436

754

51

114.81

257.35

Gallatin

0

0

243

0

281

524

74

158.13

309.38

Missoula

0

0

199

0

149

348

133

174.02

167.69

Yellowstone

0

0

175

0

137

312

190

168.97

63.35

Ravalli

0

0

125

0

182

307

54

145.60

110.27

 

 

 

Montana Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Montana

0

0

117

0

142

259

1,692

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Park

0

0

3

0

21

24

353

1.42

4.79

Mineral

0

0

3

0

2

5

395

1.27

4.28

Musselshell

0

0

0

0

5

5

459

1.09

3.69

Powell

0

0

0

0

4

4

726

0.69

2.33

Silver Bow

0

0

1

0

21

22

741

0.68

2.28

 

 

Montana Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Montana

0

0

117

0

142

259

1,692

-3.00

-54.00

 

 

 

 

 

 

 

 

 

 

Flathead

0

0

25

0

16

41

929

-4.65

-66.94

Gallatin

0

0

20

0

13

33

1,170

-8.33

-63.74

Yellowstone

0

0

14

0

12

26

2,278

-7.14

-54.39

Park

0

0

3

0

21

24

353

380.00

60.00

Silver Bow

0

0

1

0

21

22

741

633.33

46.67

 

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