Michigan Foreclosure Activity Up 12 Percent in 2009

Foreclosure rate ranks #8 nationally; activity up 36 percent from 2007;

Activity up 26 percent from November

 

Michigan ended 2009 tallying 118,302 properties with foreclosure filings, a 12 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 36 percent higher than the level reported for all of 2007. With one in every 38 housing units receiving a foreclosure filing, Michigan’s foreclosure rate ranked eighth highest in the nation for the year.

 

Michigan reported 20,140 properties with foreclosure filings in December, a 26 percent increase over the previous month, and up 49 percent from December 2008. The state’s foreclosure rate — one in every 225 housing units received a foreclosure filing — was seventh highest in the nation for the month.

 

Michigan’s steady increase in foreclosure activity over the past year sealed its place among the top ten most affected states in the nation for 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s soaring unemployment rate — far above that of the national average — played a major role in creating its mounting pile of foreclosure filings, which is expected to grow further as we head into 2010.”

 

Michigan had the fifth highest foreclosure total in 2009. California led the nation with 632,573 properties with foreclosure filings for 2009. Florida maintained the second highest total with 516,711 properties with foreclosure filings. Arizona came in a distant third, reporting 163,210 properties with foreclosure filings. Illinois took fourth place, documenting 131,132 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Georgia (106,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Wayne County leads state with highest foreclosure rate for 2009

Wayne County posted the highest county foreclosure rate in Michigan for the year, with one in every 26 housing units receiving a foreclosure filing in 2009. Macomb County followed in a close second, reporting one in every 26 housing units receiving a foreclosure filing. Lapeer County came in third highest, reporting one in every 29 housing units receiving a foreclosure filing. Livingston County was fourth highest and Oakland had the fifth highest rate, each reporting one in every 30 housing units receiving a foreclosure filing.

 

Wayne County posts state’s highest total foreclosure filings in 2009

Wayne County also led Michigan in total foreclosures in 2009, reporting 32,366 properties with foreclosure filings in 2009. Oakland County had the second highest total, documenting 17,475 properties with foreclosure filings. Macomb County had the third highest total in Michigan, reporting 13,339 properties with foreclosure filings for the year. Kent County was fourth highest, reporting 6,544 properties with foreclosure filings, followed by Genesee County in fifth place, tallying 5,693 properties with foreclosure filings for all of 2009.

 

State the fifth largest contributor to nation’s foreclosure total in 2009

Michigan accounted for 4 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Michigan

118,302

2.61

38

11.54

35.65

 

 

 

 

 

 

Wayne

32,366

3.86

26

-15.06

-21.78

Macomb

13,339

3.78

26

21.77

59.54

Lapeer

1,227

3.43

29

34.84

132.83

Livingston

2,424

3.35

30

36.87

160.09

Oakland

17,475

3.33

30

12.71

68.69

 

 

Michigan Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Michigan

118,302

2.61

38

11.54

35.65

 

 

 

 

 

 

Wayne

32,366

3.86

26

-15.06

-21.78

Oakland

17,475

3.33

30

12.71

68.69

Macomb

13,339

3.78

26

21.77

59.54

Kent

6,544

2.69

37

6.70

35.80

Genesee

5,963

3.02

33

1.71

10.77

 

 

Michigan Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Michigan

6,675

0

7,727

0

5,738

20,140

225

1.63

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,861

0

2,030

0

1,731

5,622

149

2.45

1.51

Oakland

988

0

1,383

0

1,137

3,508

150

2.45

1.50

Macomb

758

0

974

0

540

2,272

155

2.36

1.45

Livingston

132

0

125

0

149

406

178

2.05

1.26

Lapeer

70

0

73

0

53

196

183

2.01

1.23

 

 

Michigan Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Michigan

6,675

0

7,727

0

5,738

20,140

225

25.97

48.60

 

 

 

 

 

 

 

 

 

 

Wayne

1,861

0

2,030

0

1,731

5,622

2

8.74

31.39

Oakland

988

0

1,383

0

1,137

3,508

2

51.99

58.52

Macomb

758

0

974

0

540

2,272

21

28.29

83.82

Genesee

383

0

462

0

232

1,077

14

52.33

65.69

Kent

360

0

331

0

282

973

17

11.97

16.39

 

 

 

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