MICHIGAN FORECLOSURE ACTIVITY DOWN 7 PERCENT IN MARCH

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 11 Percent From Year Ago; Foreclosure Rate in Nation’s Top 10

 

IRVINE, Calif. – April 23, 2007 – Michigan reported 8,610 foreclosure filings in March, the nation’s fourth highest total for the month, representing a 7 percent decline from a revised February total, but still up 11 percent from March 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state foreclosure rate of one foreclosure filing for every 490 households was the sixth highest in the country.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“For the past two months foreclosure activity has decreased in Michigan, but these declines come on the tail of a 70 percent spike in activity in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s weak economy, along with the poor performance  of its housing market and the resetting of interest rates charged on subprime adjustable rate mortgages will continue to keep its foreclosure activity and foreclosure rate in the nation’s top tier for some time to come.”

 

The Great Lakes State foreclosure filings total was far behind national leader California by almost 23,000 filings, and lagged behind second place Florida by more than 6,000 filings. Third place Texas reported 4,000 more filings than Michigan, which barely had 400 more filings than fifth place Ohio for the month. The remaining states in the nation’s top 10 for foreclosure total were Illinois, Georgia, Colorado, New Jersey and Nevada. The state’s foreclosure rate was 1.6 times the national average.

 

Bulk of state’s foreclosures found in five counties

Five Michigan counties accounted for 82 percent of all foreclosure activity in the state for March. Wayne County led the state, reporting 4,194 foreclosure filings for the month. Oakland County posted the second highest total, 952 foreclosure filings. Macomb County came in third, reporting 914 filings. The fourth highest total was tallied in Genesee County, which reported 478 foreclosure filings for the month, followed by Kent County, with 459 filings during the month.

 

Wayne County posts top foreclosure rate in the state

Wayne County reported the highest foreclosure rate in the state for the month, one foreclosure filing for every 197 households — 2.5 times the state average and 3.9 times the national average. Macomb County documented the second highest rate — one filing for every 350 households — 1.4 times the state average and 2.2 times the national average. Reporting the third highest foreclosure rate was Genesee County, which documented one filing for every 384 households — 1.3 times the state average and twice the national average.

 

State makes a significant contribution to national total for the month

Total foreclosure filings in Michigan accounted for 6 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

Michigan

1,980

3,923

0

0

2,707

8,610

490

1.58

n/a

 

 

 

 

 

 

 

 

 

 

Allegan

0

2

0

0

32

34

1,273

0.61

0.39

Antrim

0

1

0

0

0

1

15,090

0.05

0.03

Bay

0

4

0

0

29

33

1,407

0.55

0.35

Berrien

1

4

0

0

65

70

1,049

0.74

0.47

Calhoun

0

24

0

0

83

107

549

1.41

0.89

Cass

0

3

0

0

0

3

7,961

0.10

0.06

Clinton

0

15

0

0

17

32

770

1.01

0.64

Eaton

1

14

0

0

53

68

619

1.25

0.79

Emmet

0

2

0

0

0

2

9,277

0.08

0.05

Genesee

2

218

0

0

258

478

384

2.02

1.28

Gladwin

0

1

0

0

0

1

16,828

0.05

0.03

Grand Traverse

0

1

0

0

1

2

17,421

0.04

0.03

Gratiot

0

5

0

0

1

6

2,586

0.30

0.19

Hillsdale

1

0

0

0

0

1

20,189

0.04

0.02

Huron

0

1

0

0

0

1

20,430

0.04

0.02

Ingham

1

125

0

0

143

269

428

1.81

1.15

Ionia

0

0

0

0

4

4

5,502

0.14

0.09

Iosco

0

1

0

0

0

1

20,432

0.04

0.02

Isabella

0

0

0

0

0

0

n/a

0.00

0.00

Jackson

18

24

0

0

0

42

1,230

0.63

0.40

Kalamazoo

0

79

0

0

90

169

587

1.32

0.84

Kent

0

205

0

0

254

459

488

1.59

1.01

Lapeer

0

4

0

0

29

33

992

0.78

0.49

Lenawee

0

4

0

0

1

5

7,954

0.10

0.06

Livingston

1

5

0

0

37

43

1,370

0.57

0.36

Macomb

261

279

0

0

374

914

350

2.21

1.40

Manistee

0

1

0

0

0

1

14,272

0.05

0.03

Midland

0

1

0

0

0

1

33,796

0.02

0.01

Monroe

6

8

0

0

5

19

2,972

0.26

0.17

Montcalm

0

5

0

0

1

6

4,317

0.18

0.11

Muskegon

0

64

0

0

65

129

531

1.46

0.92

Oakland

288

161

0

0

503

952

517

1.50

0.95

Oceana

0

2

0

0

1

3

5,003

0.15

0.10

Ogemaw

0

0

0

0

0

0

n/a 

0.00

0.00

Osceola

0

2

0

0

1

3

4,284

0.18

0.11

Otsego

0

1

0

0

0

1

13,375

0.06

0.04

Ottawa

0

61

0

0

74

135

643

1.20

0.76

Roscommon

1

2

0

0

0

3

7,703

0.10

0.06

Saginaw

0

5

0

0

81

86

994

0.78

0.49

Saint Clair

1

3

0

0

45

49

1,370

0.57

0.36

Saint Joseph

1

0

0

0

0

1

26,503

0.03

0.02

Sanilac

0

1

0

0

15

16

1,332

0.58

0.37

Shiawassee

1

3

0

0

21

25

1,163

0.67

0.42

Tuscola

0

2

0

0

1

3

7,793

0.10

0.06

Van Buren

0

1

0

0

1

2

16,988

0.05

0.03

Washtenaw

41

52

0

0

109

202

649

1.19

0.76

Wayne

1,355

2,526

0

0

313

4,194

197

3.94

2.49

Wexford

0

1

0

0

0

1

14,872

0.05

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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