MICHIGAN FORECLOSURE ACTIVITY DECREASES 6 PERCENT IN JUNE

Activity Up 19 Percent From June 2007; Foreclosure Rate Ranks No. 5

 

IRVINE, Calif. – July 28, 2008 – Michigan reported 12,025 properties with foreclosure filings in June, down 6 percent from the previous month but still 19 percent above the level reported for June 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 375 households receiving a foreclosure filing during June, the state’s foreclosure rate ranked fifth highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“Despite this momentary downturn, overall foreclosure activity in Michigan has fluctuated within a narrow range all year so far in 2008, and is still up moderately from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment well above the national average, combined with home sales and average prices trending down on a yearly basis, foreclosure activity is expected to continue into the foreseeable future.

 

Although it continues to rank high on the national scale, foreclosure activity in the Great Lakes State paled in comparison to national leader California, which reported 68,666 properties with foreclosure filings for June. Michigan also trailed well behind second ranked Florida, which reported 40,351 properties with foreclosure filings. Ohio came in third, reporting 13,194 properties with foreclosure filings for the month. Arizona placed fourth, reporting 12,950 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in June were Texas, Georgia, Nevada, Illinois and New York.

 

Three counties account for bulk of state’s foreclosure activity in June

Three counties accounted for two-thirds of all foreclosure activity in the state for June. Wayne County topped all counties, reporting 5,318 properties with foreclosure filings for the month. Oakland County was a distant second, documenting 1,542 properties with foreclosure filings. Third highest was Macomb County, reporting 1,232 properties with foreclosure filings. Kent County came in fourth, reporting 610 properties with foreclosure filings. Fifth highest was in Genesee County, where 591 properties with foreclosure filings were reported in June.

 

Wayne County posts state’s highest foreclosure rate for June

With one in every 158 households receiving a foreclosure filing — 2.4 times the state average and 3.2 times the national average — Wayne County posted the highest foreclosure rate in the state for June. Macomb County tallied the second highest rate, with one in every 284 households receiving a foreclosure filing during the month — 1.3 times the state average and 1.8 times the national average. Third highest rate was in Washtenaw County, where one in every 325 households received a foreclosure filing — 1.2 times the national average and 1.5 times the national average.

 

State a major contributor in nation’s foreclosure total in June

Michigan accounted for 5 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 Foreclosure Market Data by County – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Michigan

2,413

0

4,897

0

4,715

12,025

375

1.33

n/a

 

 

 

 

 

 

 

 

 

Alcona

0

0

0

0

0

0

n/a

0.00

0.00

Alger

0

0

0

0

1

1

6,522

0.08

0.06

Allegan

0

0

51

0

21

72

665

0.75

0.56

Alpena

0

0

0

0

2

2

7,784

0.06

0.05

Antrim

0

0

2

0

0

2

8,232

0.06

0.05

Arenac

0

0

0

0

1

1

10,044

0.05

0.04

Baraga

0

0

0

0

0

0

 n/a

0.00

0.00

Barry

0

0

3

0

17

20

1,294

0.39

0.29

Bay

0

0

62

0

25

87

552

0.91

0.68

Benzie

0

0

0

0

0

0

 n/a

0.00

0.00

Berrien

0

0

4

0

170

174

440

1.14

0.85

Branch

0

0

1

0

1

2

10,344

0.05

0.04

Calhoun

0

0

59

0

93

152

399

1.25

0.94

Cass

0

0

1

0

5

6

4,247

0.12

0.09

Charlevoix

0

0

2

0

2

4

4,308

0.12

0.09

Cheboygan

0

0

1

0

1

2

8,907

0.06

0.04

Chippewa

0

0

0

0

0

0

 n/a

0.00

0.00

Clare

0

0

0

0

5

5

4,613

0.11

0.08

Clinton

0

0

20

0

39

59

499

1.00

0.75

Crawford

0

0

0

0

1

1

10,692

0.05

0.04

Delta

0

0

0

0

0

0

 n/a

0.00

0.00

Dickinson

0

0

0

0

2

2

7,048

0.07

0.05

Eaton

0

0

11

0

64

75

607

0.82

0.62

Emmet

0

0

0

0

1

1

20,846

0.02

0.02

Genesee

0

0

374

0

217

591

333

1.50

1.13

Gladwin

0

0

0

0

3

3

6,089

0.08

0.06

Gogebic

0

0

0

0

0

0

 n/a

0.00

0.00

Grand Traverse

0

0

0

0

3

3

13,331

0.04

0.03

Gratiot

0

0

4

0

2

6

2,656

0.19

0.14

Hillsdale

0

0

1

0

4

5

4,339

0.12

0.09

Houghton

0

0

0

0

0

0

 n/a

0.00

0.00

Huron

0

0

0

0

1

1

21,274

0.02

0.02

Ingham

1

0

196

0

72

269

449

1.11

0.84

Ionia

0

0

3

0

3

6

3,989

0.13

0.09

Iosco

0

0

1

0

3

4

5,293

0.09

0.07

Iron

0

0

0

0

1

1

9,049

0.06

0.04

Isabella

0

0

1

0

1

2

14,255

0.04

0.03

Jackson

11

0

5

0

30

46

1,469

0.34

0.26

Kalamazoo

0

0

94

0

88

182

588

0.85

0.64

Kalkaska

0

0

1

0

1

2

5,820

0.09

0.06

Kent

2

0

385

0

223

610

397

1.26

0.95

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

3

0

0

3

4,751

0.11

0.08

Lapeer

0

0

2

0

47

49

728

0.69

0.52

Leelanau

0

0

0

0

0

0

 n/a

0.00

0.00

Lenawee

0

0

3

0

16

19

2,246

0.22

0.17

Livingston

0

0

111

0

58

169

425

1.18

0.88

Luce

0

0

0

0

0

0

 n/a

0.00

0.00

Mackinac

0

0

0

0

0

0

 n/a

0.00

0.00

Macomb

182

0

599

0

451

1,232

284

1.76

1.32

Manistee

0

0

0

0

1

1

14,881

0.03

0.03

Marquette

0

0

0

0

1

1

34,319

0.01

0.01

Mason

0

0

0

0

1

1

17,106

0.03

0.02

Mecosta

0

0

2

0

4

6

3,573

0.14

0.11

Menominee

0

0

0

0

0

0

 n/a

0.00

0.00

Midland

0

0

4

0

0

4

8,805

0.06

0.04

Missaukee

0

0

0

0

1

1

9,133

0.05

0.04

Monroe

0

0

3

0

18

21

3,002

0.17

0.13

Montcalm

0

0

0

0

32

32

857

0.58

0.44

Montmorency

0

0

0

0

0

0

 n/a

0.00

0.00

Muskegon

0

0

9

0

82

91

803

0.62

0.47

Newaygo

0

0

1

0

1

2

12,374

0.04

0.03

Oakland

482

0

668

0

392

1,542

339

1.48

1.11

Oceana

0

0

0

0

3

3

5,292

0.09

0.07

Ogemaw

0

0

1

0

4

5

3,227

0.16

0.12

Ontonagon

0

0

0

0

0

0

 n/a

0.00

0.00

Osceola

0

0

2

0

2

4

3,364

0.15

0.11

Oscoda

0

0

0

0

1

1

9,077

0.06

0.04

Otsego

0

0

1

0

1

2

7,368

0.07

0.05

Ottawa

0

0

81

0

92

173

574

0.87

0.65

Presque Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Roscommon

0

0

2

0

3

5

4,991

0.10

0.08

Saginaw

1

0

165

0

57

223

398

1.26

0.94

Saint Clair

0

0

92

0

30

122

603

0.83

0.62

Saint Joseph

0

0

1

0

22

23

1,196

0.42

0.31

Sanilac

0

0

2

0

23

25

884

0.57

0.42

Schoolcraft

0

0

0

0

0

0

 n/a

0.00

0.00

Shiawassee

0

0

0

0

41

41

741

0.68

0.51

Tuscola

0

0

0

0

2

2

12,088

0.04

0.03

Van Buren

0

0

28

0

24

52

703

0.71

0.53

Washtenaw

87

0

126

0

237

450

325

1.54

1.15

Wayne

1,647

0

1,709

0

1,962

5,318

158

3.16

2.37

Wexford

0

0

0

0

3

3

5,401

0.09

0.07

 

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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