MICHIGAN FORECLOSURE ACTIVITY UP 2 PERCENT IN FEBRUARY

Statewide Filings Up 18 Percent From February 2007; Rate in Nation’s Top 10

 

IRVINE, Calif. – March 26, 2008 – Michigan reported 10,957 properties with foreclosure filings for February 2008, the fourth highest total in the nation. The total represents a 2 percent increase from the previous month and is 18 percent above the level reported for February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 409 Michigan households received a foreclosure filing during the month, 1.4 times the national average and ranking the sixth highest foreclosure rate 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.

 

“Economic conditions being what they are, Michigan is lingering in a cycle of foreclosure activity on both a monthly and yearly basis that shows no sign of easing up anytime soon,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is way above the national average while home sales only slightly improved over February 2007. Still, home prices were depressed on a yearly basis by more than 10 percent, making it difficult for troubled homeowners to sell their way out of foreclosure.

 

Foreclosure activity in The Great Lakes State was far outdistanced by national leader California, which reported 53,629 properties with foreclosure filings in February. The state total was also well behind second place Florida, which documented 32,447 properties with foreclosure filings. Texas was comfortably in third place, reporting 12,261 properties with foreclosure filings for the month. Michigan barely beat out Ohio with its 10,386 properties with foreclosure filings for fourth place. The remaining states in the nation’s top 10 for total foreclosure filings in February were Arizona, Illinois, Georgia, Colorado and Nevada.

 

Wayne County reports highest foreclosure activity and rate for the month

Wayne County led the state in terms of both foreclosure activity and foreclosure rate in February, reporting 4,809 properties with foreclosure filings for a rate of one in every 175 households receiving a foreclosure filing — 2.3 times the state rate and 3.2 times the national rate.

 

Second highest foreclosure total in the state was in Oakland County, with 1,433 properties with foreclosure filings. Macomb County reported 968 properties with foreclosure filings, the state’s third highest total for the month. Kent County came in fourth, with 784 properties with foreclosure filings, followed by Genesee County in fifth place, reporting 605 properties with foreclosure filings.

 

Kent County posted the second highest foreclosure rate in the state for February, with one in every 306 households receiving a foreclosure filing — 1.3 times the state average and 1.8 times the national average. Calhoun County documented the state’s third highest rate, with one in every 313 households receiving a foreclosure filing. Fourth highest rate — one in every 323 households receiving a foreclosure filing — was reported in Genesee County, and the fifth highest rate — one in every 325 households receiving a foreclosure filing — was reported in Livingston County.

 

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

Michigan accounted for nearly 5 percent of the 223,651 properties with foreclosure filings reported nationwide in January. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Michigan

1,163

6,798

0

0

2,996

10,957

409

1.36

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

43

0

0

18

61

776

0.72

0.53

Alpena

0

0

0

0

0

0

n/a

0.00

0.00

Antrim

0

2

0

0

0

2

8,182

0.07

0.05

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

2

0

0

0

2

12,801

0.04

0.03

Bay

0

0

0

0

73

73

656

0.85

0.62

Benzie

0

0

0

0

0

0

 n/a

0.00

0.00

Berrien

0

5

0

0

55

60

1,267

0.44

0.32

Branch

0

1

0

0

0

1

20,630

0.03

0.02

Calhoun

0

139

0

0

54

193

313

1.78

1.31

Cass

0

0

0

0

1

1

25,242

0.02

0.02

Charlevoix

0

0

0

0

1

1

17,001

0.03

0.02

Cheboygan

1

0

0

0

1

2

8,831

0.06

0.05

Chippewa

0

0

0

0

0

0

 n/a

0.00

0.00

Clare

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

0

10

0

0

21

31

932

0.60

0.44

Crawford

0

0

0

0

0

0

 n/a

0.00

0.00

Delta

0

0

0

0

0

0

 n/a

0.00

0.00

Dickinson

0

0

0

0

0

0

 n/a

0.00

0.00

Eaton

0

49

0

0

34

83

544

1.02

0.75

Emmet

0

0

0

0

0

0

 n/a

0.00

0.00

Genesee

8

475

0

0

122

605

323

1.72

1.26

Gladwin

0

1

0

0

1

2

9,068

0.06

0.05

Gogebic

0

0

0

0

0

0

 n/a

0.00

0.00

Grand Traverse

0

0

0

0

0

0

 n/a

0.00

0.00

Gratiot

0

0

0

0

0

0

 n/a

0.00

0.00

Hillsdale

0

1

0

0

1

2

10,780

0.05

0.04

Houghton

0

0

0

0

0

0

 n/a

0.00

0.00

Huron

0

0

0

0

0

0

 n/a

0.00

0.00

Ingham

6

215

0

0

99

320

375

1.48

1.09

Ionia

0

3

0

0

2

5

4,730

0.12

0.09

Iosco

0

0

0

0

0

0

 n/a

0.00

0.00

Iron

0

0

0

0

0

0

 n/a

0.00

0.00

Isabella

0

1

0

0

1

2

14,093

0.04

0.03

Jackson

1

10

0

0

0

11

6,080

0.09

0.07

Kalamazoo

1

84

0

0

78

163

651

0.86

0.63

Kalkaska

0

1

0

0

0

1

11,566

0.05

0.04

Kent

2

576

0

0

206

784

306

1.82

1.34

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

1

1

0

0

79

81

435

1.28

0.94

Leelanau

0

0

0

0

0

0

 n/a

0.00

0.00

Lenawee

0

5

0

0

1

6

7,045

0.08

0.06

Livingston

0

172

0

0

45

217

325

1.72

1.26

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

118

649

0

0

201

968

358

1.56

1.14

Manistee

0

0

0

0

0

0

 n/a

0.00

0.00

Marquette

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

0

0

0

0

 n/a

0.00

0.00

Mecosta

0

1

0

0

0

1

21,051

0.03

0.02

Menominee

0

0

0

0

0

0

 n/a

0.00

0.00

Midland

0

0

0

0

0

0

 n/a

0.00

0.00

Missaukee

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

2

1

0

0

3

6

10,363

0.05

0.04

Montcalm

1

5

0

0

0

6

4,548

0.12

0.09

Montmorency

0

0

0

0

0

0

 n/a

0.00

0.00

Muskegon

0

11

0

0

143

154

472

1.18

0.87

Newaygo

0

0

0

0

0

0

 n/a

0.00

0.00

Oakland

288

697

0

0

448

1,433

362

1.54

1.13

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

0

0

0

0

0

 n/a

0.00

0.00

Oscoda

0

0

0

0

0

0

 n/a

0.00

0.00

Otsego

0

0

0

0

0

0

 n/a

0.00

0.00

Ottawa

0

98

0

0

79

177

552

1.01

0.74

Presque Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Roscommon

0

2

0

0

0

2

12,407

0.04

0.03

Saginaw

2

131

0

0

36

169

523

1.06

0.78

Saint Clair

1

135

0

0

25

161

453

1.23

0.90

Saint Joseph

0

2

0

0

0

2

13,709

0.04

0.03

Sanilac

0

5

0

0

20

25

883

0.63

0.46

Schoolcraft

0

0

0

0

0

0

 n/a

0.00

0.00

Shiawassee

1

0

0

0

46

47

644

0.86

0.63

Tuscola

0

1

0

0

0

1

24,099

0.02

0.02

Van Buren

0

42

0

0

1

43

842

0.66

0.49

Washtenaw

50

164

0

0

29

243

596

0.93

0.69

Wayne

680

3,058

0

0

1,071

4,809

175

3.19

2.34

Wexford

0

0

0

0

1

1

15,960

0.03

0.03

 

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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