Wisconsin Foreclosures Up in 2010

Foreclosure filings increase 13 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 39,920 Wisconsin properties for 2010, up 13 percent from a year ago and 103 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 3,715 Wisconsin properties in December 2010, a 12 percent decrease from November and 12 percent below the level reported in December 2009. One in every 692 Wisconsin housing units received a foreclosure filing during the month.

 

“Even with a dip in December, Wisconsin foreclosure activity surged upward in 2010 to more than what was reported in 2009 and double what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state recently fell to 7.5 percent — well below the national average — which will likely drive foreclosure filings back down should this trend continue into the coming months.”

 

One in every 64 Wisconsin housing units received a foreclosure filing in 2010, the 20th highest state foreclosure rate in the nation for the year.

 

Kenosha County posts state’s top foreclosure rate in 2010

Kenosha County posted the highest foreclosure rate in Wisconsin in 2010, with one in every 37 housing units receiving a foreclosure filing — 1.7 times the state average. Rock and Milwaukee counties came in second, each with one in every 38 housing units receiving a foreclosure filing in 2010 — 1.7 times the state average. The next highest was Racine County, where one in every 41 housing units received a foreclosure filings during the year — 1.6 times the state average.

 

Milwaukee County led the state in foreclosure activity in 2010

Milwaukee County led Wisconsin in foreclosure activity, reporting 10,751 properties with foreclosure filings. Dane County had the second highest foreclosure total, with 2,462 properties with foreclosure filings. Racine County was third highest, reporting 1,969 properties with foreclosure filings for the year. Waukesha County came in fourth, tallying 1,937 properties with foreclosure filings. Fifth highest total for the year was in Brown County, where 1,871 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Wisconsin accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Wisconsin

0

17,364

6

9,893

12,657

39,920

64

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Kenosha

0

673

0

575

563

1,811

37

1.20

1.72

Rock

0

750

0

408

649

1,807

38

1.18

1.69

Milwaukee

0

5,126

3

2,359

3,263

10,751

38

1.18

1.69

Racine

0

769

0

552

648

1,969

41

1.09

1.55

Columbia

0

256

0

152

185

593

43

1.05

1.51

 

 

Wisconsin Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Wisconsin

0

17,364

6

9,893

12,657

39,920

64

13.24

102.69

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

5,126

3

2,359

3,263

10,751

38

9.70

17.86

Dane

0

1,309

3

483

667

2,462

86

7.89

114.27

Racine

0

769

0

552

648

1,969

41

28.27

80.64

Waukesha

0

950

0

426

561

1,937

80

14.55

112.39

Brown

0

908

0

366

597

1,871

55

-5.31

100.11

 

 

 

Wisconsin Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Wisconsin

0

1,574

0

1,228

913

3,715

692

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

500

0

257

296

1,053

389

1.29

1.78

Rock

0

85

0

43

48

176

391

1.28

1.77

Columbia

0

20

0

25

19

64

396

1.27

1.75

Polk

0

19

0

16

18

53

458

1.09

1.51

Walworth

0

44

0

38

25

107

470

1.07

1.47

 

 

Wisconsin Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Wisconsin

0

1,574

0

1,228

913

3,715

692

-12.20

-11.53

 

 

 

 

 

 

 

 

 

 

Milwaukee

0

500

0

257

296

1,053

389

51.95

5.83

Dane

0

150

0

65

33

248

853

-25.75

13.76

Waukesha

0

88

0

45

56

189

824

-22.54

45.38

Rock

0

85

0

43

48

176

391

-22.12

-31.52

Brown

0

82

0

57

26

165

628

-18.32

-6.25

 

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