Wisconsin Foreclosures Decline in November

Foreclosure filings down 12 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,231 Wisconsin properties in November, down 12 percent from the previous month and a 1 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Wisconsin foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 29 percent for the month. The state’s unemployment rate continues to remain well below the national average, and its home values did not fall as far as most states during the past year. These trends are likely contributing to the recent decline.”

Wisconsin ranked 15th in the nation in total foreclosures reported for November. Its foreclosure rate of one in every 607 housing units receiving a foreclosure filing during the month, ranked it 14th among the 50 states.

Saint Croix County achieves top foreclosure rate honors in November

Saint Croix County posted the top foreclosure rate in Wisconsin for November, with one in every 261 housing units receiving a foreclosure filing — 1.9 times the national average and 2.3 times the state average. Rock County reported the second highest foreclosure rate, with one in every 304 housing units receiving a foreclosure filing for the month — 1.6 times the national average and twice the state average. Racine County came in third, with one in every 307 housing units receiving a foreclosure filing — 1.6 times the national average and twice the state average.

 

Milwaukee County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Milwaukee County, which reported 693 properties with foreclosure filings for the month. Dane County tallied the second highest foreclosure level, reporting 334 properties with foreclosure filings. Third highest total was in Racine County, where 266 properties with foreclosure filings were reported. Fourth highest was Waukesha County, where 244 properties with foreclosure filings were reported. Rock County filled out the top five for the month, reporting 226 properties with foreclosure filings.

 

State contributes 2 percent to nation’s foreclosure total

Wisconsin accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Wisconsin

0

1,668

0

1,468

1,095

4,231

607

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Saint Croix

0

0

0

37

90

127

261

1.88

2.33

Rock

0

87

0

80

59

226

304

1.62

1.99

Racine

0

55

0

176

35

266

307

1.60

1.98

Columbia

0

37

0

23

22

82

309

1.59

1.97

Kenosha

0

74

0

76

44

194

349

1.41

1.74

 

 

Wisconsin Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Wisconsin

0

1,668

0

1,468

1,095

4,231

607

-12.13

-1.47

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

256

0

223

214

693

591

-50.96

-44.11

Dane

0

155

0

120

59

334

634

77.66

23.25

Racine

0

55

0

176

35

266

307

20.36

30.39

Waukesha

0

110

0

76

58

244

638

-2.01

28.42

Rock

0

87

0

80

59

226

304

9.71

28.41

 

 

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