Michigan Foreclosure Activity Speeds up in July

Statewide foreclosure filings up 10 percent from June; rate No. 6 nationally

 

Foreclosure activity in Michigan increased 10 percent in July to 18,833 properties with foreclosure filings, 128 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate was No. 6 nationally, as one in every 241 Michigan housing units received a foreclosure filing during the month.

 

Michigan foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 36 percent for the month. While declining recently, the state’s unemployment rate is still the second highest in the nation. This needs to change before we see foreclosures really start to come down here.”

 

California continued to lead the nation in total foreclosures with 66,910 properties with foreclosure filings, followed by Florida with 51,557 properties with foreclosures filings in July. Illinois moved up a notch to third highest total, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained the fifth highest total, reporting 16,298 properties with foreclosure filings for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Ohio (13,511), Georgia (12,577), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

Lapeer County posts top county foreclosure rate in July

Lapeer County posted the top foreclosure rate in Michigan for the month, with one in every 148 housing units receiving a foreclosure filing in July. Shiawassee County posted the second highest foreclosure rate, with one in every 150 housing units receiving a foreclosure filing during the month. Coming in third was Wayne County, where one in every 157 housing units received a foreclosure filing in July.

 

Wayne County dominates state with top foreclosure total for July

Wayne County led Michigan in total foreclosure activity, reporting 5,329 properties with foreclosure filings in July. Second highest Oakland County reported 2,701 properties with foreclosure filings. Macomb County came in third highest, tallying 2,154 properties with foreclosure filings. Fourth highest was Genesee County, where 876 properties with foreclosure filings were reported. Kent County was fifth, reporting 869 properties with foreclosure filings for the month.

 

State contributes 6 percent to nation’s monthly foreclosure total

Michigan accounted for 6 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Michigan

6,472

0

6,570

0

5,791

18,833

241

1.65

n/a

 

 

 

 

 

 

 

 

 

 

Lapeer

77

0

64

0

100

241

148

2.67

1.62

Shiawassee

98

0

46

0

59

203

150

2.65

1.61

Wayne

1,998

0

1,846

0

1,485

5,329

157

2.52

1.53

Livingston

104

0

116

0

230

450

162

2.45

1.49

Macomb

660

0

774

0

720

2,154

164

2.41

1.46

 

 

Michigan Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Michigan

6,472

0

6,570

0

5,791

18,833

241

10.01

128.09

 

 

 

 

 

 

 

 

 

 

Wayne

1,998

0

1,846

0

1,485

5,329

157

6.22

101.32

Oakland

901

0

958

0

842

2,701

195

1.77

101.27

Macomb

660

0

774

0

720

2,154

164

2.72

142.29

Genesee

346

0

347

0

183

876

225

8.28

98.64

Kent

272

0

296

0

301

869

281

-4.92

50.87

 

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