Michigan Foreclosure Activity Trends Upward in May

Total foreclosure filings statewide up 28 percent from April

State’s foreclosure rate No. 6 in the nation

 

Michigan foreclosure activity rose in May to 13,891 properties with foreclosure filings, a 28 percent increase from the previous month, and 5 percent below the level reported in May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report. One in every 326 Michigan housing units received a foreclosure filing in May, the sixth highest state foreclosure rate in the nation for the month.

 

Michigan’s foreclosure activity jumped significantly in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state continues to hold the nation’s highest unemployment rate at 12.9 percent and lost nearly 40,000 jobs in April alone. This factor is undoubtedly fueling the recent rise in foreclosure activity.”

 

Outdistanced by top ranked California with 92,249 properties, Florida with 58,931 properties with foreclosure filings, Nevada with 17,157 properties with foreclosure filings and Arizona with 16,865 properties with foreclosure filings, Michigan reported the fifth highest total in May with 13,891 properties with foreclosure filings.

 

Completing the nation’s top 10 states for total foreclosure filings in May were Ohio, Illinois, Georgia, Texas and Virginia. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.

 

Five counties accounted for 65 percent of state’s foreclosure activity for May

Wayne County led all counties, reporting 4,578 properties with foreclosure filings for the month. Oakland County posted the second highest total, where 1,842 properties with foreclosure filings were reported. Macomb County had the third highest total, reporting 1,444 properties with foreclosure filings, followed by Kent County, where 655 properties with foreclosure filings were tallied. Genesee County held the fifth highest total, where 553 properties with foreclosure filings were reported for the month.

 

Wayne posts state’s highest foreclosure rate for May

Wayne County posted the highest county foreclosure rate in Michigan, with one in every 183 housing units receiving a foreclosure filing during the month. Muskegon County had the second highest rate, with one in every 184 housing units receiving a foreclosure filing. Livingston County posted the third highest rate, where one in every 190 housing units received a foreclosure filing during the month.

 

State contributes 4 percent to nation’s foreclosure activity for May

Foreclosure activity in Michigan represented 4 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Michigan

0

0

7,645

0

6,246

13,891

326

28.26

-4.72

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

4

0

0

4

2,789

-42.86

 n/a

Alger

0

0

4

0

0

4

1,639

33.33

300.00

Allegan

0

0

61

0

74

135

358

84.93

-11.76

Alpena

0

0

11

0

1

12

1,298

0.00

 n/a

Antrim

0

0

21

0

0

21

789

5.00

950.00

Arenac

0

0

14

0

2

16

630

0.00

1,500.00

Baraga

0

0

1

0

0

1

4,869

-50.00

 n/a

Barry

0

0

30

0

27

57

458

50.00

46.15

Bay

0

0

46

0

25

71

678

42.00

-82.60

Benzie

0

0

7

0

1

8

1,485

14.29

 n/a

Berrien

0

0

71

0

68

139

554

37.62

189.58

Branch

0

0

16

0

3

19

1,090

-26.92

533.33

Calhoun

0

0

90

0

93

183

332

5.17

-20.09

Cass

0

0

19

0

3

22

1,167

29.41

 n/a

Charlevoix

0

0

16

0

1

17

1,024

70.00

750.00

Cheboygan

0

0

9

0

0

9

1,987

12.50

 n/a

Chippewa

0

0

6

0

0

6

3,435

-50.00

500.00

Clare

0

0

14

0

2

16

1,442

45.45

1,500.00

Clinton

0

0

30

0

24

54

550

12.50

-11.48

Crawford

0

0

11

0

0

11

976

57.14

450.00

Delta

0

0

6

0

0

6

3,360

-33.33

500.00

Dickinson

0

0

6

0

0

6

2,355

100.00

 n/a

Eaton

0

0

85

0

68

153

299

29.66

77.91

Emmet

0

0

17

0

1

18

1,171

-43.75

1,700.00

Genesee

0

0

329

0

224

553

357

-26.66

-25.67

Gladwin

0

0

18

0

1

19

963

-5.00

1,800.00

Gogebic

0

0

4

0

0

4

2,768

33.33

 n/a

Grand Traverse

0

0

53

0

0

53

766

39.47

783.33

Gratiot

0

0

9

0

2

11

1,447

83.33

450.00

Hillsdale

0

0

32

0

2

34

640

36.00

1,033.33

Houghton

0

0

1

0

0

1

18,450

-50.00

 n/a

Huron

0

0

8

0

0

8

2,664

0.00

 n/a

Ingham

0

0

261

0

200

461

263

39.70

15.83

Ionia

0

0

39

0

4

43

560

22.86

-10.42

Iosco

0

0

7

0

0

7

3,029

-50.00

250.00

Iron

0

0

0

0

0

0

 n/a

-100.00

 

Isabella

0

0

28

0

2

30

958

76.47

900.00

Jackson

0

0

113

0

9

122

557

-8.27

37.08

Kalamazoo

0

0

89

0

132

221

488

87.29

-16.60

Kalkaska

0

0

10

0

0

10

1,173

-28.57

 n/a

Kent

0

0

367

0

288

655

372

-18.63

-20.32

Keweenaw

0

0

0

0

0

0

 n/a

 

 n/a

Lake

0

0

3

0

1

4

3,573

-20.00

 n/a

Lapeer

0

0

73

0

108

181

198

53.39

158.57

Leelanau

0

0

6

0

3

9

1,659

125.00

800.00

Lenawee

0

0

52

0

6

58

740

-6.45

728.57

Livingston

0

0

155

0

226

381

190

13.06

59.41

Luce

0

0

2

0

0

2

2,165

100.00

 n/a

Mackinac

0

0

2

0

0

2

5,195

0.00

 n/a

Macomb

0

0

715

0

729

1,444

244

40.19

-14.45

Manistee

0

0

15

0

0

15

993

87.50

650.00

Marquette

0

0

18

0

1

19

1,816

35.71

850.00

Mason

0

0

10

0

1

11

1,564

-15.38

450.00

Mecosta

0

0

13

0

7

20

1,076

0.00

900.00

Menominee

0

0

2

0

0

2

7,179

-33.33

 n/a

Midland

0

0

25

0

25

50

706

61.29

2,400.00

Missaukee

0

0

4

0

0

4

2,288

-20.00

300.00

Monroe

0

0

120

0

11

131

484

35.05

907.69

Montcalm

0

0

47

0

9

56

492

107.41

1,300.00

Montmorency

0

0

6

0

0

6

1,624

-33.33

 n/a

Muskegon

0

0

105

0

294

399

184

133.33

38.06

Newaygo

0

0

15

0

6

21

1,182

-27.59

950.00

Oakland

0

0

930

0

912

1,842

285

7.16

-15.78

Oceana

0

0

17

0

1

18

891

20.00

800.00

Ogemaw

0

0

16

0

4

20

813

233.33

1,900.00

Ontonagon

0

0

0

0

0

0

 n/a

-100.00

 n/a

Osceola

0

0

10

0

2

12

1,123

-25.00

 n/a

Oscoda

0

0

5

0

1

6

1,517

20.00

 n/a

Otsego

0

0

9

0

1

10

1,478

11.11

900.00

Ottawa

0

0

154

0

89

243

413

11.98

7.05

Presque Isle

0

0

2

0

0

2

5,311

100.00

100.00

Roscommon

0

0

23

0

5

28

893

40.00

 n/a

Saginaw

0

0

84

0

86

170

522

40.50

-19.05

Saint Clair

0

0

126

0

165

291

252

41.26

1.04

Saint Joseph

0

0

52

0

28

80

345

50.94

280.95

Sanilac

0

0

20

0

6

26

851

-13.33

-21.21

Schoolcraft

0

0

3

0

0

3

2,018

 n/a

n/a 

Shiawassee

0

0

61

0

39

100

304

44.93

400.00

Tuscola

0

0

24

0

7

31

781

-29.55

3,000.00

Van Buren

0

0

51

0

26

77

477

-10.47

-23.76

Washtenaw

0

0

196

0

106

302

487

34.22

-30.89

Wayne

0

0

2,495

0

2,083

4,578

183

60.69

-13.67

Wexford

0

0

16

0

1

17

962

-10.53

1,600.00

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved