MICHIGAN FORECLOSURE ACTIVITY DOWN 22 PERCENT IN SEPTEMBER

 

Filings Statewide Decrease 26 Percent From September 2007; Rate Ranks in Top 10

 

IRVINE, Calif. – Oct. 27, 2008 – Michigan reported 10,553 properties with foreclosure filings in September, a 22 percent decline from the previous month and down 26 percent from the total reported in September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 428 Michigan households received a foreclosure filing during the month, the sixth 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.

 

“Michigan’s foreclosure activity has fluctuated within a narrow range so far this year, so September’s  downturn in activity comes as no real surprise, both on a monthly and annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is up dramatically so far this year, almost two percent to a level that is way above the national average. Through the first three quarters of the year home sales are barely negative year-to-date, but home prices still down by double-digits over last year by the end of the third quarter. Given these factors it’s hard to see an end anytime soon to foreclosure activity in Michigan.

 

Foreclosure activity in The Great Lakes State was way below national leader California, which reported 69,548 properties with foreclosure filings in September. The state’s activity was also much lower than second place Florida, which documented 47,956 properties with foreclosure filings for the month. Nevada posted the third highest level in the nation, reporting 13,022 properties with foreclosure filings. Arizona moved down one rank to fourth place, reporting 12,982 properties with foreclosure filings. Ohio took fifth place, reporting 11,470 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in September were Illinois, Georgia, Texas and New Jersey.

 

Wayne County leads state in foreclosure activity for September

Wayne County led Michigan in foreclosure activity in September, reporting 4,338 properties with foreclosure filings. Oakland County registered the second highest total, reporting 2,022 properties with foreclosure filings for the month. Macomb County reported 1,233 properties with foreclosure filings, the third highest total in the state. Kent County posted the fourth highest foreclosure total, where 522 properties with foreclosure filings were reported. Genesee County was fifth highest, reporting 289 properties with foreclosure filings for the month.

 

Wayne County posts top foreclosure rate in the state for September

Wayne County also posted the leading foreclosure rate in Michigan with one in every 194 households receiving a foreclosure filing — 2.2 times the state average and 2.5 times the national average. Oakland County posted the second highest foreclosure rate in Michigan, with one in every 259 households receiving a foreclosure filing during the month — 1.7 times the state average and 1.8 times the national average. Macomb County reported the third highest foreclosure rate, with one in every 284 households receiving a foreclosure filing — 1.5 times the state average and 1.7 times the national average.

 

State a major contributor to nation’s foreclosure total in September

Michigan accounted for 4 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Michigan

4,502

0

946

0

5,105

10,553

428

1.11

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

0

0

1

1

11,134

0.04

0.04

Alger

0

0

0

0

0

0

n/a

0.00

0.00

Allegan

0

0

2

0

37

39

1,228

0.39

0.35

Alpena

0

0

0

0

1

1

15,567

0.03

0.03

Antrim

0

0

0

0

0

0

 n/a

0.00

0.00

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

1

0

29

30

862

0.55

0.50

Bay

0

0

3

0

25

28

1,717

0.28

0.25

Benzie

0

0

0

0

1

1

11,754

0.04

0.04

Berrien

1

0

7

0

41

49

1,563

0.30

0.27

Branch

0

0

0

0

1

1

20,688

0.02

0.02

Calhoun

2

0

14

0

79

95

638

0.74

0.67

Cass

0

0

4

0

3

7

3,640

0.13

0.12

Charlevoix

0

0

0

0

1

1

17,231

0.03

0.02

Cheboygan

0

0

0

0

2

2

8,907

0.05

0.05

Chippewa

0

0

0

0

0

0

 n/a

0.00

0.00

Clare

0

0

7

0

5

12

1,922

0.25

0.22

Clinton

0

0

5

0

14

19

1,548

0.31

0.28

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

1

1

14,096

0.03

0.03

Eaton

1

0

11

0

74

86

529

0.90

0.81

Emmet

0

0

0

0

0

0

 n/a

0.00

0.00

Genesee

13

0

22

0

254

289

681

0.70

0.63

Gladwin

0

0

1

0

0

1

18,267

0.03

0.02

Gogebic

0

0

1

0

0

1

11,042

0.04

0.04

Grand Traverse

1

0

4

0

1

6

6,665

0.07

0.06

Gratiot

0

0

1

0

1

2

7,968

0.06

0.05

Hillsdale

0

0

2

0

3

5

4,339

0.11

0.10

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

4

0

103

0

96

203

595

0.80

0.72

Ionia

0

0

0

0

1

1

23,932

0.02

0.02

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

2

2

14,255

0.03

0.03

Jackson

14

0

3

0

55

72

939

0.51

0.46

Kalamazoo

0

0

108

0

73

181

591

0.80

0.72

Kalkaska

0

0

0

0

1

1

11,640

0.04

0.04

Kent

2

0

178

0

342

522

463

1.02

0.92

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

1

0

0

1

14,252

0.03

0.03

Lapeer

1

0

67

0

56

124

287

1.65

1.49

Leelanau

0

0

0

0

0

0

 n/a

0.00

0.00

Lenawee

0

0

3

0

1

4

10,667

0.04

0.04

Livingston

1

0

6

0

85

92

781

0.61

0.55

Luce

0

0

0

0

1

1

4,293

0.11

0.10

Mackinac

0

0

0

0

1

1

10,292

0.05

0.04

Macomb

793

0

19

0

421

1,233

284

1.67

1.51

Manistee

0

0

2

0

1

3

4,960

0.10

0.09

Marquette

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

0

0

1

1

17,106

0.03

0.03

Mecosta

0

0

1

0

1

2

10,718

0.04

0.04

Menominee

0

0

1

0

0

1

14,297

0.03

0.03

Midland

0

0

0

0

16

16

2,201

0.22

0.19

Missaukee

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

7

0

23

0

18

48

1,314

0.36

0.33

Montcalm

0

0

2

0

32

34

807

0.59

0.53

Montmorency

0

0

0

0

0

0

 n/a

0.00

0.00

Muskegon

0

0

14

0

125

139

526

0.90

0.81

Newaygo

0

0

3

0

2

5

4,949

0.10

0.09

Oakland

1,002

0

71

0

949

2,022

259

1.84

1.65

Oceana

0

0

0

0

1

1

15,875

0.03

0.03

Ogemaw

0

0

0

0

1

1

16,134

0.03

0.03

Ontonagon

0

0

1

0

0

1

5,609

0.08

0.08

Osceola

0

0

2

0

0

2

6,727

0.07

0.06

Oscoda

0

0

0

0

0

0

 n/a

0.00

0.00

Otsego

0

0

0

0

0

0

 n/a

0.00

0.00

Ottawa

0

0

45

0

88

133

747

0.64

0.57

Presque Isle

0

0

2

0

0

2

5,291

0.09

0.08

Roscommon

0

0

3

0

0

3

8,319

0.06

0.05

Saginaw

0

0

33

0

88

121

734

0.65

0.58

Saint Clair

0

0

4

0

89

93

791

0.60

0.54

Saint Joseph

0

0

1

0

13

14

1,966

0.24

0.22

Sanilac

0

0

1

0

16

17

1,300

0.37

0.33

Schoolcraft

0

0

0

0

0

0

 n/a

0.00

0.00

Shiawassee

0

0

1

0

43

44

690

0.69

0.62

Tuscola

0

0

1

0

4

5

4,835

0.10

0.09

Van Buren

0

0

3

0

34

37

988

0.48

0.43

Washtenaw

121

0

4

0

227

352

416

1.14

1.03

Wayne

2,539

0

154

0

1,645

4,338

194

2.45

2.20

Wexford

0

0

1

0

2

3

5,401

0.09

0.08

 

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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