MICHIGAN FORECLOSURE ACTIVITY DROPS 20 PERCENT IN APRIL

Activity Up 31 Percent From April 2006; Foreclosure Rate in Top 10

 

IRVINE, Calif. – May 18, 2007 – Michigan reported 6,876 foreclosure filings in April, a 20 percent drop in activity from the previous month, but still 31 percent ahead of the level reported for the same month last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the 10th highest foreclosure rate in the country for the month — one foreclosure filing for every 614 households.

 

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.

 

“After soaring by 70 percent in January foreclosures have steadily declined in Michigan every month. Still, the state reported the seventh highest foreclosure total in the nation for April and the 10th highest foreclosure rate,” said James J. Saccacio, chief executive officer of RealtyTrac. “High unemployment continues to plague the state, as does the subprime meltdown, which has left many distressed homeowners stranded as they attempt to sell homes that are worth less than they currently owe on their mortgages.”

 

Michigan’s foreclosure total for the month was well behind national leader California, where more than 30,500 foreclosure filings were reported. The state total was less than half of the more than 14,000 filings reported by second place Florida, and well below third place Ohio and fourth place Texas. Illinois took for fifth place and Georgia took sixth place in terms of total foreclosure filings. The rest of the nation’s top 10 states were Colorado, Connecticut and Arizona. Michigan’s foreclosure rate was 1.3 times the national average.

 

Wayne County leads state in foreclosure total and rate

Wayne County reported 2,886 foreclosure filings for April, far outdistancing second place Macomb County, where 734 foreclosure filings were tallied. The third highest county total was reported by Oakland County, with 732 filings. Genesee County tallied the fourth highest total, reporting 621 foreclosure filings for the month, followed by Kent County, with 365 filings entering some part of the foreclosure pipeline. Those five counties together accounted for 78 percent of all foreclosure in the state for the month.

 

Reporting one foreclosure filing for every 286 households — 2.2 times the state average and 2.7 times the national average — Wayne County also registered Michigan’s highest county foreclosure rate for the month. Genesee County reported the second highest rate — one foreclosure filing for every 296 households — 2.1 times the state average and 2.7 times the national average. The third highest rate was reported in Ingham County, with one filing for every 401 households. Macomb County had the fourth highest rate, one filing for every 436 households, followed by Lapeer County, with one filing for every 474 households.

 

State makes significant contribution to national total

Total foreclosure filings in Michigan accounted for 5 percent of the 147,708 filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate was one foreclosure filing for every 783 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

Michigan

1,423

3,847

0

0

1,606

6,876

614

1.27

n/a

 

 

 

 

 

 

 

 

 

 

Allegan

1

5

0

0

7

13

3,330

0.24

0.18

Alpena

0

0

0

0

0

0

n/a

0.00

0.00

Antrim

0

1

0

0

0

1

15,090

0.05

0.04

Barry

0

0

0

0

0

0

 n/a

0.00

0.00

Bay

0

6

0

0

19

25

1,857

0.42

0.33

Benzie

0

1

0

0

0

1

10,312

0.08

0.06

Berrien

0

7

0

0

5

12

6,120

0.13

0.10

Branch

0

0

0

0

0

0

 n/a

0.00

0.00

Calhoun

0

43

0

0

37

80

734

1.07

0.84

Cass

0

1

0

0

0

1

23,884

0.03

0.03

Charlevoix

0

0

0

0

0

0

 n/a

0.00

0.00

Cheboygan

1

1

0

0

0

2

8,292

0.09

0.07

Clare

0

2

0

0

0

2

11,115

0.07

0.06

Clinton

0

25

0

0

11

36

684

1.14

0.90

Crawford

0

0

0

0

0

0

 n/a

0.00

0.00

Eaton

0

32

0

0

31

63

669

1.17

0.92

Emmet

0

4

0

0

0

4

4,639

0.17

0.13

Genesee

8

387

0

0

226

621

296

2.65

2.08

Gladwin

0

1

0

0

0

1

16,828

0.05

0.04

Grand Traverse

0

4

0

0

1

5

6,968

0.11

0.09

Gratiot

0

6

0

0

0

6

2,586

0.30

0.24

Hillsdale

0

1

0

0

0

1

20,189

0.04

0.03

Huron

0

6

0

0

0

6

3,405

0.23

0.18

Ingham

1

135

0

0

151

287

401

1.95

1.53

Ionia

0

4

0

0

0

4

5,502

0.14

0.11

Iosco

0

1

0

0

0

1

20,432

0.04

0.03

Isabella

0

1

0

0

0

1

24,528

0.03

0.03

Jackson

12

93

0

0

1

106

488

1.61

1.26

Kalamazoo

0

138

0

0

18

156

636

1.23

0.97

Kalkaska

0

0

0

0

1

1

10,822

0.07

0.06

Kent

0

144

0

0

221

365

614

1.28

1.00

Lapeer

0

5

0

0

64

69

474

1.65

1.29

Lenawee

0

7

0

0

0

7

5,681

0.14

0.11

Livingston

1

9

0

0

8

18

3,273

0.24

0.19

Macomb

174

342

0

0

218

734

436

1.79

1.41

Manistee

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

4

0

0

0

4

4,016

0.19

0.15

Mecosta

0

1

0

0

1

2

9,797

0.08

0.06

Midland

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

13

0

0

3

16

3,529

0.22

0.17

Montcalm

0

4

0

0

2

6

4,317

0.18

0.14

Montmorency

0

0

0

0

0

0

 n/a

0.00

0.00

Muskegon

0

54

0

0

79

133

515

1.52

1.19

Newaygo

0

2

0

0

1

3

7,734

0.10

0.08

Oakland

165

253

0

0

314

732

672

1.16

0.91

Oceana

0

2

0

0

0

2

7,505

0.10

0.08

Ogemaw

0

1

0

0

0

1

15,404

0.05

0.04

Osceola

0

0

0

0

0

0

 n/a

0.00

0.00

Otsego

0

1

0

0

0

1

13,375

0.06

0.05

Ottawa

0

74

0

0

47

121

718

1.09

0.86

Presque Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Roscommon

0

0

0

0

0

0

 n/a

0.00

0.00

Saginaw

0

29

0

0

68

97

881

0.89

0.70

Saint Clair

0

8

0

0

36

44

1,525

0.51

0.40

Saint Joseph

0

1

0

0

0

1

26,503

0.03

0.02

Sanilac

0

4

0

0

13

17

1,254

0.62

0.49

Schoolcraft

0

1

0

0

0

1

5,700

0.14

0.11

Shiawassee

0

4

0

0

18

22

1,322

0.59

0.46

Tuscola

0

1

0

0

2

3

7,793

0.10

0.08

Van Buren

0

4

0

0

2

6

5,663

0.14

0.11

Washtenaw

4

126

0

0

0

130

1,008

0.78

0.61

Wayne

1,056

1,829

0

0

1

2,886

286

2.73

2.15

Wexford

0

19

0

0

0

19

783

1.00

0.78

 

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 construction properties, 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

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved