MICHIGAN FORECLOSURE ACTIVITY UP 2 PERCENT IN DECEMBER

Activity Up 71 Percent From December 2006; Foreclosure Rate Ranked No. 6

 

IRVINE, Calif. – Jan. 25, 2008 – Michigan reported 11,644 foreclosure filings in December, a 2 percent increase from the previous month, and a 71 percent increase from December 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 385 households was 1.5 times the national average and ranked sixth highest among the 50 states.

 

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.

 

“Job losses continued to plague the Michigan economy in December, sustaining the prolonged downturn in the housing sector in terms of both sales and prices, resulting in high foreclosure activity ,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate — well above the national average at 7.4 percent — is making it difficult for many Michigan homeowners who are struggling to pay their mortgages.

 

Although ranked fifth in the country for December, foreclosure activity in the Great Lakes State lagged far behind national leader California by more than 41,600 foreclosure filings. Second ranked Florida had almost 20,000 more filings for the month. Third place Texas tallied about 600 more foreclosure filings than Michigan, while fourth place Ohio reported about 400 more filings during the month. The remaining states in the nation’s top 10 for total foreclosure filings in December were Nevada, Illinois, Georgia, Arizona and Colorado.

 

Wayne County leads state in foreclosure filings and rate for December

Wayne County reported the highest county total and the highest foreclosure rate in the state for December. The county reported 5,730 foreclosure filings during the month, and a rate of  one foreclosure filing for every 146 households — 2.6 times the state average and 3.9 times the national average.

 

Oakland County posted the state’s second highest county foreclosure total with 1,458 foreclosure filings.

 

Macomb County reported the third highest total with 1,076 foreclosure filings and the fourth highest foreclosure rate, one foreclosure filing for every 322 households — 1.2 times the state average and 1.8 times the national average.

 

Kent County had the fourth highest monthly total with 891 foreclosure filings and the second highest foreclosure rate for the month, one foreclosure filing for every 269 households — 2.2 times the national average – 1.4 times the state average and 2.2 times the national average.

 

Calhoun County posted the third highest foreclosure rate, one foreclosure filing for every 295 households — 1.3 times the state average and 1.9 times the national average.

 

Total foreclosure filings in the top four counties accounted for 79 percent of all filings entering some stage of the foreclosure pipeline in the state for the month.

 

State a major contributor to national total for December

Total foreclosure filings in Michigan accounted for 5 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

Michigan

1,768

5,996

0

0

3,880

11,644

385

1.50

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

0

0

0

0

n/a

0.00

0.00

Alger

0

0

0

0

0

0

n/a

0.00

0.00

Allegan

0

1

0

0

36

37

1,280

0.45

0.30

Alpena

0

0

0

0

0

0

n/a

0.00

0.00

Antrim

0

0

0

0

0

0

n/a

0.00

0.00

Arenac

0

0

0

0

0

0

n/a

0.00

0.00

Baraga

0

0

0

0

0

0

n/a

0.00

0.00

Barry

0

0

0

0

2

2

12,801

0.05

0.03

Bay

0

1

0

0

41

42

1,140

0.51

0.34

Benzie

0

0

0

0

0

0

n/a

0.00

0.00

Berrien

1

3

0

0

37

41

1,854

0.31

0.21

Branch

0

0

0

0

1

1

20,630

0.03

0.02

Calhoun

0

178

0

0

27

205

295

1.96

1.30

Cass

1

0

0

0

0

1

25,242

0.02

0.02

Charlevoix

0

0

0

0

0

0

n/a

0.00

0.00

Cheboygan

0

0

0

0

0

0

n/a

0.00

0.00

Chippewa

0

0

0

0

0

0

n/a

0.00

0.00

Clare

0

1

0

0

1

2

11,499

0.05

0.03

Clinton

0

32

0

0

19

51

567

1.02

0.68

Crawford

0

0

0

0

1

1

10,558

0.05

0.04

Delta

0

1

0

0

0

1

20,045

0.03

0.02

Dickinson

0

2

0

0

0

2

7,019

0.08

0.05

Eaton

0

29

0

0

44

73

618

0.93

0.62

Emmet

0

1

0

0

0

1

20,430

0.03

0.02

Genesee

15

321

0

0

104

440

444

1.30

0.87

Gladwin

0

1

0

0

0

1

18,136

0.03

0.02

Gogebic

0

0

0

0

0

0

n/a

0.00

0.00

Grand Traverse

0

2

0

0

0

2

19,471

0.03

0.02

Gratiot

0

2

0

0

0

2

7,950

0.07

0.05

Hillsdale

0

1

0

0

0

1

21,560

0.03

0.02

Houghton

0

1

0

0

0

1

18,287

0.03

0.02

Huron

0

5

0

0

0

5

4,243

0.14

0.09

Ingham

3

289

0

0

42

334

359

1.61

1.07

Ionia

0

3

0

0

0

3

7,883

0.07

0.05

Iosco

0

1

0

0

0

1

21,102

0.03

0.02

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

4

4

0

0

2

10

6,688

0.09

0.06

Kalamazoo

0

3

0

0

60

63

1,684

0.34

0.23

Kalkaska

0

1

0

0

0

1

11,566

0.05

0.03

Kent

0

595

0

0

296

891

269

2.15

1.43

Keweenaw

0

0

0

0

0

0

n/a

0.00

0.00

Lake

0

0

0

0

0

0

n/a

0.00

0.00

Lapeer

0

1

0

0

37

38

928

0.62

0.41

Leelanau

0

0

0

0

0

0

n/a

0.00

0.00

Lenawee

0

9

0

0

0

9

4,696

0.12

0.08

Livingston

1

117

0

0

33

151

467

1.24

0.82

Luce

0

0

0

0

0

0

n/a

0.00

0.00

Mackinac

0

0

0

0

0

0

n/a

0.00

0.00

Macomb

146

616

0

0

314

1,076

322

1.79

1.19

Manistee

0

0

0

0

0

0

n/a

0.00

0.00

Marquette

1

1

0

0

0

2

17,040

0.03

0.02

Mason

0

1

0

0

0

1

16,844

0.03

0.02

Mecosta

0

0

0

0

0

0

n/a

0.00

0.00

Menominee

0

0

0

0

0

0

n/a

0.00

0.00

Midland

0

2

0

0

0

2

17,557

0.03

0.02

Missaukee

0

0

0

0

0

0

n/a

0.00

0.00

Monroe

5

5

0

0

4

14

4,441

0.13

0.09

Montcalm

0

3

0

0

0

3

9,095

0.06

0.04

Montmorency

0

0

0

0

0

0

n/a

0.00

0.00

Muskegon

0

12

0

0

90

102

712

0.81

0.54

Newaygo

0

2

0

0

1

3

8,201

0.07

0.05

Oakland

264

664

0

0

530

1,458

356

1.62

1.08

Oceana

0

0

0

0

0

0

n/a

0.00

0.00

Ogemaw

0

0

0

0

0

0

n/a

0.00

0.00

Ontonagon

0

0

0

0

0

0

n/a

0.00

0.00

Osceola

0

1

0

0

1

2

6,712

0.09

0.06

Oscoda

0

0

0

0

0

0

n/a

0.00

0.00

Otsego

0

1

0

0

0

1

14,664

0.04

0.03

Ottawa

0

98

0

0

70

168

581

0.99

0.66

Presque Isle

0

0

0

0

0

0

n/a

0.00

0.00

Roscommon

0

1

0

0

2

3

8,271

0.07

0.05

Saginaw

0

101

0

0

75

176

502

1.15

0.77

Saint Clair

1

179

0

0

37

217

336

1.72

1.14

Saint Joseph

0

0

0

0

0

0

n/a

0.00

0.00

Sanilac

0

2

0

0

19

21

1,051

0.55

0.37

Schoolcraft

0

0

0

0

0

0

n/a

0.00

0.00

Shiawassee

0

8

0

0

52

60

504

1.14

0.76

Tuscola

0

5

0

0

0

5

4,820

0.12

0.08

Van Buren

0

1

0

0

0

1

36,223

0.02

0.01

Washtenaw

26

139

0

0

20

185

782

0.74

0.49

Wayne

1,300

2,548

0

0

1,882

5,730

146

3.94

2.63

Wexford

0

1

0

0

0

1

15,960

0.04

0.02

 

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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