MICHIGAN FORECLOSURE ACTIVITY DOWN 8 PERCENT IN JANUARY

Activity Down 7 Percent From January 2007; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Feb. 26, 2008 – Michigan reported 10,746 foreclosure filings in January, the fifth highest total in the nation for the month. The total represented an 8 percent decline in activity from the previous month and a 7 percent decrease from January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 417 households was 1.3 times the national average, ranking it 10th highest among the 50 states.

 

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.

 

“Despite this momentary decline in monthly activity, Michigan remains in the nation’s top five states with the highest foreclosure activity, just as it was for all of 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state is well above the national average, plus home sales and prices were generally down on a yearly basis between 2006 and 2007. Thus we expect the high level of foreclosure activity in the state to continue for the foreseeable future.

 

The Great Lakes State narrowly beat out Georgia — which reported 10,665 foreclosure filings — for fifth place in the nation in January. However, the state’s total was way behind national leader California which reported 57,158 foreclosure filings, and second place Florida with 30,178 filings for the month. Texas came in third with 14,698 foreclosure filings, followed by Ohio in fourth place with 12,785 foreclosure filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in January were Arizona, Massachusetts, Illinois and Colorado.

 

Wayne County tops in foreclosure filings for January

Once again Wayne County led the state in total foreclosure filings for the month, reporting 4,614 filings in January. Oakland County came in second, reporting 1,210 foreclosure filings for the month. Macomb County had the third highest total with 1,134 foreclosure filings. Genesee County came in fourth with 594 foreclosure filings followed by Kent County in fifth place with 535 foreclosure filings entering some stage of the foreclosure pipeline during the month.

 

Wayne County posts state’s highest foreclosure rate

Reporting one foreclosure filing for every 182 households — 2.3 times the state average and 2.9 times the national average — Wayne County posted the highest foreclosure rate in the state for January. Saginaw County posted the state’s second highest rate, one foreclosure filing for every 280 households — 1.5 times the state average and 1.9 times the national average. Macomb County registered the third highest foreclosure rate, one foreclosure filing for every 306 households — 1.4 times the state average and 1.8 times the national average. Fourth highest foreclosure rate, one foreclosure filing for every 280 households, was posted in Genesee County, followed by Calhoun County with the fifth highest foreclosure rate in the state, one foreclosure filing for every 330 households.

 

State a significant contributor to nation’s total in January

Total foreclosure filings in Michigan accounted for 5 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 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 – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Michigan

1,362

6,947

0

0

2,437

10,746

417

1.28

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

0

0

0

0

n/a

0.00

0.00

Alger

0

0

0

0

0

0

n/a

0.00

0.00

Allegan

0

102

0

0

39

141

336

1.59

1.24

Alpena

0

0

0

0

0

0

n/a

0.00

0.00

Antrim

0

0

0

0

0

0

n/a

0.00

0.00

Arenac

0

1

0

0

0

1

10,003

0.05

0.04

Baraga

0

0

0

0

0

0

n/a

0.00

0.00

Barry

0

4

0

0

0

4

6,401

0.08

0.07

Bay

0

3

0

0

18

21

2,281

0.23

0.18

Benzie

0

0

0

0

0

0

n/a

0.00

0.00

Berrien

0

5

0

0

22

27

2,815

0.19

0.15

Branch

0

2

0

0

0

2

10,315

0.05

0.04

Calhoun

0

123

0

0

60

183

330

1.62

1.26

Cass

0

0

0

0

0

0

n/a

0.00

0.00

Charlevoix

0

0

0

0

0

0

n/a

0.00

0.00

Cheboygan

1

0

0

0

0

1

17,662

0.03

0.02

Chippewa

0

0

0

0

0

0

n/a

0.00

0.00

Clare

0

1

0

0

0

1

22,998

0.02

0.02

Clinton

0

15

0

0

39

54

535

1.00

0.78

Crawford

0

0

0

0

0

0

n/a

0.00

0.00

Delta

0

1

0

0

0

1

20,045

0.03

0.02

Dickinson

0

0

0

0

0

0

n/a

0.00

0.00

Eaton

0

36

0

0

41

77

586

0.91

0.71

Emmet

0

1

0

0

0

1

20,430

0.03

0.02

Genesee

1

478

0

0

115

594

329

1.62

1.27

Gladwin

0

1

0

0

0

1

18,136

0.03

0.02

Gogebic

0

0

0

0

0

0

n/a

0.00

0.00

Grand Traverse

0

0

0

0

0

0

n/a

0.00

0.00

Gratiot

0

3

0

0

0

3

5,300

0.10

0.08

Hillsdale

0

1

0

0

0

1

21,560

0.02

0.02

Houghton

0

0

0

0

0

0

n/a

0.00

0.00

Huron

0

1

0

0

0

1

21,217

0.03

0.02

Ingham

9

203

0

0

147

359

334

1.60

1.25

Ionia

0

1

0

0

0

1

23,648

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

0

0

n/a

0.00

0.00

Jackson

13

6

0

0

0

19

3,520

0.15

0.12

Kalamazoo

0

184

0

0

94

278

382

1.40

1.09

Kalkaska

0

2

0

0

0

2

5,783

0.09

0.07

Kent

0

426

0

0

109

535

448

1.19

0.93

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

2

0

0

51

53

665

0.80

0.63

Leelanau

0

0

0

0

0

0

n/a

0.00

0.00

Lenawee

0

8

0

0

0

8

5,283

0.10

0.08

Livingston

0

120

0

0

73

193

365

1.46

1.14

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

233

735

0

0

166

1,134

306

1.75

1.36

Manistee

0

0

0

0

0

0

n/a

0.00

0.00

Marquette

0

1

0

0

0

1

34,080

0.02

0.01

Mason

0

1

0

0

0

1

16,844

0.03

0.02

Mecosta

0

0

0

0

0

0

n/a

0.00

0.00

Menominee

0

0

0

0

0

0

n/a

0.00

0.00

Midland

0

1

0

0

0

1

35,113

0.02

0.01

Missaukee

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

4

6

0

0

0

10

6,218

0.09

0.07

Montcalm

0

1

0

0

0

1

27,285

0.02

0.02

Montmorency

0

1

0

0

0

1

9,683

0.06

0.04

Muskegon

0

15

0

0

142

157

463

1.15

0.90

Newaygo

0

1

0

0

0

1

24,603

0.02

0.02

Oakland

318

610

0

0

282

1,210

429

1.25

0.97

Oceana

0

1

0

0

0

1

15,715

0.03

0.03

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

1

0

0

0

1

14,664

0.04

0.03

Ottawa

0

65

0

0

95

160

610

0.88

0.68

Presque Isle

0

0

0

0

0

0

n/a

0.00

0.00

Roscommon

0

2

0

0

0

2

12,407

0.04

0.03

Saginaw

0

242

0

0

74

316

280

1.91

1.49

Saint Clair

0

96

0

0

33

129

565

0.95

0.74

Saint Joseph

0

1

0

0

0

1

27,418

0.02

0.02

Sanilac

0

1

0

0

12

13

1,698

0.31

0.25

Schoolcraft

0

0

0

0

0

0

n/a

0.00

0.00

Shiawassee

0

7

0

0

26

33

917

0.58

0.45

Tuscola

0

2

0

0

0

2

12,050

0.04

0.03

Van Buren

0

22

0

0

0

22

1,647

0.32

0.25

Washtenaw

34

184

0

0

152

370

391

1.37

1.07

Wayne

749

3,218

0

0

647

4,614

182

2.94

2.29

Wexford

0

3

0

0

0

3

5,320

0.10

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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