Foreclosure Activity in Michigan Surges Upward in August

Foreclosure activity in Michigan rose 134 percent in August to 19,359 properties with foreclosure filings, up 42 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 234 Michigan housing units received a foreclosure filing in August, the fifth highest foreclosure rate in the nation.

 

“Michigan reported a significant increase in foreclosure activity in August, more than doubling the level reported from one month earlier and remaining well ahead of last year’s figures,” said James J. Saccacio, chief executive officer of RealtyTrac. “This rise in foreclosures comes as little surprise as unemployment within the Great Lakes State is, at over 15 percent, the highest in the nation and continuing to worsen due to the state’s automotive and manufacturing-dependent economy.”

 

In August, Michigan had the third highest total in the nation. California maintained the top position with 92,326 properties with foreclosure filings, followed by second place Florida with 62,401 properties with foreclosure filings in August. Nevada narrowly remained in fourth place, documenting 17,902 properties with foreclosure filings, and Arizona, which fell two spots to fifth place, reported 17,807 properties with foreclosure filings.

 

Rounding out the nation’s top 10 states for total foreclosure filings in August were Illinois (13,078), Georgia (11,947), Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Wayne County posts state’s top foreclosure rate in August

Wayne County posted the highest county foreclosure rate in the state for August, with one in every 148 housing units receiving a foreclosure filing — 2.4 times the national average. Macomb County had the second highest foreclosure rate, with one in every 159 housing units receiving a foreclosure filing during the month — 2.3 times the national average. Lenawee County posted the third highest foreclosure rate, where one in every 166 housing units received a foreclosure filing — 2.1 times the national average.

 

Wayne County leads the state in foreclosure totals for August

Wayne County tallied the highest activity level, tallying 5,673 properties with foreclosure filings for the month. Oakland County had the second highest total of foreclosure filings, documenting 2,787 properties with foreclosure filings. Reporting 2,223 properties with foreclosure filings for the month, Macomb County reported the third highest total in the state. Kent County was fourth highest, reporting 950 properties with foreclosure filings, while the fifth highest total was in Genesee County, where 831 properties with foreclosure filings were reported for the month.

 

State a major contributor to the nation’s foreclosure activity in August

Michigan accounted for 5 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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.

 

 

Michigan Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Michigan

9,789

0

4,409

0

5,161

19,359

234

1.53

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

2,808

0

1,565

0

1,300

5,673

148

2.41

1.58

Macomb

1,050

0

416

0

757

2,223

159

2.25

1.47

Lenawee

84

0

34

0

140

258

166

2.14

1.41

Saint Clair

201

0

90

0

120

411

178

2.00

1.31

Ingham

308

0

111

0

249

668

181

1.97

1.29

 

 

Michigan Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Michigan

9,789

0

4,409

0

5,161

19,359

234

10.47

41.82

 

 

 

 

 

 

 

 

 

 

Wayne

2,808

0

1,565

0

1,300

5,673

148

114.32

-1.54

Oakland

1,395

0

562

0

830

2,787

188

107.68

30.23

Macomb

1,050

0

416

0

757

2,223

159

150.06

57.32

Kent

558

0

210

0

182

950

256

64.93

31.03

Genesee

459

0

195

0

177

831

237

88.44

-6.63

 

 

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