MICHIGAN FORECLOSURE ACTIVITY UP 22 PERCENT IN 2008

More than 106,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 106,058 Michigan properties in 2008, an increase of 22 percent from 2007 and an increase of 108 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 2.35 percent of all Michigan housing units received at least one foreclosure filing during the year, up from 1.95 percent in 2007.

 

Michigan reported 13,553 properties with foreclosure filings in December, a 7 percent decrease from the previous month, but still a 16 percent increase over December 2007.

 

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.

 

“The effects of recession are exacerbating Michigan’s reliance on the struggling domestic automobile industry,” said James J. Saccacio, chief executive officer of RealtyTrac. “Michigan’s 10.6 percent unemployment rate in December was the nation’s highest. Staggering job loses in the beleaguered auto industry, as well as in business and professional services, are expected to rise this year because consumers are spending less in the current recession. Mounting unemployment and continued weakening in the housing market could further deterioration the labor market and contribute to rising foreclosure activity in 2009.”

 

Wayne County reports highest total of foreclosure filings

Wayne County led the state reporting 38,106 properties with foreclosure filings for the year. Oakland County came in second, reporting 15,504 properties with foreclosure filings. Macomb County registered the third highest total, reporting 10,954 properties with foreclosure filings. Kent County documented the fourth highest foreclosure total, reporting 6,133 properties with foreclosure filings. Genesee County came in fifth, documenting 5,863 properties with foreclosure filings.

 

Wayne County posts top foreclosure rate

Wayne County topped the list, with 4.52 percent of its housing units receiving at least one foreclosure filing during the year. Macomb County came in second, with 3.13 percent of its housing units receiving at least one foreclosure filing. Genesee County posted the third highest foreclosure rate, where 2.98 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Oakland County (2.96 percent) and Lapeer County (2.55 percent).

 

State the fifth largest contributor to nation’s foreclosure total for 2008

Michigan accounted for 5 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Michigan

106,058

2.35

21.61

 

 

 

 

 

65

Alcona

19

0.17

1,800.00

66

Alger

11

0.17

1,000.00

21

Allegan

734

1.53

132.28

55

Alpena

42

0.27

950.00

48

Antrim

54

0.33

1,700.00

50

Arenac

32

0.32

540.00

80

Baraga

3

0.06

n/a

25

Barry

334

1.29

4,671.43

16

Bay

878

1.83

123.41

29

Benzie

131

1.11

13,000.00

27

Berrien

959

1.25

119.45

44

Branch

73

0.35

508.33

10

Calhoun

1,431

2.36

16.15

49

Cass

83

0.33

591.67

40

Charlevoix

67

0.39

n/a

60

Cheboygan

39

0.22

1,200.00

67

Chippewa

33

0.16

725.00

47

Clare

79

0.34

690.00

26

Clinton

379

1.29

43.02

59

Crawford

25

0.23

1,150.00

69

Delta

29

0.14

2,800.00

73

Dickinson

18

0.13

1,700.00

13

Eaton

923

2.03

41.56

56

Emmet

54

0.26

1,700.00

3

Genesee

5,863

2.98

8.92

46

Gladwin

63

0.34

950.00

79

Gogebic

7

0.06

75.00

36

Grand Traverse

177

0.44

532.14

37

Gratiot

67

0.42

570.00

32

Hillsdale

131

0.60

1,537.50

81

Houghton

9

0.05

n/a

70

Huron

30

0.14

328.57

9

Ingham

2,876

2.38

7.72

17

Ionia

418

1.75

971.79

51

Iosco

60

0.28

1,900.00

71

Iron

12

0.13

300.00

63

Isabella

51

0.18

537.50

28

Jackson

803

1.19

78.44

19

Kalamazoo

1,766

1.65

46.56

41

Kalkaska

43

0.37

616.67

6

Kent

6,133

2.54

27.27

83

Keweenaw

0

0.00

n/a

64

Lake

25

0.18

n/a

5

Lapeer

910

2.55

72.68

76

Leelanau

16

0.11

700.00

33

Lenawee

254

0.60

309.68

8

Livingston

1,771

2.46

90.02

75

Luce

5

0.12

n/a

74

Mackinac

12

0.12

1,100.00

2

Macomb

10,954

3.13

31.01

54

Manistee

41

0.28

1,950.00

68

Marquette

50

0.15

614.29

58

Mason

40

0.23

900.00

35

Mecosta

112

0.52

2,700.00

78

Menominee

10

0.07

n/a

38

Midland

142

0.40

1,190.91

57

Missaukee

23

0.25

475.00

30

Monroe

480

0.76

7.62

18

Montcalm

471

1.72

861.22

53

Montmorency

27

0.28

800.00

7

Muskegon

1,820

2.49

55.56

42

Newaygo

90

0.36

500.00

4

Oakland

15,504

2.96

49.67

45

Oceana

56

0.35

700.00

62

Ogemaw

32

0.20

540.00

77

Ontonagon

5

0.09

n/a

39

Osceola

53

0.39

960.00

72

Oscoda

12

0.13

n/a

43

Otsego

52

0.35

1,633.33

22

Ottawa

1,485

1.50

52.62

61

Presque Isle

21

0.20

950.00

52

Roscommon

70

0.28

900.00

12

Saginaw

1,915

2.16

44.42

11

Saint Clair

1,678

2.28

37.09

24

Saint Joseph

362

1.32

2,029.41

23

Sanilac

301

1.36

63.59

82

Schoolcraft

1

0.02

n/a

14

Shiawassee

593

1.95

70.40

31

Tuscola

159

0.66

341.67

20

Van Buren

588

1.61

1,533.33

15

Washtenaw

2,786

1.90

66.23

1

Wayne

38,106

4.52

-7.91

34

Wexford

87

0.54

866.67

 

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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