Wisconsin Foreclosure Activity Declines in October

Foreclosure filings down 2 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,815 Wisconsin properties in October, a 2 percent decrease from the previous month, but still up 12 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report

 

“Foreclosure activity fell slightly in Wisconsin in October, though it remained elevated compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state is now at 8 percent and doesn’t show much potential to improve in the short term. This is obviously unwelcome news to those residents already struggling to hold onto their homes.”

 

One in every 534 Wisconsin housing units received a foreclosure filing in October, the 17th highest foreclosure rate in the nation.

 

Jefferson County posts state’s top foreclosure rate for October

Jefferson County posted the highest county foreclosure rate in Wisconsin for the month, with one in every 269 housing units receiving a foreclosure filing during October — twice the state average. Milwaukee County registered the second highest foreclosure rate, with one in every 290 housing units receiving a foreclosure filing during the month — 1.8 times the state average. Columbia County was third highest, with one in every 313 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Milwaukee County led the state in foreclosure activity in October

Milwaukee County had the top foreclosure total, reporting 1,413 properties with foreclosure filings for the month. Waukesha County tallied the second highest foreclosure level, reporting 249 properties with foreclosure filings. Racine County documented the third highest foreclosure total, reporting 221 properties with foreclosure filings. Fourth highest was Brown County, where 211 properties with foreclosure filings were reported. Rock County was in fifth, tallying 206 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Wisconsin accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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.

 

Wisconsin Top Foreclosure Rates By County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Wisconsin

0

2,352

0

1,269

1,194

4,815

534

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

70

0

10

46

126

269

1.45

1.99

Milwaukee

0

637

0

417

359

1,413

290

1.34

1.84

Columbia

0

41

0

22

18

81

313

1.24

1.71

Rock

0

125

0

33

48

206

334

1.16

1.60

Polk

0

29

0

17

23

69

352

1.10

1.52

 

 

Wisconsin Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Wisconsin

0

2,352

0

1,269

1,194

4,815

534

-1.59

11.69

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

637

0

417

359

1,413

290

7.94

0.36

Waukesha

0

145

0

69

35

249

625

1.22

26.40

Racine

0

154

0

2

65

221

369

-8.68

-8.30

Brown

0

122

0

46

43

211

491

-2.31

4.46

Rock

0

125

0

33

48

206

334

12.57

1,772.73

 

 

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