Michigan Foreclosure Activity Down Slightly in November

Statewide filings fell 3 percent from previous month; rate ranks #6 nationally

 

Michigan foreclosure activity fell in November to 15,988 properties with foreclosure filings, down 3 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 10 percent ahead of the level reported in November 2008. With one in every 283 Michigan housing units receiving a foreclosure filing in November, the state’s foreclosure rate ranked sixth highest in the nation.

 

“Michigan foreclosures dropped slightly in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 12 percent for the month. The state’s home sales have picked up during the past year, which may be offsetting the affects of its high unemployment rate.”

 

California held on to its substantial lead in total foreclosure activity with 73,995 properties with foreclosure filings. Florida came in second once again, reporting 52,935 properties with foreclosure filings in November. Illinois maintained its third place ranking, reporting 16,442 properties with foreclosure filings for the month. Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings. Arizona took over fifth place, reporting 14,349 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

Wayne County posts state’s highest foreclosure rate in November

Wayne County posted the highest county foreclosure rate in the state for November, with one in every 162 housing units receiving a foreclosure filing — 2.6 times the national average and 1.7 times the state average. Macomb County had the second highest rate, with one in every 199 housing units receiving a foreclosure filing — 2.1 times the national average and 1.4 times the state average. Livingston County came in third highest, with one in every 209 housing units receiving a foreclosure filing — twice the national average.

 

Wayne County led state in total foreclosure filings for November

Wayne County led all counties, totaling 5,170 properties with foreclosure filings for the month. Oakland County was second highest once again, documenting 2,308 properties with foreclosure filings. Reporting 1,771 properties with foreclosure filings for the month, Macomb County had the third highest total in the state, while Kent County was fourth highest, reporting 869 properties with foreclosure filings for the month.

 

State contributed 5 percent to nation’s foreclosure total in November

Michigan accounted for 5 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Michigan

5,954

0

4,982

0

5,052

15,988

283

1.47

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,837

0

1,827

0

1,506

5,170

162

2.57

1.74

Macomb

668

0

451

0

652

1,771

199

2.09

1.42

Livingston

132

0

106

0

108

346

209

1.99

1.35

Oakland

827

0

564

0

917

2,308

227

1.83

1.25

Saint Clair

114

0

95

0

105

314

233

1.79

1.21

 

 

 

Michigan Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Michigan

5,954

0

4,982

0

5,052

15,988

283

-2.91

9.55

 

 

 

 

 

 

 

 

 

 

Wayne

1,837

0

1,827

0

1,506

5,170

162

2.57

1.74

Oakland

827

0

564

0

917

2,308

227

1.83

1.25

Macomb

668

0

451

0

652

1,771

199

2.09

1.42

Kent

333

0

276

0

260

869

280

1.49

1.01

Genesee

274

0

256

0

177

707

279

1.49

1.01

 

 

 

 

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