Michigan Foreclosure Activity Continues Upward Climb in Third Quarter

Total foreclosure filings up 10 percent from Q2, and up 22 percent from Q3 2008.

 

Michigan reported 37,026 properties with foreclosure filings in the third quarter of 2009, an increase of 10 percent from the previous quarter and 22 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

One in every 122 Michigan housing units received a foreclosure filing in the third quarter, the eighth highest state foreclosure rate in the nation.

 

Foreclosure activity in the Great Lakes State was down 13 percent in September from the previous month to 16,767 properties with foreclosure filings, but remained elevated on a yearly basis, up 59 percent from September 2008. The state’s foreclosure rate was eighth highest in the nation for the month — with one in every 270 housing units receiving a foreclosure filing.

 

Michigan foreclosures were up during the third quarter and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in auctions, which increased 23 percent over the year. This is not surprising as the Michigan’s unemployment rate is currently 15.3 percent. However, job losses appear to be slowing from the first half of the year and home sales show a year-over increase. If these trends continue, we may see foreclosures begin to slow.”

 

As it has for almost two years now, California continues to lead the nation in total foreclosure activity by a large margin on both a monthly and quarterly basis. For the third quarter, California reported 250,054 properties with foreclosure filings. Florida posted the second highest activity level — 156,924 properties with foreclosure filings. Arizona posted the third highest level in the nation, reporting 50,342 properties with foreclosure filings. Nevada came in fourth highest, reporting 47,925 properties with foreclosure filings during the quarter, while Illinois tallied the fifth highest total, documenting 37,270 properties with foreclosure filings. The top five states alone represented 58 percent of all foreclosure filings in the nation during the quarter.

 

For September, the nation’s top 5 states for total foreclosure filings were California (86,337), Florida (55,036), Nevada (18,766), Michigan (16,767), and Georgia (14,972). Activity in the top five states accounted for 58 percent of the nation’s foreclosure total in September.

 

Lenawee County posts state’s top foreclosure rate in the third quarter

Lenawee County posted the highest county foreclosure rate in the state for the third quarter, with one in every 71 housing units receiving a foreclosure filing — 1.9 times the national average and 1.7 times the state average. Wayne County was a close second, with one in every 78 housing units receiving a foreclosure filing during the quarter — 1.8 times the national average and 1.6 times the state average. Macomb County posted the third highest foreclosure rate, where one in every 87 housing units received a foreclosure filing — 1.6 times the national average and 1.4 times the state average.

 

Five counties accounted for 65 percent of foreclosure activity in the third quarter

Wayne County led the way, tallying 10,763 properties with foreclosure filings for the quarter. Oakland County came in second highest, reporting 5,323 properties with foreclosure filings. Macomb County came in third, tallying 4,054 properties with foreclosure filings. Fourth highest for the quarter was Kent County, reporting 2,046 properties with foreclosure filings. Genesee County documented 1,787 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 4 percent to nation’s foreclosure activity for quarter and 5 percent for month

Michigan accounted for 4 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 5 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Michigan

11,454

0

10,575

0

14,997

37,026

122.28

1.12

n/a

 

 

 

 

 

 

 

 

 

 

Lenawee

148

0

92

0

366

606

71

1.93

1.73

Wayne

2,986

0

3,703

0

4,074

10,763

78

1.75

1.57

Macomb

1,288

0

971

0

1,795

4,054

87

1.57

1.40

Saint Clair

224

0

230

0

317

771

95

1.44

1.29

Livingston

279

0

177

0

282

738

98

1.39

1.25

 

 

Michigan Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Michigan

11,454

0

10,575

0

14,997

37,026

122.28

9.50

22.31

 

 

 

 

 

 

 

 

 

 

Wayne

2,986

0

3,703

0

4,074

10,763

78

9.14

-12.08

Oakland

1,635

0

1,274

0

2,414

5,323

99

6.33

5.97

Macomb

1,288

0

971

0

1,795

4,054

87

11.22

20.55

Kent

657

0

563

0

826

2,046

119

8.71

15.33

Genesee

566

0

517

0

704

1,787

110

5.61

25.93

 

 

Michigan Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Michigan

6,144

0

5,122

0

5,501

16,767

270

1.38

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,842

0

1,889

0

1,580

5,311

158

2.36

1.71

Lenawee

97

0

41

0

123

261

164

2.26

1.64

Antrim

14

0

6

0

61

81

205

1.82

1.32

Macomb

719

0

483

0

487

1,689

209

1.78

1.29

Genesee

289

0

273

0

309

871

227

1.64

1.19

 

 

Michigan Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Michigan

6,144

0

5,122

0

5,501

16,767

270

-13.39

58.88

 

 

 

 

 

 

 

 

 

 

Wayne

1,842

0

1,889

0

1,580

5,311

158

-6.38

22.43

Oakland

865

0

599

0

759

2,223

236

-20.24

9.94

Macomb

719

0

483

0

487

1,689

209

-24.02

36.98

Kent

321

0

289

0

308

918

265

-3.37

75.86

Genesee

289

0

273

0

309

871

227

4.81

201.38

 

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