Michigan Foreclosure Activity Rises in April

Statewide foreclosure filings up 8 percent from March; rate #7 nationally

 

Monthly foreclosure activity in Michigan increased in April, up 8 percent from the previous month to 19,173 properties with foreclosure filings. This latest state total also represents a 77 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state had the seventh highest state foreclosure rate in the nation with one in 237 Michigan housing units receiving a foreclosure filing during the month.

 

“Michigan reported a jump in foreclosure activity between March and April, with a total number of filings well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Michigan also rose to 9.9 percent, even as employers added new jobs and retail sales increased, sending a mixed message to residents worried about maintaining their homes in a wavering economy.”

 

California continued to maintain the highest level of foreclosure activity in the country in April, reporting 69,725 properties with foreclosure filings for the month. Florida had the second highest total, documenting 48,384 properties with foreclosure filings. Illinois came in at fourth highest, reporting 18,870 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Georgia (13,963), Texas (13,133), Ohio (11,936) and Virginia (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Macomb County posts top foreclosure rate for April

Macomb County posted the highest county foreclosure rate in Michigan for April, with one in every 141 housing units receiving a foreclosure filing — 2.7 times the national average. Wayne County came in second, with one in every 152 housing units receiving a foreclosure filing — 2.6 times the national average. Oakland County was third, with one in every 170 housing units receiving a foreclosure filing — 2.3 times the national.

 

Wayne County also led the state in total foreclosures for April

Wayne County also led the way in total foreclosures, reporting 5,517 properties with foreclosure filings for the month. Oakland County was second highest, documenting 3,092 properties with foreclosure filings. Reporting 2,513 properties with foreclosure filings for the month, Macomb County ranked third highest. Kent County was fourth, reporting 957 properties with foreclosure filings. A total of 950 properties with foreclosure filings were reported in Genesee County, the fifth highest county total in April.

 

State the third largest single contributor to nation’s month foreclosure total

Michigan accounted for 6 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Michigan

5,277

0

7,644

0

6,252

19,173

237

1.63

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

627

0

884

0

1,002

2,513

141

2.74

1.68

Wayne

1,688

0

2,121

0

1,708

5,517

152

2.55

1.56

Oakland

775

0

1,155

0

1,162

3,092

170

2.27

1.39

Genesee

289

0

425

0

236

950

208

1.86

1.14

Saint Clair

96

0

148

0

106

350

209

1.85

1.13

 

 

Michigan Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Michigan

5,277

0

7,644

0

6,252

19,173

237

8.32

77.04

 

 

 

 

 

 

 

 

 

 

Wayne

1,688

0

2,121

0

1,708

5,517

152

7.75

93.65

Oakland

775

0

1,155

0

1,162

3,092

170

7.81

79.87

Macomb

627

0

884

0

1,002

2,513

141

8.65

143.98

Kent

258

0

379

0

320

957

255

19.33

18.88

Genesee

289

0

425

0

236

950

208

20.87

25.99

 

 

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