Wisconsin Foreclosure Activity Drops in February

Statewide foreclosure filings down less than half a percent; rate nation’s 12th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,478 Wisconsin properties in February, less than half a percent drop in foreclosure activity from January but 12 percent above the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s activity level was down at every stage of the foreclosure process during the month, except in the number of bank repossessed properties, which rose 15 percent. The number of auction notices fell 4 percent from the previous month and default notices were also down 4 percent. One in every 578 Wisconsin housing units received a foreclosure filing in February, making it the state with the nation’s 12th highest foreclosure rate for the month. Wisconsin registered an unemployment rate of 7.4 percent in January. The state has remained at or above the 7 percent unemployment mark since January 2009.

 

Wisconsin held the 10th highest total foreclosures in the nation for February with 4,478 properties with foreclosure filings. The first nine states in the nation’s top 10 for total foreclosure activity in February were California (15,485), Florida (18,760), Arizona (15,485), Michigan (14,003), Georgia (12,807), Texas (11,562), Illinois (9,592), Nevada (9,553) and Ohio (8,598). The top 10 states accounted for 72 percent of the nation’s total foreclosure activity for the month.

 

Racine County posts state’s top foreclosure rate in February

Racine County posted the highest foreclosure rate of all Wisconsin counties, with one in every 192 housing units receiving a foreclosure filing in February — three times the national average and three times the state average. Milwaukee County had the second highest foreclosure rate, with one in every 329 housing units receiving a foreclosure filing during the month — 1.8 times the national average and 1.8 times the state average. One in every 338 housing units in Columbia County received a foreclosure filing, the third highest foreclosure rate in the state — 1.7 times the national average and 1.7 times the state average.

 

Milwaukee County dominates state foreclosure totals in February

Reporting 1,248 properties with foreclosure filings, Milwaukee County kept its status at the statewide leader. Racine County reported 424 properties with foreclosure filings, the second highest foreclosure total in the state. Dane County came in third, reporting 289 properties with foreclosure filings. Waukesha County was fourth, tallying 236 properties with foreclosure filings. Fifth highest was Brown County, where 162 properties with foreclosure filings were reported for the month.

 

State contributes 2 percent to nation’s foreclosure total in February

Two percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Wisconsin. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Wisconsin

0

2,049

0

1,350

1,079

4,478

578

1.00

n/a

 

 

 

 

 

 

 

 

 

 

Racine

0

151

0

94

179

424

192

3.01

3.01

Milwaukee

0

645

0

361

242

1,248

329

1.76

1.76

Columbia

0

31

0

19

26

76

338

1.71

1.71

Waupaca

0

25

0

30

16

71

350

1.65

1.65

Langlade

0

17

0

5

9

31

393

1.47

1.47

 

 

Wisconsin Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Wisconsin

0

2,049

0

1,350

1,079

4,478

578

-0.09

12.12

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

645

0

361

242

1,248

329

-10.54

9.47

Racine

0

151

0

94

179

424

192

221.21

63.08

Dane

0

150

0

78

61

289

742

17.48

9.47

Waukesha

0

120

0

70

46

236

667

6.31

118.52

Brown

0

82

0

38

42

162

641

-29.87

-1.22

 

 

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