Michigan Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year; nation’s 6th highest foreclosure rate

March numbers down from a month earlier; up from a year ago

 

Foreclosure activity in Michigan rose 11 percent during the first quarter of 2010, and was up 38 percent from the same period last year. In all, the state reported 45,732 properties with foreclosure filings during the quarter, making its status the nation’s fifth highest state in the first quarter. One in every 99 Michigan housing units received a foreclosure filing during the quarter, the sixth highest state foreclosure rate in the nation.

 

During the month of March, the state reported 17,700 properties with foreclosure filings, a 12 percent decrease from the previous month, and 43 percent above the level reported in March 2009. One in every 256 Michigan housing units received a foreclosure filing during the month, the 7th highest state foreclosure rate.

 

“Michigan foreclosures continued to rise during the first quarter of 2010 as they have for the past three quarters of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which rose 30 percent so far this year. The state’s unemployment rate continues to lead the nation and home sales showed hardly any activity last quarter. These trends are definitely driving the recent rise.”

 

California continued to lead the nation in highest number of foreclosures for the quarter with 216,263 properties with foreclosure filings, followed by Florida with 153,540 properties with foreclosure filings. Arizona came in third highest, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

Macomb County tops in foreclosure rate for the first quarter

Macomb County posted the highest county foreclosure rate in Michigan during the first quarter, as one in every 61 housing units received a foreclosure filing — 2.7 times the national average. Wayne County came in second, with one in every 64 housing units receiving a foreclosure filing — 2.2 times the national average. Oakland County came in third highest foreclosure rate, with one in every 72 housing units receiving a foreclosure filing — 1.9 times the national average.

 

Wayne County led state in total foreclosures for the first quarter

Wayne County documented 13,192 properties with foreclosure filings for the first quarter. Oakland County was second, reporting 7,293 properties with foreclosure filings. Macomb County came in third, reporting 5,776 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Michigan represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Michigan

11,485

0

15,642

1

18,604

45,732

99

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

1,442

0

1,854

0

2,480

5,776

61

2.26

1.62

Wayne

3,523

0

4,589

0

5,080

13,192

64

2.18

1.56

Oakland

1,975

0

2,467

0

2,851

7,293

72

1.9

1.38

Monroe

168

0

203

0

504

875

73

1.90

1.36

Lapeer

109

0

152

0

182

443

81

1.71

1.23

 

 

 

Michigan Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Michigan

11,485

0

15,642

1

18,604

45,732

99

11.00

37.81

 

 

 

 

 

 

 

 

 

 

Wayne

3,523

0

4,589

0

5,080

13,192

64

15.10

48.01

Oakland

1,975

0

2,467

0

2,851

7,293

72

11.99

53.70

Macomb

1,442

0

1,854

0

2,480

5,776

61

18.38

57.94

Genessee

548

0

930

0

649

2,127

93

-2.92

26.38

Kent

463

0

577

0

1,064

2,104

116

-2.59

6.64

 

 

 

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