Foreclosure Home Housing & Foreclosure Reports Michigan Foreclosure Activity Falls in January

Michigan Foreclosure Activity Falls in January

Print Email
Comments Add Comment

Statewide filings down 2 percent from December; Rate fifth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,808 Michigan properties in January, a 2 percent decrease from December and 23 percent below the level reported for January 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Michigan had the fifth highest foreclosure rate, reporting one in every 354 Michigan housing units with a foreclosure filing in January.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 51,584 properties with foreclosure filings. Second ranked Florida reported 24,783 properties with foreclosure filings during the month. Third place was Illinois, where 14,349 properties with foreclosure filings were reported. Michigan had the fourth highest total, while Georgia took fifth place, tallying 12,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in January include Texas (9,085), Arizona (8,749), Ohio (8,325), Nevada (5,931) and Indiana (5,039). The top 10 accounted for 73 percent of the nation’s total foreclosure activity for the month.

Ingham County posts top foreclosure rate in the state for January
 One in every 215 housing units in Ingham County had a foreclosure filing in January — 2.9 times the national average and 1.7 times the state average — the highest foreclosure rate of all Michigan counties for the month. Wayne County had the second highest rate of one in every 240 housing units with a foreclosure filing during the month — 2.6 times the national average and 1.5 times the state average. Macomb County had the third highest rate of one in every 243 housing units with a foreclosure filing during the month — 2.6 times the national average and 1.5 times the state average.

Wayne County leads state in foreclosure activity in January
 Wayne County led all counties by a large margin, reporting 3,424 properties with foreclosure filings for the month. Macomb County had the second highest total, reporting 1,469 properties with foreclosure filings. Oakland County was third, reporting 1,392 properties with foreclosure filings. Fourth highest was Kent County, recording 765 properties with foreclosure filings. Genesee County was fifth highest, tallying 631 properties with foreclosure filings for the month.

State a major contributor to total foreclosure activity in January
 Michigan accounted for 6 percent of the 210,941 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by 3 percent from December, but was still down over 19 percent from the level reported in January 2011. One in every 624 U.S. housing units received a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Michigan, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued. “The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year. Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders. We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

 

Michigan Top Foreclosure Rates By County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

n/a

n/a

Michigan

4,320

0

4,570

0

3,918

12,808

354

1.76

n/a

 

 

 

 

 

 

 

 

 

 

Ingham

110

0

155

0

299

564

215

2.90

1.65

Wayne

1,058

0

1,233

0

1,133

3,424

240

2.60

1.47

Macomb

513

0

509

0

447

1,469

243

2.57

1.46

Shiawassee

46

0

36

0

33

115

264

2.37

1.34

Eaton

56

0

58

0

48

162

290

2.15

1.22

Michigan Top Foreclosure Totals by County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X   HU (rate)

% Chg   Dec 11

% Chg   Jan 11

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

2.89

-19.28

Michigan

4,320

0

4,570

0

3,918

12,808

354

-2.44

-23.38

 

 

 

 

 

 

 

 

 

 

Wayne

1,058

0

1,233

0

1,133

3,424

240

-5.28

-23.31

Macomb

513

0

509

0

447

1,469

243

14.14

-29.88

Oakland

573

0

575

0

244

1,392

379

-19.07

-38.95

Kent

216

0

227

0

322

765

323

8.05

-17.21

Genesee

217

0

226

0

188

631

305

-14.38

-31.41

 


Print Email < Back to Housing & Foreclosure Reports
Printed from www.RealtyTrac.com

Comments

Add Your Comment

You must be logged in to leave a comment. Login | Register

Submit


Search Foreclosure Reports