MICHIGAN FORECLOSURE ACTIVITY DOWN 13 PERCENT IN MARCH

State Filings Up 10 Percent From a Year Ago; Foreclosure Rate in Nation’s Top 10

 

IRVINE, Calif. – April 30, 2008 – Michigan reported 9,494 properties with foreclosure filings in March, a 13 percent decrease in activity from the previous month, but still 10 percent above the level reported for March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 475 Michigan households received a foreclosure filing during the month, the eighth highest foreclosure rate among the states and above 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.

 

“Total foreclosure filings in Michigan for March were well below the state high reported back in August 2007, but have continued to climb on a yearly basis for the past two years now,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment for the state as a whole is way above the national average. That, combined with faltering home sales volume and double-digit home price depreciation, will continue to impede any chance that distressed homeowners have to work their way out of foreclosure for the foreseeable future.”

 

The Great Lakes State ranked sixth highest nationally in foreclosure activity for March, well below national leader California, which documented 64,711 properties with foreclosure filings for the month. Second ranked Florida also far outdistanced Michigan, reporting 30,254 properties with foreclosure filings. Ohio had the third highest total for the month, reporting 11,273 properties with foreclosure filings, followed closely by fourth place Georgia, which reported 11,047 properties with foreclosure filings. Texas rounded out the nation’s top five, reporting 10,700 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in March were Arizona, Illinois, Nevada and Colorado.

 

Wayne County tops in foreclosure activity and rate for March

Once again Wayne County led the state in both total foreclosure activity and foreclosure rate.  For March, the county reported 3,615 properties with foreclosure filings, accounting for 38 percent of the state total. One in every 233 Wayne County households received a foreclosure filing during the month — twice the state average and 2.3 times the national average.

 

Oakland County had the second highest foreclosure total for the month, reporting 1,296 properties with foreclosure filings. Third highest total was 984 properties with foreclosure filings reported by Macomb County. Genesee County registered the fourth highest total, 577 properties with foreclosure filings, followed closely by fifth ranked Kent County, reporting 573 properties with foreclosure filings for the month.

 

The five top Michigan counties accounted for 74 percent of all foreclosure activity in the state for March.

 

Genesee County posted the second highest county foreclosure rate in the state for the month, with one in every 341 households receiving a foreclosure filing for the month — 1.4 times the state average and 1.6 times the national average. Macomb County came in with the third highest rate, one in every 356 households — 1.3 times the state average and 1.5 times the national average. Fourth highest rate was found in Clinton County, where one in every 372 households received a foreclosure filing. Saint Clair County came in fifth with one in every 385 households receiving a foreclosure filing during the month.

 

State makes significant contribution to nation’s foreclosure total in March

Total filings in Michigan accounted for 4 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Michigan

1,140

0

6,056

0

2,298

9,494

475

1.13

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

0

0

1

1

11,134

0.05

0.04

Alger

0

0

0

0

0

0

n/a 

0.00

0.00

Allegan

0

0

90

0

14

104

461

1.17

1.03

Alpena

0

0

0

0

0

0

n/a 

0.00

0.00

Antrim

0

0

0

0

1

1

16,463

0.03

0.03

Arenac

0

0

0

0

0

0

n/a 

0.00

0.00

Baraga

0

0

0

0

0

0

n/a 

0.00

0.00

Barry

0

0

2

0

2

4

6,468

0.08

0.07

Bay

1

0

3

0

42

46

1,045

0.52

0.46

Benzie

0

0

0

0

0

0

n/a 

0.00

0.00

Berrien

0

0

2

0

50

52

1,473

0.37

0.32

Branch

0

0

0

0

0

0

n/a 

0.00

0.00

Calhoun

0

0

114

0

30

144

421

1.28

1.13

Cass

0

0

3

0

1

4

6,370

0.08

0.07

Charlevoix

0

0

1

0

1

2

8,616

0.06

0.06

Cheboygan

0

0

1

0

0

1

17,813

0.03

0.03

Chippewa

0

0

0

0

0

0

n/a 

0.00

0.00

Clare

0

0

0

0

1

1

23,066

0.02

0.02

Clinton

0

0

55

0

24

79

372

1.45

1.28

Crawford

0

0

0

0

0

0

n/a 

0.00

0.00

Delta

0

0

0

0

0

0

n/a 

0.00

0.00

Dickinson

0

0

0

0

0

0

n/a 

0.00

0.00

Eaton

0

0

43

0

68

111

410

1.31

1.16

Emmet

0

0

0

0

1

1

20,846

0.03

0.02

Genesee

9

0

457

0

111

577

341

1.58

1.39

Gladwin

0

0

0

0

0

0

n/a 

0.00

0.00

Gogebic

0

0

0

0

0

0

n/a 

0.00

0.00

Grand Traverse

0

0

2

0

0

2

19,996

0.03

0.02

Gratiot

0

0

0

0

1

1

15,935

0.03

0.03

Hillsdale

0

0

0

0

2

2

10,848

0.05

0.04

Houghton

0

0

0

0

0

0

n/a 

0.00

0.00

Huron

0

0

0

0

0

0

n/a 

0.00

0.00

Ingham

10

0

213

0

64

287

421

1.28

1.13

Ionia

0

0

3

0

2

5

4,786

0.11

0.10

Iosco

0

0

0

0

0

0

n/a 

0.00

0.00

Iron

0

0

0

0

0

0

n/a 

0.00

0.00

Isabella

0

0

0

0

0

0

n/a 

0.00

0.00

Jackson

6

0

1

0

119

126

536

1.00

0.89

Kalamazoo

0

0

55

0

76

131

817

0.66

0.58

Kalkaska

0

0

0

0

1

1

11,640

0.05

0.04

Kent

0

0

317

0

256

573

422

1.27

1.13

Keweenaw

0

0

0

0

0

0

n/a 

0.00

0.00

Lake

0

0

0

0

0

0

n/a 

0.00

0.00

Lapeer

0

0

4

0

68

72

495

1.09

0.96

Leelanau

0

0

0

0

0

0

n/a 

0.00

0.00

Lenawee

0

0

3

0

2

5

8,534

0.06

0.06

Livingston

1

0

139

0

25

165

436

1.24

1.09

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

149

0

739

0

96

984

356

1.51

1.34

Manistee

0

0

0

0

1

1

14,881

0.04

0.03

Marquette

0

0

0

0

0

0

n/a 

0.00

0.00

Mason

0

0

0

0

0

0

n/a 

0.00

0.00

Mecosta

0

0

2

0

2

4

5,359

0.10

0.09

Menominee

0

0

0

0

0

0

n/a 

0.00

0.00

Midland

0

0

1

0

0

1

35,221

0.02

0.01

Missaukee

0

0

0

0

0

0

n/a 

0.00

0.00

Monroe

1

0

3

0

1

5

12,610

0.04

0.04

Montcalm

0

0

2

0

1

3

9,146

0.06

0.05

Montmorency

0

0

0

0

0

0

n/a 

0.00

0.00

Muskegon

0

0

14

0

158

172

425

1.27

1.12

Newaygo

0

0

0

0

5

5

4,949

0.11

0.10

Oakland

129

0

874

0

293

1,296

403

1.33

1.18

Oceana

0

0

1

0

1

2

7,938

0.07

0.06

Ogemaw

0

0

1

0

0

1

16,134

0.03

0.03

Ontonagon

0

0

0

0

0

0

n/a 

0.00

0.00

Osceola

0

0

0

0

0

0

n/a 

0.00

0.00

Oscoda

0

0

0

0

0

0

n/a 

0.00

0.00

Otsego

0

0

0

0

2

2

7,368

0.07

0.06

Ottawa

0

0

90

0

88

178

558

0.96

0.85

Presque Isle

0

0

0

0

0

0

n/a 

0.00

0.00

Roscommon

0

0

0

0

1

1

24,956

0.02

0.02

Saginaw

0

0

157

0

16

173

513

1.05

0.93

Saint Clair

0

0

168

0

23

191

385

1.40

1.24

Saint Joseph

0

0

1

0

1

2

13,759

0.04

0.03

Sanilac

0

0

0

0

22

22

1,004

0.54

0.47

Schoolcraft

0

0

0

0

0

0

n/a 

0.00

0.00

Shiawassee

0

0

2

0

23

25

1,215

0.44

0.39

Tuscola

0

0

0

0

0

0

n/a

0.00

0.00

Van Buren

0

0

44

0

1

45

812

0.66

0.59

Washtenaw

37

0

135

0

95

267

548

0.98

0.87

Wayne

797

0

2,313

0

505

3,615

233

2.31

2.04

Wexford

0

0

1

0

0

1

16,204

0.03

0.03

 

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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