MICHIGAN FORECLOSURE ACTIVITY UP 11 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 127 Percent From August 2006; Foreclosure Rate in Nation’s Top 10

 

IRVINE, Calif. – Sept. 21, 2007 – Michigan reported 15,565 foreclosure filings in August, an 11 percent increase from the previous month and the fifth highest foreclosure total in the nation. The state total was up 127 percent from August 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. With one foreclosure filing for every 288 households — 1.8 times the national average — the state’s foreclosure rate was sixth highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 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.

 

“In total, over the last two months the number of foreclosure filings in Michigan has risen by 50 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “Two major contributing factors to this are a spike in the state’s unemployment rate and a higher rate of depreciation in home prices during the second quarter of 2007.”

 

California led the nation again in total foreclosure filings, reporting 42,000 more foreclosure filings than the Great Lakes State. Second-ranked Florida outdistanced Michigan by more than 18,000 filings, while third place Ohio tallied 2,000 more foreclosure filings for the month. Fourth place Texas reported 1,400 more filings for the month. The remaining states in the nation’s top 10 for total foreclosure filings in August were Georgia, Arizona, Colorado, Illinois and Nevada.

 

Wayne County tops state in foreclosure total and rate

Wayne County reported the most foreclosure filings of any county in Michigan for August with 9,615 filings — accounting for 62 percent of the state total. The county also posted the state’s top foreclosure rate for the month, with one foreclosure filing for every 87 households — 3.3 times the state average and 5.9 times the national average.

 

Macomb County came in second in both categories, with a foreclosure total of 1,506 foreclosure filings and a rate of one foreclosure filing for every 230 households — 1.3 times the state average and 2.2 times the national average.

 

Other counties reporting significant foreclosure totals included Oakland County, with 864 foreclosure filings, Genesee County, with 820 filings, and Kent County, with 657 filings for some stage of the foreclosure pipeline. Genesee County posted the third highest foreclosure rate in the state, one foreclosure filing for every 238 households — 1.2 times the state average and 2.1 times the national average.

 

State a major contributor to national total

Michigan accounted for more than 6 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                     Michigan Foreclosure Market by County – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

Michigan

3,534

6,572

0

0

5,459

15,565

288

1.77

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

1

0

0

0

1

11,103

0.05

0.03

Alger

0

0

0

0

1

1

6,458

0.08

0.04

Allegan

0

3

0

0

29

32

1,480

0.34

0.19

Alpena

0

1

0

0

0

1

15,551

0.03

0.02

Barry

0

0

0

0

0

0

n/a 

0.00

0.00

Bay

0

2

0

0

95

97

494

1.03

0.58

Benzie

0

0

0

0

0

0

n/a 

0.00

0.00

Berrien

0

7

0

0

26

33

2,303

0.22

0.12

Branch

0

2

0

0

0

2

10,315

0.05

0.03

Calhoun

0

96

0

0

24

120

504

1.01

0.57

Cass

0

1

0

0

1

2

12,621

0.04

0.02

Charlevoix

0

0

0

0

2

2

8,501

0.06

0.03

Cheboygan

0

1

0

0

0

1

17,662

0.03

0.02

Chippewa

0

0

0

0

1

1

20,530

0.02

0.01

Clare

0

2

0

0

0

2

11,499

0.04

0.03

Clinton

0

20

0

0

44

64

452

1.13

0.64

Crawford

0

1

0

0

1

2

5,279

0.10

0.05

Dickinson

0

0

0

0

0

0

n/a 

0.00

0.00

Eaton

1

46

0

0

51

98

460

1.11

0.63

Emmet

0

1

0

0

1

2

10,215

0.05

0.03

Genesee

39

500

0

0

281

820

238

2.14

1.21

Gladwin

0

1

0

0

0

1

18,136

0.03

0.02

Grand Traverse

0

2

0

0

3

5

7,788

0.07

0.04

Gratiot

0

5

0

0

2

7

2,271

0.22

0.13

Hillsdale

0

1

0

0

1

2

10,780

0.05

0.03

Huron

0

2

0

0

0

2

10,609

0.05

0.03

Ingham

0

241

0

0

125

366

328

1.56

0.88

Ionia

0

4

0

0

0

4

5,912

0.09

0.05

Iosco

0

1

0

0

0

1

21,102

0.02

0.01

Isabella

0

1

0

0

0

1

28,185

0.02

0.01

Jackson

24

8

0

0

9

41

1,631

0.31

0.18

Kalamazoo

0

61

0

0

87

148

717

0.71

0.40

Kalkaska

0

0

0

0

0

0

n/a 

0.00

0.00

Kent

2

337

0

0

318

657

365

1.40

0.79

Lapeer

0

3

0

0

23

26

1,356

0.38

0.21

Leelanau

0

0

0

0

0

0

n/a 

0.00

0.00

Lenawee

0

6

0

0

1

7

6,038

0.08

0.05

Livingston

1

10

0

0

156

167

422

1.21

0.68

Macomb

351

873

0

0

282

1,506

230

2.22

1.25

Manistee

0

0

0

0

0

0

n/a 

0.00

0.00

Marquette

0

1

0

0

2

3

11,360

0.04

0.03

Mason

0

1

0

0

0

1

16,844

0.03

0.02

Mecosta

0

0

0

0

1

1

21,051

0.02

0.01

Midland

0

0

0

0

0

0

n/a 

0.00

0.00

Monroe

4

7

0

0

25

36

1,727

0.30

0.17

Montcalm

1

1

0

0

2

4

6,821

0.07

0.04

Montmorency

0

1

0

0

0

1

9,683

0.05

0.03

Muskegon

0

16

0

0

86

102

712

0.72

0.40

Newaygo

1

3

0

0

2

6

4,101

0.12

0.07

Oakland

293

38

0

0

533

864

601

0.85

0.48

Oceana

0

1

0

0

2

3

5,238

0.10

0.05

Ogemaw

0

2

0

0

0

2

8,014

0.06

0.04

Osceola

0

0

0

0

0

0

 n/a

0.00

0.00

Otsego

0

2

0

0

1

3

4,888

0.10

0.06

Ottawa

0

82

0

0

55

137

713

0.72

0.40

Roscommon

0

1

0

0

3

4

6,203

0.08

0.05

Saginaw

0

46

0

0

96

142

622

0.82

0.46

Saint Clair

0

10

0

0

96

106

688

0.74

0.42

Saint Joseph

0

0

0

0

2

2

13,709

0.04

0.02

Sanilac

0

1

0

0

16

17

1,298

0.39

0.22

Shiawassee

0

3

0

0

35

38

796

0.64

0.36

Tuscola

0

4

0

0

3

7

3,443

0.15

0.08

Van Buren

9

2

0

0

2

13

2,786

0.18

0.10

Washtenaw

58

121

0

0

54

233

621

0.82

0.46

Wayne

2,750

3,987

0

0

2,878

9,615

87

5.85

3.30

Wexford

0

2

0

0

1

3

5,320

0.10

0.05

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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