MICHIGAN FORECLOSURE ACTIVITY INCREASES 7 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 108 Percent From June 2006; Foreclosure Rate in Top 10

 

IRVINE, Calif. – July 31, 2007 – Michigan reported 10,092 foreclosure filings in June, up 7 percent from the previous month, and giving the state the fourth highest foreclosure total in the country. On an annual basis foreclosure activity in the state more than doubled from June 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the seventh highest foreclosure rate in the nation, one foreclosure filing for every 420 households — 1.7 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in Michigan has fluctuated by a narrow margin so far in 2007, ranking the state fourth highest foreclosure total in the nation for four out of the first six months of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment well above the national average, and both home sales and home prices on the downslide, Michigan homeowners facing foreclosure are having a tough time seeing a way out of their situation right now.”

 

Although foreclosure filings in the Great Lakes State remain at a fairly high level, the total is less than one-third of national leader California, where 38,801 filings were reported in June. Florida reported the second highest foreclosure total, with 21,035 foreclosure filings. Ohio posted the third highest total with 11,879 foreclosure filings for the month. Texas reported a total of 8,525 filings in the foreclosure pipeline, ranking it fifth highest in the country. The remaining states in the nation’s top 10 for total foreclosures in June were Georgia, Illinois, Arizona, Colorado and New Jersey.

 

Three counties account for bulk of state foreclosure activity

Foreclosure filings in three Michigan counties accounted for 74 percent of all activity in the state for June. Wayne County posted the highest foreclosure total for the month, reporting 5,121 foreclosure filings. Macomb County tallied the second highest foreclosure total with 1,214 foreclosure filings. Oakland County tallied the third highest monthly foreclosure total with 1,112 foreclosure filings.

 

Highest foreclosure rate reported in Wayne County

Wayne County also posted the highest foreclosure rate in the state for June, one foreclosure filing for every 161 households — 2.6 times the state average and 4.4 times the national average. Eaton County posted the second highest foreclosure rate in the state, one foreclosure filing for every 204 households — 2.1 times the state average and 3.4 times the national average. Macomb County posted the third highest foreclosure rate, with one foreclosure filing for every 264 households — 1.6 times the state average and 2.7 times the national average. Ingham County posted the fourth highest foreclosure rate, with one foreclosure filing for every 332 households. Genesee County rounded out the state’s top five with a rate of one foreclosure filing for every 384 households.

 

State a significant contributor to nation’s monthly total

Total foreclosure filings in Michigan accounted for 6 percent of the 164,644 foreclosure filings nationwide in June. The national total was down 7 percent from the previous month but still up 87 percent from June 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 704 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                          Michigan Foreclosure Market by County – June 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,048

51,492

12,488

38,247

26,369

164,644

704

n/a

n/a

Michigan

1,727

5,762

0

0

2,603

10,092

420

1.68

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

1

0

0

0

1

10,584

0.07

0.04

Allegan

0

4

0

0

28

32

1,353

0.52

0.31

Alpena

0

0

0

0

1

1

15,289

0.05

0.03

Antrim

0

0

0

0

1

1

15,090

0.05

0.03

Arenac

0

1

0

0

0

1

9,563

0.07

0.04

Barry

0

1

0

0

1

2

11,938

0.06

0.04

Bay

0

1

0

0

23

24

1,934

0.36

0.22

Benzie

0

1

0

0

1

2

5,156

0.14

0.08

Berrien

0

5

0

0

22

27

2,720

0.26

0.15

Branch

0

0

0

0

0

0

n/a

0.00

0.00

Calhoun

1

94

0

0

51

146

402

1.75

1.04

Cass

0

1

0

0

1

2

11,942

0.06

0.04

Charlevoix

0

0

0

0

1

1

15,370

0.05

0.03

Cheboygan

0

0

0

0

0

0

n/a

0.00

0.00

Chippewa

0

2

0

0

0

2

9,715

0.07

0.04

Clare

0

1

0

0

0

1

22,229

0.03

0.02

Clinton

0

2

0

0

2

4

6,158

0.11

0.07

Crawford

0

0

0

0

2

2

5,021

0.14

0.08

Delta

0

1

0

0

0

1

19,223

0.04

0.02

Dickinson

0

3

0

0

0

3

4,567

0.15

0.09

Eaton

0

40

0

0

166

206

204

3.44

2.05

Emmet

0

0

0

0

1

1

18,554

0.04

0.02

Genesee

15

242

0

0

221

478

384

1.83

1.09

Gladwin

0

2

0

0

0

2

8,414

0.08

0.05

Gogebic

0

2

0

0

0

2

5,420

0.13

0.08

Grand Traverse

0

5

0

0

3

8

4,355

0.16

0.10

Gratiot

0

5

0

0

1

6

2,586

0.27

0.16

Hillsdale

1

3

0

0

1

5

4,038

0.17

0.10

Ingham

0

233

0

0

114

347

332

2.12

1.27

Ionia

0

3

0

0

1

4

5,502

0.13

0.08

Iosco

0

2

0

0

0

2

10,216

0.07

0.04

Isabella

0

1

0

0

1

2

12,264

0.06

0.03

Jackson

13

102

0

0

7

122

516

1.37

0.81

Kalamazoo

0

93

0

0

136

229

433

1.62

0.97

Kalkaska

0

2

0

0

1

3

3,607

0.20

0.12

Kent

0

144

0

0

145

289

775

0.91

0.54

Lapeer

0

2

0

0

19

21

1,559

0.45

0.27

Lenawee

0

4

0

0

3

7

5,681

0.12

0.07

Livingston

0

7

0

0

6

13

4,532

0.16

0.09

MaComb

147

663

0

0

404

1,214

264

2.67

1.59

Manistee

0

0

0

0

1

1

14,272

0.05

0.03

Marquette

0

1

0

0

1

2

16,439

0.04

0.03

Mason

0

1

0

0

0

1

16,063

0.04

0.03

Mecosta

0

0

0

0

2

2

9,797

0.07

0.04

Menominee

0

0

0

0

0

0

n/a

0.00

0.00

Midland

0

0

0

0

0

0

n/a

0.00

0.00

Missaukee

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

2

14

0

0

37

53

1,065

0.66

0.39

Montcalm

0

4

0

0

0

4

6,475

0.11

0.06

Muskegon

0

14

0

0

41

55

1,246

0.56

0.34

Newaygo

1

1

0

0

1

3

7,734

0.09

0.05

Oakland

193

449

0

0

470

1,112

442

1.59

0.95

Oceana

0

0

0

0

2

2

7,505

0.09

0.06

Ogemaw

0

1

0

0

1

2

7,702

0.09

0.05

Otsego

0

0

0

0

1

1

13,375

0.05

0.03

Ottawa

0

61

0

0

33

94

924

0.76

0.45

Roscommon

0

1

0

0

3

4

5,777

0.12

0.07

Saginaw

0

50

0

0

66

116

737

0.96

0.57

Saint Clair

1

15

0

0

47

63

1,065

0.66

0.39

Saint Joseph

0

0

0

0

2

2

13,252

0.05

0.03

Sanilac

0

4

0

0

14

18

1,184

0.59

0.35

Shiawassee

0

7

0

0

27

34

856

0.82

0.49

Tuscola

0

1

0

0

2

3

7,793

0.09

0.05

Van Buren

0

3

0

0

2

5

6,795

0.10

0.06

Washtenaw

29

126

0

0

11

166

790

0.89

0.53

Wayne

1,324

3,323

0

0

474

5,121

161

4.36

2.60

Wexford

0

13

0

0

1

14

1,062

0.66

0.39

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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