MICHIGAN FORECLOSURE ACTIVITY UP 10 PERCENT IN FEBRUARY

Foreclosure Activity Increases 15 Percent From February 2008

Foreclosure Rate Ranks No. 6 Among the States

 

IRVINE, Calif. – March 27, 2009 – Michigan reported 12,564 properties with foreclosure filings in February, a 10 percent increase from the previous month, and 15 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 360 Michigan housing units received a foreclosure filing during the month, the sixth highest state foreclosure rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity rose in Michigan in February, both as compared to January and to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Michigan’s unemployment rate of 11.6 percent is now the highest in the nation, playing a considerable role in the state’s financial turmoil and widespread homeowner distress.”

 

Michigan ranked sixth in the country in total properties with foreclosure filings for February.

California led the nation in total properties with foreclosure filings, reporting 80,775 filings for February. Second-ranked Florida reported 46,391 properties with foreclosure filings in February. Arizona reported 18,119 properties with foreclosure filings, the nation’s third highest state total. Next was Nevada, which reported 15,783 properties with foreclosure filings, followed by Illinois, which reported 14,218 properties with foreclosure filings for the month. The remaining states in the nation’s top 10 for total properties with foreclosure filings in February were Ohio, Texas, Georgia and Virginia.

 

Wayne County leads state in foreclosure activity

Wayne County led the state, reporting 3,412 properties with foreclosure filings for the month. Oakland County was second highest, reporting 1,793 properties with foreclosure filings. Third highest was Macomb County, reporting 1,573 properties with foreclosure filings. Kent County was in fourth place, documenting 819 properties with foreclosure filings. Fifth highest total was tallied in Genesee County, where 716 properties with foreclosure filings were reported.

 

Macomb County posts top foreclosure rate

Macomb County reported the highest county foreclosure rate in Michigan for February, with one in every 224 housing units receiving a foreclosure filing — 1.6 times the state average and twice the national average. Saint Clair County came in a close second, with one in every 230 housing units receiving a foreclosure filing — 1.6 times the state average and 1.9 times the national average. Wayne County posted the third highest foreclosure rate, where one in every 246 housing units received a foreclosure filing during the month — 1.5 times the state average and 1.8 times the national average.

 

State the sixth largest contributor to nation’s foreclosure total in February

Michigan accounted for 4 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Michigan

0

0

7,838

0

4,726

12,564

360

1.22

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

10

0

1

11

1,014

0.43

0.36

Alger

0

0

2

0

0

2

3,278

0.13

0.11

Allegan

0

0

73

0

30

103

470

0.94

0.77

Alpena

0

0

10

0

0

10

1,558

0.28

0.23

Antrim

0

0

13

0

3

16

1,036

0.42

0.35

Arenac

0

0

4

0

4

8

1,259

0.35

0.29

Baraga

0

0

1

0

0

1

4,869

0.09

0.07

Barry

0

0

31

0

33

64

408

1.08

0.88

Bay

0

0

43

0

9

52

926

0.48

0.39

Benzie

0

0

8

0

1

9

1,320

0.33

0.27

Berrien

0

0

71

0

41

112

688

0.64

0.52

Branch

0

0

22

0

0

22

941

0.47

0.38

Calhoun

0

0

83

0

83

166

366

1.20

0.99

Cass

0

0

26

0

4

30

856

0.51

0.42

Charlevoix

0

0

20

0

2

22

791

0.56

0.46

Cheboygan

0

0

9

0

0

9

1,987

0.22

0.18

Chippewa

0

0

15

0

1

16

1,288

0.34

0.28

Clare

0

0

21

0

2

23

1,003

0.44

0.36

Clinton

0

0

38

0

28

66

450

0.98

0.80

Crawford

0

0

9

0

0

9

1,192

0.37

0.30

Delta

0

0

5

0

0

5

4,032

0.11

0.09

Dickinson

0

0

10

0

0

10

1,413

0.31

0.26

Eaton

0

0

94

0

51

145

315

1.40

1.14

Emmet

0

0

21

0

3

24

878

0.50

0.41

Genesee

0

0

365

0

351

716

276

1.60

1.31

Gladwin

0

0

18

0

1

19

963

0.46

0.37

Gogebic

0

0

5

0

0

5

2,215

0.20

0.16

Grand Traverse

0

0

43

0

1

44

922

0.48

0.39

Gratiot

0

0

18

0

1

19

838

0.53

0.43

Hillsdale

0

0

21

0

6

27

806

0.55

0.45

Houghton

0

0

1

0

0

1

18,450

0.02

0.02

Huron

0

0

2

0

0

2

10,655

0.04

0.03

Ingham

0

0

223

0

112

335

361

1.22

1.00

Ionia

0

0

29

0

3

32

752

0.59

0.48

Iosco

0

0

19

0

1

20

1,060

0.42

0.34

Iron

0

0

4

0

0

4

2,264

0.19

0.16

Isabella

0

0

21

0

3

24

1,198

0.37

0.30

Jackson

0

0

155

0

27

182

373

1.18

0.97

Kalamazoo

0

0

109

0

105

214

504

0.87

0.71

Kalkaska

0

0

12

0

0

12

977

0.45

0.37

Kent

0

0

448

0

371

819

297

1.48

1.21

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

3

0

1

4

3,573

0.12

0.10

Lapeer

0

0

87

0

31

118

303

1.45

1.19

Leelanau

0

0

7

0

1

8

1,866

0.24

0.19

Lenawee

0

0

73

0

16

89

482

0.91

0.75

Livingston

0

0

131

0

19

150

483

0.91

0.75

Luce

0

0

1

0

0

1

4,330

0.10

0.08

Mackinac

0

0

5

0

0

5

2,078

0.21

0.17

Macomb

0

0

772

0

801

1,573

224

1.96

1.61

Manistee

0

0

10

0

4

14

1,063

0.41

0.34

Marquette

0

0

10

0

0

10

3,450

0.13

0.10

Mason

0

0

13

0

3

16

1,075

0.41

0.34

Mecosta

0

0

27

0

13

40

538

0.82

0.67

Menominee

0

0

7

0

0

7

2,051

0.21

0.18

Midland

0

0

23

0

19

42

840

0.52

0.43

Missaukee

0

0

9

0

2

11

832

0.53

0.43

Monroe

0

0

116

0

14

130

488

0.90

0.74

Montcalm

0

0

43

0

7

50

551

0.80

0.65

Montmorency

0

0

6

0

0

6

1,624

0.27

0.22

Muskegon

0

0

141

0

74

215

341

1.29

1.06

Newaygo

0

0

14

0

8

22

1,128

0.39

0.32

Oakland

0

0

932

0

861

1,793

293

1.50

1.23

Oceana

0

0

15

0

1

16

1,003

0.44

0.36

Ogemaw

0

0

11

0

1

12

1,356

0.32

0.27

Ontonagon

0

0

0

0

0

0

 n/a

0.00

0.00

Osceola

0

0

12

0

5

17

793

0.56

0.45

Oscoda

0

0

2

0

0

2

4,552

0.10

0.08

Otsego

0

0

15

0

1

16

924

0.48

0.39

Ottawa

0

0

156

0

65

221

454

0.97

0.79

Presque Isle

0

0

4

0

0

4

2,655

0.17

0.14

Roscommon

0

0

29

0

2

31

806

0.55

0.45

Saginaw

0

0

96

0

62

158

562

0.78

0.64

Saint Clair

0

0

165

0

153

318

230

1.91

1.56

Saint Joseph

0

0

35

0

43

78

353

1.25

1.02

Sanilac

0

0

18

0

9

27

819

0.54

0.44

Schoolcraft

0

0

0

0

0

0

 n/a

0.00

0.00

Shiawassee

0

0

67

0

35

102

298

1.48

1.21

Tuscola

0

0

38

0

11

49

494

0.89

0.73

Van Buren

0

0

40

0

57

97

378

1.16

0.95

Washtenaw

0

0

179

0

80

259

568

0.78

0.63

Wayne

0

0

2,366

0

1,046

3,412

246

1.79

1.47

Wexford

0

0

28

0

3

31

528

0.83

0.68

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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