North Dakota Foreclosure Activity Falls in Third Quarter

 

Total foreclosure filings down 11 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 136 North Dakota properties during the third quarter, an 11 percent decrease from the previous quarter, but still up 19 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, North Dakota reported 54 properties with foreclosure filings, a 7 percent decrease from the previous month, but still 59 percent above the level reported for the same month last year. One in every 5,802 North Dakota housing units received a foreclosure filing in September, the 49th highest foreclosure rate among the 50 states.

 

“North Dakota foreclosure activity dropped between the second and third quarters of 2010, though it remained well above the level reported for the third quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state remains one of the least affected in the country by foreclosures, a distinction that is undoubtedly helped by its unemployment rate of 3.7 percent – the lowest in the nation.”

 

One in every 2,304 North Dakota housing units received a foreclosure filing during the quarter, the 49th highest state foreclosure rate in the nation.

 

Ransom County led state with top foreclosure rate in third quarter

Ransom County posted the highest foreclosure rate in the state during the third quarter of 2010, where one in every 684 housing units received a foreclosure filing — 3.4 times the state average. Richland County posted the second highest foreclosure rate, where one in every 773 housing units received a foreclosure filing during the period — three times the state average. Barnes County documented the third highest foreclosure rate, where one in every 964 housing units received a foreclosure filing — 2.4 times the state average.

 

Cass County posts the state’s top foreclosure total in third quarter

Cass County led the state in foreclosure activity, reporting 57 properties with foreclosure filings for the quarter. Burleigh County was second, reporting 13 properties with foreclosure filings. Morton County was third, tallying 12 properties with foreclosure filings. Grand Forks County had the fourth highest total, reporting 11 properties with foreclosure filings.

 

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 North Dakota. 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.

 

 

North Dakota 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

North Dakota

0

1

0

44

91

136

2,304

0.06

n/a

 

 

 

 

 

 

 

 

 

 

Ransom

0

0

0

0

4

4

684

0.20

3.37

Richland

0

1

0

0

9

10

773

0.18

2.98

Barnes

0

0

0

3

3

6

964

0.14

2.39

Morton

0

0

0

8

4

12

995

0.14

2.32

Cass

0

0

0

21

36

57

1,152

0.12

2.00

 

 

North Dakota 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

North Dakota

0

1

0

44

91

136

2,304

-10.53

19.30

 

 

 

 

 

 

 

 

 

 

Cass

0

0

0

21

36

57

1,152

-12.31

5.56

Burleigh

0

0

0

6

7

13

2,590

0.00

62.50

Morton

0

0

0

8

4

12

995

-14.29

20.00

Grand Forks

0

0

0

1

10

11

2,690

-42.11

-45.00

Richland

0

1

0

0

9

10

773

-16.67

42.86

 

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