Michigan Foreclosure Activity Lower in Second Quarter

Activity level falls one percent from Q1; rate 6th highest in nation

Foreclosure filings increase 8 percent mid-year; down 16 percent in June

 

Michigan reported 45,451 properties with foreclosure filings for the second quarter of 2010, a one percent drop from the first quarter, but still 34 percent above the level reported in the second quarter of 2009. One in every 100 Michigan housing units received a foreclosure filing during the quarter, giving the state the sixth highest foreclosure rate in the nation.

 

Activity level in Michigan rose during the first half of 2010, but fell for the month of June. For the first six months of the year, Michigan reported 78,509 properties with foreclosure filings, an 8 percent rise in activity from the second half of 2009 and 29 percent above the level reported mid-year 2009. In June the state tallied 17,120 properties with foreclosure filings, a decrease of 16 percent from the previous month, but still up 26 percent from June 2009.

 

“Foreclosure activity in Michigan fell during the second quarter of this year, though it remained high compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “June 30th also marked the end of the first half of 2010, with more foreclosure filings in Michigan during that time than were reported for the previous six-month period. High unemployment – currently above 13 percent – remains a contributing factor to Michigan’s ongoing foreclosure issues.”

 

California maintained the lead in foreclosures, tallying 192,422 properties with foreclosure filings. Florida held on to second place, documenting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Macomb County posts state’s top foreclosure rate for the quarter

Macomb County posted the highest county foreclosure rate in Michigan during the second quarter, with one in every 62 housing units receiving a foreclosure filing — 2.3 times the national average. Wayne County reported the second highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filing — 2.2 times the national average. Muskegon County had the third highest foreclosure rate, with one in every 73 housing units receiving a foreclosure filing — twice the national average.

 

Wayne County leads state in total foreclosures for the second quarter

Wayne County led Michigan in foreclosure activity, reporting 13,011 properties with foreclosure filings for the quarter. Oakland County had the second highest total, reporting 7,183 properties with foreclosure filings. Reporting 5,684 properties with foreclosure filings for the quarter, Macomb County came in third. Genesee County was fourth, reporting 2,323 properties with foreclosure filings. Fifth highest total was Kent County, where 2,159 properties with foreclosure filings were reported for the quarter.

 

State the fifth largest contributor to nation’s quarterly total

Foreclosure activity in Michigan represented 5 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Michigan

8,627

0

16,663

0

20,161

45,451

100

1.44

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

1,034

0

1,724

0

2,926

5,684

62

2.31

1.60

Wayne

2,670

0

4,912

0

5,429

13,011

64

2.24

1.55

Muskegon

124

0

251

0

638

1,013

73

1.99

1.38

Oakland

1,347

0

2,408

0

3,428

7,183

73

1.97

1.36

Lapeer

61

0

170

0

203

434

82

1.75

1.21

 

 

Michigan Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Michigan

8,627

0

16,663

0

20,161

45,451

100

-0.61

34.42

 

 

 

 

 

 

 

 

 

 

Wayne

2,670

0

4,912

0

5,429

13,011

64

-1.37

31.93

Oakland

1,347

0

2,408

0

3,428

7,183

73

-1.51

43.49

Macomb

1,034

0

1,724

0

2,926

5,684

62

-1.59

55.94

Genesee

413

0

1,021

0

889

2,323

85

9.21

37.29

Kent

364

0

739

0

1,056

2,159

113

2.61

14.72

 

 

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