MICHIGAN FORECLOSURE ACTIVITY DOWN 16 PERCENT IN JANUARY

Foreclosure Filings Statewide Increase 6 Percent From January 2008; Rate Ranks No. 7

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 11,418 Michigan properties in January, down 16 percent from the previous month but still 6 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 397 housing units in Michigan received a foreclosure filing during the month, the seventh highest state foreclosure rate 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.

 

“Although Michigan foreclosures decreased slightly in January, it still ranks among the nation’s highest,” said James J. Saccacio, chief executive officer of RealtyTrac. “Michigan has the nation’s highest unemployment rate at 10.6 percent. Growing joblessness and declining home values are fueling the rising number of foreclosure activity in Michigan. As these economic issues press on, it is likely that foreclosure activity here will remain high in the near future.”

 

California led the nation once again in total foreclosure activity in January, reporting 76,761 foreclosure filings for the month. As it did all of last year, Florida trailed California, ranking second highest in total foreclosure activity, reporting 40,770 properties with foreclosure filings. Arizona took third position for the second straight month, reporting 14,674 properties with foreclosure filings. Illinois came in a close fourth, documenting 14,447 properties with foreclosure filings, followed by Nevada which took fifth place by a narrow margin, reporting 14,444 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in January were Michigan, Ohio, Georgia, Texas and Virginia.

 

Five counties account for bulk of state activity in January

Five Michigan counties accounted for 63 percent of all foreclosure activity in the state during January. Wayne County led the pack, reporting 3,361 properties with foreclosure filings for the month. Oakland County was second highest, reporting 1,401 properties with foreclosure filings. Macomb County came in third place, reporting 1,246 properties with foreclosure filings. Genesee County placed fourth, documenting 629 properties with foreclosure filings. Kent County posted the fifth highest foreclosure activity, where 612 properties with foreclosure filings were reported.

 

Wayne County posts state’s highest foreclosure rate for January

Wayne County reported the highest foreclosure rate in Michigan for January, with one in every 250 housing units receiving a foreclosure filing — 1.6 times the state average and 1.9 times the national average. Lapeer County posted the state’s second highest foreclosure rate, with one in every 257 housing units receiving a foreclosure filing — 1.5 times the state average and 1.8 times the national average. Macomb County documented the third highest foreclosure rate, where one in every 283 housing units received a foreclosure filing during the month — 1.4 times the state average and 1.7 times the national average.

 

State contributed 4 percent to nation’s foreclosure total in January

Michigan accounted for 4 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 Foreclosure Market Data by County – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Michigan

0

0

8,127

0

3,291

11,418

397

1.18

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

4

0

0

4

2,789

0.17

0.14

Alger

0

0

0

0

2

2

3,278

0.14

0.12

Allegan

0

0

78

0

21

99

489

0.95

0.81

Alpena

0

0

15

0

0

15

1,038

0.45

0.38

Antrim

0

0

14

0

1

15

1,105

0.42

0.36

Arenac

0

0

13

0

2

15

672

0.69

0.59

Baraga

0

0

1

0

0

1

4,869

0.10

0.08

Barry

0

0

52

0

18

70

373

1.25

1.06

Bay

0

0

52

0

36

88

547

0.85

0.72

Benzie

0

0

10

0

0

10

1,188

0.39

0.33

Berrien

0

0

80

0

63

143

539

0.87

0.74

Branch

0

0

34

0

2

36

575

0.81

0.69

Calhoun

0

0

85

0

44

129

470

0.99

0.84

Cass

0

0

24

0

4

28

917

0.51

0.43

Charlevoix

0

0

14

0

2

16

1,088

0.43

0.36

Cheboygan

0

0

12

0

0

12

1,490

0.31

0.27

Chippewa

0

0

8

0

0

8

2,576

0.18

0.15

Clare

0

0

20

0

2

22

1,049

0.44

0.38

Clinton

0

0

23

0

8

31

958

0.49

0.41

Crawford

0

0

4

0

1

5

2,146

0.22

0.18

Delta

0

0

4

0

0

4

5,040

0.09

0.08

Dickinson

0

0

8

0

0

8

1,766

0.26

0.22

Eaton

0

0

71

0

26

97

471

0.99

0.84

Emmet

0

0

22

0

0

22

958

0.49

0.41

Genesee

0

0

415

0

214

629

314

1.49

1.26

Gladwin

0

0

16

0

1

17

1,076

0.43

0.37

Gogebic

0

0

5

0

0

5

2,215

0.21

0.18

Grand Traverse

0

0

41

0

1

42

966

0.48

0.41

Gratiot

0

0

11

0

1

12

1,327

0.35

0.30

Hillsdale

0

0

43

0

2

45

483

0.96

0.82

Houghton

0

0

2

0

0

2

9,225

0.05

0.04

Huron

0

0

8

0

0

8

2,664

0.17

0.15

Ingham

0

0

259

0

145

404

300

1.56

1.32

Ionia

0

0

26

0

48

74

325

1.43

1.22

Iosco

0

0

16

0

0

16

1,325

0.35

0.30

Iron

0

0

3

0

0

3

3,018

0.15

0.13

Isabella

0

0

18

0

2

20

1,437

0.32

0.28

Jackson

0

0

141

0

4

145

469

0.99

0.85

Kalamazoo

0

0

137

0

61

198

545

0.86

0.73

Kalkaska

0

0

14

0

2

16

733

0.64

0.54

Kent

0

0

480

0

132

612

398

1.17

1.00

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

7

0

2

9

1,588

0.29

0.25

Lapeer

0

0

98

0

41

139

257

1.81

1.54

Leelanau

0

0

3

0

1

4

3,732

0.12

0.11

Lenawee

0

0

88

0

2

90

477

0.98

0.83

Livingston

0

0

162

0

7

169

429

1.09

0.92

Luce

0

0

3

0

0

3

1,443

0.32

0.27

Mackinac

0

0

4

0

0

4

2,597

0.18

0.15

Macomb

0

0

706

0

540

1,246

283

1.65

1.40

Manistee

0

0

17

0

2

19

784

0.59

0.51

Marquette

0

0

14

0

1

15

2,300

0.20

0.17

Mason

0

0

16

0

0

16

1,075

0.43

0.37

Mecosta

0

0

7

0

1

8

2,690

0.17

0.15

Menominee

0

0

5

0

0

5

2,871

0.16

0.14

Midland

0

0

31

0

7

38

929

0.50

0.43

Missaukee

0

0

5

0

0

5

1,830

0.25

0.22

Monroe

0

0

144

0

22

166

382

1.22

1.04

Montcalm

0

0

51

0

4

55

501

0.93

0.79

Montmorency

0

0

4

0

0

4

2,436

0.19

0.16

Muskegon

0

0

134

0

65

199

369

1.26

1.08

Newaygo

0

0

12

0

2

14

1,773

0.26

0.22

Oakland

0

0

973

0

428

1,401

375

1.24

1.06

Oceana

0

0

26

0

1

27

594

0.78

0.67

Ogemaw

0

0

5

0

0

5

3,253

0.14

0.12

Ontonagon

0

0

1

0

0

1

5,628

0.08

0.07

Osceola

0

0

14

0

1

15

898

0.52

0.44

Oscoda

0

0

1

0

1

2

4,552

0.10

0.09

Otsego

0

0

12

0

1

13

1,137

0.41

0.35

Ottawa

0

0

170

0

35

205

490

0.95

0.81

Presque Isle

0

0

4

0

0

4

2,655

0.18

0.15

Roscommon

0

0

11

0

3

14

1,785

0.26

0.22

Saginaw

0

0

104

0

75

179

496

0.94

0.80

Saint Clair

0

0

163

0

59

222

330

1.41

1.20

Saint Joseph

0

0

54

0

13

67

411

1.13

0.96

Sanilac

0

0

32

0

3

35

632

0.74

0.63

Schoolcraft

0

0

1

0

0

1

6,055

0.08

0.07

Shiawassee

0

0

50

0

17

67

454

1.03

0.87

Tuscola

0

0

30

0

3

33

733

0.64

0.54

Van Buren

0

0

51

0

12

63

583

0.80

0.68

Washtenaw

0

0

197

0

150

347

424

1.10

0.94

Wayne

0

0

2,414

0

947

3,361

250

1.87

1.59

Wexford

0

0

20

0

0

20

818

0.57

0.48

                   

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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