Michigan Foreclosure Activity Down in January

Statewide filings down 13 percent from December; foreclosure rate ranks #7 nationally

 

Foreclosure activity in Michigan decreased in January to 17,574 properties with foreclosure filings, a 13 percent decline from December 2009, but still up 54 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one in every 258 Michigan housing units receiving a foreclosure filing in January, the state’s foreclosure rate ranked number seven in the nation for the month.

 

“Although Michigan foreclosures were down in January, they are still up from this time last year by more than 50 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which were up 61 percent for the year. At 14.6 percent, Michigan’s unemployment rate is beginning to decrease, but it is still the highest in the nation. Until this situation begins to improve drastically, it is likely that foreclosures here will remain higher than average.”

 

As it has for many months, California continued to hold the highest number of foreclosures in the nation with 71,817 properties with foreclosure filings. Florida followed, documenting 47,069 properties with foreclosure filings in January. Arizona posted the third highest foreclosure total, reporting 21,048 properties with foreclosure filings for the month. Illinois ranked fourth highest at 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for November.

 

Macomb County posts top foreclosure rate in the state for January

Macomb County posted the state’s highest county foreclosure rate in January, with one in every 158 housing units receiving a foreclosure filing — 2.6 times the national average. Wayne County was second, with one in every 164 housing units receiving a foreclosure filing — 2.5 times the national average. Oakland County came in third highest, with one in every 180 housing units receiving a foreclosure filing — 2.3 times the national average. Lapeer County posted the fourth highest foreclosure rate, where one in every 208 housing units received a foreclosure filing during the month — twice the national average. Genesee County posted the fifth highest foreclosure rate, where one in every 234 housing units received a foreclosure filing during the month — 1.7 times the national average.

 

Wayne County dominates state in total foreclosure filings for January

Wayne County led all counties, totaling 5,098 properties with foreclosure filings for the month. Oakland County was second highest, documenting 2,926 properties with foreclosure filings. Reporting 2,242 properties with foreclosure filings for the month, Macomb County had the third highest foreclosure total. Genesee County came in fourth highest, reporting 844 properties with foreclosure filings, followed by Kent County where 722 properties with foreclosure filings were reported.

 

State responsible for 6 percent of nation’s foreclosure total in January

Michigan accounted for 6 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 Top Foreclosure Rates By County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Michigan

6,352

0

5,919

1

5,302

17,574

258

1.58

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

791

0

719

0

732

2,242

158

2.56

1.63

Wayne

2,034

0

1,532

0

1,532

5,098

164

2.46

1.57

Oakland

995

0

1,028

0

903

2,926

180

2.25

1.44

Lapeer

53

0

66

0

53

172

208

1.95

1.24

Genesee

298

0

399

0

147

844

234

1.73

1.10

 

 

 

Michigan Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Michigan

6,352

0

5,919

1

5,302

17,574

258

-12.74

53.91

 

 

 

 

 

 

 

 

 

 

Wayne

2,034

0

1,532

0

1,532

5,098

164

-9.32

51.68

Oakland

995

0

1,028

0

903

2,926

180

-16.59

108.85

Macomb

791

0

719

0

732

2,242

158

-1.32

79.94

Genesee

298

0

399

0

147

844

234

-21.63

34.18

Kent

249

0

233

0

240

722

338

-25.80

17.97

 

 

 

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