Michigan Foreclosure Activity Increases in February

Statewide filings increase 14 percent from January; rate #5 nationally

 

Foreclosure activity in Michigan rose in February to 20,028 properties with foreclosure filings, up 14 percent from the previous month and 59 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 226 Michigan housing units received a foreclosure filing in February, the fifth highest rate in the nation.

 

“Foreclosure activity climbed again in Michigan in February as the state reported an increased number of filings compared to one month earlier and to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though Michigan recently reported a slight decline in unemployment, its job market remains one of the worst in the nation due to the lingering effects of the struggling U.S. automotive market.”

 

California held on to the top position in foreclosure filings, reporting 68,562 properties with foreclosure filings. Florida maintained number two status nationally in February, reporting 54,032 properties with foreclosure filings for the month. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Iosco County posts top foreclosure rate in the state for February

Iosco County posted the state’s highest county foreclosure rate in February, with one in every 101 housing units receiving a foreclosure filing — 4.1 times the national average. Monroe County was second, with one in every 124 housing units receiving a foreclosure filing — 3.4 times the national average. Wayne County came in third highest, with one in every 145 housing units receiving a foreclosure filing — 2.9 times the national average.

 

Wayne County led the state in total foreclosures in February

Wayne County led the way, totaling 5,782 properties with foreclosure filings for the month. Oakland County was second, documenting 3,069 properties with foreclosure filings. Macomb County ranked third highest, reporting 2,405 properties with foreclosure filings for the month. Genesee County came in fourth place, reporting 1,034 properties with foreclosure filings, while the fifth highest total was in Kent County, where 1,024 properties with foreclosure filings were reported for the month.

 

State a major contributor to nation’s month foreclosure total

Michigan represented the third largest portion of the nation’s foreclosure activity, accounting for six percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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: Default Notice 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Michigan

6,233

0

6,209

0

7,586

20,028

226

1.85

n/a

 

 

 

 

 

 

 

 

 

 

Iosco

15

0

19

0

176

210

101

4.14

2.24

Monroe

95

0

75

0

346

516

124

3.39

1.83

Wayne

1,797

0

1,880

0

2,105

5,782

145

2.89

1.56

Macomb

724

0

755

0

926

2,405

147

2.84

1.54

Oakland

1,041

0

953

0

1,075

3,069

171

2.44

1.32

 

 

Michigan Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Michigan

6,233

0

6,209

0

7,586

20,028

226

13.96

59.41

 

 

 

 

 

 

 

 

 

 

Wayne

1,797

0

1,880

0

2,105

5,782

145

13.42

69.46

Oakland

1,041

0

953

0

1,075

3,069

171

4.89

71.17

Macomb

724

0

755

0

926

2,405

147

7.27

52.89

Genesee

349

0

320

0

365

1,034

191

22.51

44.41

Kent

260

0

267

0

497

1,024

239

41.83

25.03

 

 

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