MICHIGAN FORECLOSURE ACTIVITY DOWN 4 PERCENT IN JULY

Foreclosure Activity Decreases 17 Percent From July 2007; Rate in Top 10

 

IRVINE, Calif. – Aug. 29, 2008 – Michigan reported 11,591 properties with foreclosure filings in July, the fifth highest total in the nation. This represented a 4 percent decline in foreclosure activity from the previous month and is 17 percent below the level reported for July 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 389 Michigan households 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.

 

“This downturn in Michigan foreclosure activity for July matches other signs that the state’s housing market may be close to a bottom, said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately that does not translate into an immediate recovery, and the state could still experience some foreclosure waves in the coming months. The state is saddled with an unemployment rate that is well above the national average.”

 

Although in the nation’s top five states in terms of foreclosure activity, Michigan’s total was far below national leader California, which reported 72,285 properties with foreclosure filings for the month. Florida remained in second place, reporting 45,884 properties with foreclosure filings. Ohio kept its position in third place by a narrow margin, reporting 13,457 properties with foreclosure filings for the month. Arizona was in fourth place, reporting 13,350 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in July were Texas, Georgia, Nevada, Illinois and New York.

 

Five counties dominate state foreclosure activity in July

Five Michigan counties accounted for 79 percent of all foreclosure activity in the state for July. Reporting 4,781 properties with foreclosure filings, Wayne County alone was responsible for 41 percent of the state’s monthly total. Oakland County came in a distant second, reporting 1,834 properties with foreclosure filings, followed by third place Macomb County, which reported 1,138 properties with foreclosure filings. Kent County reported 867 properties with foreclosure filings, the fourth highest total for July, with Genesee County coming in fifth, reporting 559 properties with foreclosure filings for the month.

 

Highest foreclosure rate for July reported in Wayne County

One in every 176 households received a foreclosure filing in Wayne County during July, the top county foreclosure rate in the state for the month — 2.2 times the state average and 2.6 times the national average. Kent County reported the second highest rate in the state, with one in every 279 households receiving a foreclosure filing — 1.4 times the state average and 1.7 times the national average. Third highest county rate was posted by Oakland County, where one in every 285 households received a foreclosure filing during the month — 1.4 times the state average and 1.6 times the national aveage.

 

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

Michigan accounted for 4 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Michigan

2,170

0

5,488

0

3,933

11,591

389

1.19

n/a

 

 

 

 

 

 

 

 

 

Alcona

0

0

1

0

0

1

11,134

0.04

0.03

Alger

0

0

0

0

0

0

n/a

0.00

0.00

Allegan

0

0

25

0

39

64

748

0.62

0.52

Alpena

0

0

0

0

0

0

 n/a

0.00

0.00

Antrim

0

0

2

0

0

2

8,232

0.06

0.05

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

19

20

1,294

0.36

0.30

Bay

0

0

62

0

47

109

441

1.05

0.88

Benzie

0

0

1

0

0

1

11,754

0.04

0.03

Berrien

0

0

4

0

74

78

982

0.47

0.40

Branch

0

0

0

0

0

0

 n/a

0.00

0.00

Calhoun

0

0

107

0

44

151

402

1.16

0.97

Cass

0

0

1

0

1

2

12,740

0.04

0.03

Charlevoix

0

0

1

0

0

1

17,231

0.03

0.02

Cheboygan

0

0

0

0

0

0

 n/a

0.00

0.00

Chippewa

0

0

0

0

1

1

20,586

0.02

0.02

Clare

0

0

1

0

1

2

11,533

0.04

0.03

Clinton

0

0

45

0

22

67

439

1.06

0.89

Crawford

0

0

0

0

2

2

5,346

0.09

0.07

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

12

0

68

80

569

0.82

0.68

Emmet

0

0

1

0

4

5

4,169

0.11

0.09

Genesee

8

0

426

0

125

559

352

1.32

1.11

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

4

0

3

7

5,713

0.08

0.07

Gratiot

0

0

2

0

2

4

3,984

0.12

0.10

Hillsdale

0

0

0

0

4

4

5,424

0.09

0.07

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

209

0

136

349

346

1.34

1.13

Ionia

0

0

3

0

41

44

544

0.85

0.72

Iosco

0

0

1

0

2

3

7,058

0.07

0.06

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

9

0

3

0

13

25

2,703

0.17

0.14

Kalamazoo

0

0

52

0

97

149

718

0.65

0.54

Kalkaska

0

0

1

0

0

1

11,640

0.04

0.03

Kent

0

0

548

0

319

867

279

1.66

1.40

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

1

0

1

2

7,126

0.07

0.05

Lapeer

1

0

1

0

37

39

914

0.51

0.43

Leelanau

0

0

0

0

0

0

 n/a

0.00

0.00

Lenawee

1

0

7

0

3

11

3,879

0.12

0.10

Livingston

1

0

99

0

71

171

420

1.10

0.93

Luce

0

0

0

0

0

0

 n/a

0.00

0.00

Mackinac

0

0

1

0

1

2

5,146

0.09

0.08

Macomb

143

0

655

0

340

1,138

308

1.51

1.26

Manistee

0

0

0

0

0

0

 n/a

0.00

0.00

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

1

0

5

6

3,573

0.13

0.11

Menominee

0

0

0

0

0

0

 n/a

0.00

0.00

Midland

0

0

0

0

0

0

 n/a

0.00

0.00

Missaukee

0

0

0

0

0

0

 

0.00

0.00

Monroe

3

0

11

0

14

28

2,252

0.21

0.17

Montcalm

0

0

5

0

25

30

915

0.51

0.43

Montmorency

0

0

1

0

1

2

4,863

0.10

0.08

Muskegon

0

0

7

0

53

60

1,218

0.38

0.32

Newaygo

0

0

0

0

1

1

24,747

0.02

0.02

Oakland

458

0

636

0

740

1,834

285

1.63

1.37

Oceana

0

0

1

0

1

2

7,938

0.06

0.05

Ogemaw

0

0

0

0

0

0

 n/a

0.00

0.00

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

1

1

14,736

0.03

0.03

Ottawa

0

0

69

0

27

96

1,034

0.45

0.38

Presque Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Roscommon

0

0

0

0

4

4

6,239

0.07

0.06

Saginaw

0

0

108

0

17

125

710

0.65

0.55

Saint Clair

2

0

94

0

32

128

574

0.81

0.68

Saint Joseph

0

0

4

0

52

56

491

0.94

0.79

Sanilac

0

0

1

0

26

27

818

0.57

0.48

Schoolcraft

0

0

0

0

0

0

 n/a

0.00

0.00

Shiawassee

0

0

13

0

56

69

440

1.05

0.88

Tuscola

0

0

4

0

2

6

4,029

0.12

0.10

Van Buren

0

0

42

0

26

68

538

0.86

0.72

Washtenaw

89

0

111

0

103

303

483

0.96

0.81

Wayne

1,451

0

2,102

0

1,228

4,781

176

2.63

2.21

Wexford

0

0

1

0

0

1

16,204

0.03

0.02

 

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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