Fwd: Wisconsin Foreclosure Activity Down in First Quarter

Wisconsin Foreclosure Activity Down in First Quarter

April 30, 2011
By RealtyTrackForeclosure filings slide 5 percent from Q4 2010, rise one percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,776 Wisconsin properties during the first quarter of 2011, down 5 percent from the fourth quarter of 2010 but one percent above the level reported for the same quarter last year, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

 

Foreclosure filings were reported on 3,100 Wisconsin properties in March, a 31 percent decrease from February and down 27 percent from March 2010. One in every 835 housing units inWisconsin received a foreclosure filing in March, the 19^th highest state foreclosure rate in the nation for the month. Wisconsin ranked 12^th in the nation in total foreclosures reported for the first quarter of 2011. Its foreclosure rate of one in 220 housing units receiving a foreclosure filing during the quarter, ranked it 13^th among the 50 states.

 

Richland County takes top foreclosure rate honors in the first quarter

Richland County posted the highest foreclosure rate in Wisconsin during the first quarter of 2011, with one in every 104 housing units receiving a foreclosure filing — 2.1 times the state average.Columbia County reported the second highest foreclosure rate, with 126 properties with a foreclosure filing — 1.7 times the state average. One in every 128 housing units in KenoshaCounty received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 1.7 times the state average.

 

Milwaukee County led the state in foreclosure activity for first quarter

Milwaukee County led the way, reporting 3,011 properties with foreclosure filings during the quarter. Racine County was second highest in the state, reporting 785 properties with foreclosure filings. Third highest total was tallied in Dane County, where 728 properties with foreclosure filings were reported. Reporting 552 properties with foreclosure filings for the quarter, BrownCounty registered the fourth highest total in the state. Fifth highest was Kenosha County, where 531 properties with foreclosure filings were reported for the quarter.

 

State contributes 2 percent to nation's foreclosure total in the first quarter

Wisconsin accounted for 2 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

"The nation's housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low," said James J. Saccacio, chief executive officer of RealtyTrac. "Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork."

 

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 – Q1 2011

 

County	NOD	LIS	NTS	NFS	REO	Total	1/every X HU (rate)	/Natl. Avg.	/State Avg.
United States	97,901	99,211	216,867	52,128	215,046	681,153	191	n/a	n/a
Wisconsin	0	5,301	5	3,651	2,819	11,776	220	0.87	n/a
Richland	0	9	0	0	7	16	104	1.84	2.12
Columbia	0	90	0	55	59	204	126	1.52	1.74
Kenosha	0	240	0	135	156	531	128	1.49	1.72
Milwaukee	0	1,544	2	905	560	3,011	136	1.40	1.61
Waupaca	0	81	0	59	42	182	137	1.40	1.61

 

 

Wisconsin Top Foreclosure Totals by County – Q1 2011

 

County	NOD	LIS	NTS	NFS	REO	Total	1/every X HU (rate)	% Chg Q4 10	% Chg Q1 10
United States	97,901	99,211	216,867	52,128	215,046	681,153	191	-14.76	-26.93
Wisconsin	0	5,301	5	3,651	2,819	11,776	220	-4.96	1.13
Milwaukee	0	1,544	2	905	560	3,011	136	-0.40	-13.80
Racine	0	337	0	200	248	785	104	44.30	12.79
Dane	0	385	0	178	165	728	295	-3.70	3.56
Brown	0	281	0	142	129	552	188	-1.60	1.10
Kenosha	0	240	0	135	156	531	128	30.79	-18.18

 

 

Mark Williams, Broker, ABR, Realtor

Howard and Williams LLC.

5321 Old Middleton Road

Madison WI, 53705

608.213.4687