Wisconsin Foreclosure Activity Up in Third Quarter

Filings up 6 percent from Q2 2011, down 5 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 12,286 Wisconsin properties during the third quarter of 2011, up  6 percent from the second quarter of 2011, but 5 percent below the level  reported for the same quarter last year, according  to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 211 Wisconsin  housing units had a foreclosure filing during the quarter, the state posted the  11th highest foreclosure rate in the nation.

Foreclosure filings were reported  on 4,453 Wisconsin properties in September, a  16 percent increase from August, but down 9 percent from September 2010. One in  every 581 Wisconsin housing units had a  foreclosure filing in September, the 12th highest state foreclosure  rate in the nation.

Kenosha County posts top  foreclosure rate for the third quarter
  One in every 110 housing units in Kenosha County had a foreclosure filing during  the third quarter of 2011 — 1.9 times the national average and 1.9 times the  state average. Rock   County had the second  highest rate with one in every 115 housing units reporting a foreclosure filing  — 1.9 times the national average and 1.8 times the state average. Milwaukee County had the third highest rate,  reporting one in every 123 housing units with a foreclosure filing — 1.7 times  the national average and 1.7 times the state average.

Milwaukee County leads  the state in foreclosure activity for third quarter
  Milwaukee County had the highest level of foreclosure activity in  the state, reporting 3,328 properties with foreclosure filings during the  quarter. Dane County was second highest in the state,  reporting 691 properties with foreclosure filings. Third highest total was  tallied in Kenosha   County, where 619  properties with foreclosure filings were reported. Reporting 603 properties  with foreclosure filings for the quarter, Waukesha County  registered the fourth highest total in the state. Fifth highest was Rock County,  where 599 properties with foreclosure filings were reported for the quarter.

State a moderate contributor to  nation’s foreclosure total in the third quarter
  Wisconsin accounted for 2 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

                         Wisconsin Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Wisconsin

0

4,484

2

4,383

3,417

12,286

211

1.01

n/a

 

 

 

 

 

 

 

 

 

 

Kenosha

0

259

0

209

151

619

110

1.94

1.92

Rock

0

232

0

221

146

599

115

1.85

1.83

Milwaukee

0

1,214

0

1,245

869

3,328

123

1.73

1.71

Columbia

0

80

0

59

61

200

128

1.66

1.64

Racine

0

226

0

171

155

552

147

1.45

1.43

  Wisconsin Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Wisconsin

0

4,484

2

4,383

3,417

12,286

211

6.24

-4.91

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

1,214

0

1,245

869

3,328

123

5.75

2.49

Dane

0

261

1

238

191

691

310

7.97

-10.03

Kenosha

0

259

0

209

151

619

110

44.63

-5.78

Waukesha

0

233

0

210

160

603

261

-16.48

-5.49

Rock

0

232

0

221

146

599

115

-2.60

13.23

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