MICHIGAN FORECLOSURE ACTIVITY UP 17 PERCENT IN AUGUST

Statewide Filings Down 13 Percent From August 2007; Rate Ranks No. 5

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 13,605 Michigan properties in August, an increase of 17 percent from the previous month, and 13 percent below the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 332 Michigan households received a foreclosure filing during the month, giving it the fifth 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 in Michigan has fluctuated within a narrow margin so far this year. The good news is, however, that total filings in August were significantly down from their reported high a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The crisis is far from over, however, with a level of unemployment that far exceeds the national average and home prices which continue to deflate, making it extremely difficult for homeowners in financial distress to find a way out of foreclosure.

 

Total foreclosure activity in the Great Lakes State is well below the level reported by national leader California which documented 101,724 properties with foreclosure filings in August. The state total is also well behind second place Florida, which reported 44,000 properties with foreclosure filings for the month. Arizona came in third, reporting 14,333 properties with foreclosure filings. Nevada was in fifth place, reporting 11,706 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in August were Ohio, Texas, Illinois, Georgia and New Jersey.

 

Bulk of state foreclosure activity for August in five counties

Five Michigan counties accounted for 80 percent of all foreclosure activity in the state for August. Wayne County led the way, reporting 5,762 properties with foreclosure filings for the month. Oakland County came in second, reporting 2,140 properties with foreclosure filings. Third highest was Macomb County, reporting 1,413 properties with foreclosure filings. Genesee County came in fourth, documenting 890 properties with foreclosure filings, followed by fifth place Kent County, reporting 725 properties with foreclosure filings during the month.

 

Wayne County posts state’s top foreclosure rate for August

Wayne County posted the highest foreclosure rate in Michigan for August, where one in every 146 households received a foreclosure filing during the month — 2.3 times the state average and 2.8 times the national average. Genesee County posted the second highest foreclosure rate, where one in every 221 households received a foreclosure filing — 1.5 times the state average and 1.9 times the national average. Oakland County reported the third highest foreclosure rate, with one in every 244 households receiving a foreclosure filing during the month — 1.4 times the state average and 1.7 times the national average.

 

State a significant contributor to nation’s foreclosure total in August

Michigan accounted for 4 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Michigan

2,450

0

5,588

0

5,567

13,605

332

1.25

n/a

 

 

 

 

 

 

 

 

 

Alcona

0

0

1

0

0

1

11,134

0.04

0.03

Alger

0

0

1

0

0

1

6,522

0.06

0.05

Allegan

0

0

46

0

32

78

614

0.68

0.54

Alpena

0

0

1

0

2

3

5,189

0.08

0.06

Antrim

0

0

3

0

0

3

5,488

0.08

0.06

Arenac

0

0

1

0

0

1

10,044

0.04

0.03

Baraga

0

0

0

0

0

0

n/a

0.00

0.00

Barry

0

0

8

0

16

24

1,078

0.39

0.31

Bay

2

0

56

0

50

108

445

0.93

0.75

Benzie

0

0

3

0

1

4

2,939

0.14

0.11

Berrien

2

0

8

0

65

75

1,021

0.41

0.32

Branch

0

0

0

0

1

1

20,688

0.02

0.02

Calhoun

0

0

30

0

71

101

601

0.69

0.55

Cass

0

0

4

0

0

4

6,370

0.07

0.05

Charlevoix

0

0

1

0

2

3

5,744

0.07

0.06

Cheboygan

0

0

2

0

2

4

4,453

0.09

0.07

Chippewa

0

0

0

0

0

0

n/a

0.00

0.00

Clare

0

0

2

0

1

3

7,689

0.05

0.04

Clinton

0

0

21

0

29

50

588

0.71

0.56

Crawford

0

0

0

0

0

0

n/a

0.00

0.00

Delta

0

0

0

0

1

1

20,135

0.02

0.02

Dickinson

0

0

0

0

0

0

n/a

0.00

0.00

Eaton

1

0

12

0

56

69

660

0.63

0.50

Emmet

0

0

3

0

3

6

3,474

0.12

0.10

Genesee

8

0

381

0

501

890

221

1.88

1.50

Gladwin

0

0

3

0

0

3

6,089

0.07

0.05

Gogebic

0

0

1

0

0

1

11,042

0.04

0.03

Grand Traverse

0

0

3

0

0

3

13,331

0.03

0.02

Gratiot

0

0

2

0

2

4

3,984

0.10

0.08

Hillsdale

0

0

2

0

25

27

804

0.52

0.41

Houghton

0

0

0

0

0

0

n/a

0.00

0.00

Huron

0

0

0

0

1

1

21,274

0.02

0.02

Ingham

8

0

168

0

234

410

295

1.41

1.13

Ionia

0

0

5

0

29

34

704

0.59

0.47

Iosco

0

0

2

0

0

2

10,587

0.04

0.03

Iron

0

0

0

0

0

0

n/a

0.00

0.00

Isabella

0

0

0

0

0

0

n/a

0.00

0.00

Jackson

7

0

29

0

9

45

1,502

0.28

0.22

Kalamazoo

0

0

8

0

99

107

1,000

0.42

0.33

Kalkaska

0

0

0

0

0

0

n/a

0.00

0.00

Kent

1

0

401

0

323

725

334

1.25

0.99

Keweenaw

0

0

0

0

0

0

n/a

0.00

0.00

Lake

0

0

1

0

1

2

7,126

0.06

0.05

Lapeer

0

0

11

0

32

43

829

0.50

0.40

Leelanau

0

0

0

0

1

1

14,771

0.03

0.02

Lenawee

0

0

9

0

9

18

2,371

0.18

0.14

Livingston

0

0

121

0

18

139

517

0.80

0.64

Luce

0

0

0

0

0

0

n/a

0.00

0.00

Mackinac

0

0

1

0

0

1

10,292

0.04

0.03

Macomb

292

0

657

0

464

1,413

248

1.68

1.34

Manistee

0

0

2

0

1

3

4,960

0.08

0.07

Marquette

0

0

0

0

0

0

n/a

0.00

0.00

Mason

0

0

5

0

0

5

3,421

0.12

0.10

Mecosta

0

0

3

0

2

5

4,287

0.10

0.08

Menominee

0

0

0

0

0

0

n/a

0.00

0.00

Midland

0

0

2

0

0

2

17,611

0.02

0.02

Missaukee

0

0

2

0

0

2

4,567

0.09

0.07

Monroe

8

0

21

0

12

41

1,538

0.27

0.22

Montcalm

0

0

4

0

28

32

857

0.48

0.39

Montmorency

0

0

2

0

0

2

4,863

0.09

0.07

Muskegon

0

0

21

0

124

145

504

0.82

0.66

Newaygo

0

0

2

0

2

4

6,187

0.07

0.05

Oakland

429

0

804

0

907

2,140

244

1.70

1.36

Oceana

0

0

1

0

4

5

3,175

0.13

0.10

Ogemaw

0

0

1

0

2

3

5,378

0.08

0.06

Ontonagon

0

0

1

0

0

1

5,609

0.07

0.06

Osceola

0

0

2

0

1

3

4,485

0.09

0.07

Oscoda

0

0

0

0

0

0

n/a

0.00

0.00

Otsego

0

0

0

0

1

1

14,736

0.03

0.02

Ottawa

1

0

68

0

78

147

676

0.62

0.49

Presque Isle

0

0

1

0

0

1

10,582

0.04

0.03

Roscommon

0

0

6

0

2

8

3,120

0.13

0.11

Saginaw

0

0

147

0

24

171

519

0.80

0.64

Saint Clair

2

0

105

0

15

122

603

0.69

0.55

Saint Joseph

0

0

6

0

28

34

809

0.51

0.41

Sanilac

0

0

6

0

8

14

1,578

0.26

0.21

Schoolcraft

0

0

0

0

0

0

n/a

0.00

0.00

Shiawassee

0

0

8

0

38

46

660

0.63

0.50

Tuscola

0

0

5

0

2

7

3,454

0.12

0.10

Van Buren

0

0

24

0

28

52

703

0.59

0.47

Washtenaw

118

0

180

0

138

436

336

1.24

0.99

Wayne

1,571

0

2,150

0

2,041

5,762

146

2.84

2.27

Wexford

0

0

1

0

1

2

8,102

0.05

0.04

 

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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