MICHIGAN FORECLOSURE ACTIVITY UP 28 PERCENT IN NOVEMBER

Filings Statewide Increase 27 Percent From November 2007; Rate Ranks No. 5

 

IRVINE, Calif. – Dec. 29, 2008 – Total foreclosure filings in Michigan bounced higher for the second month in a row, increasing 28 percent in November to 14,594 properties with foreclosure filings, 27 percent ahead of the level reported in November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 309 Michigan housing units received a foreclosure filing during the month, 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 is up substantially in Michigan since the beginning of the year and is well ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although there was a slight increase in home sales during the third quarter, it does not appear to be enough to counteract the huge inventory of unsold homes and skyrocketing unemployment that is fueling foreclosure filings.”

 

Foreclosure activity in the Great Lakes State fell climbed from seventh to third highest in the nation, but was still far below the level set by national leader California which reported 60,491 properties with foreclosure filings in November. Michigan was also well behind second place Florida, which reported 49,190 properties with foreclosure filings for the month. Nevada remained at fourth highest, documenting 13,962 properties with foreclosure filings. Arizona fell from third to fifth highest, reporting 13,136 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois, Texas and Virginia.

 

Five counties account for bulk of foreclosure activity in November

Total foreclosure filings in Michigan’s top five counties accounted for 64 percent of the activity in the state during November. Leading the way was Wayne County, reporting 4,099 properties with foreclosure filings. Macomb County came in second highest, reporting 1,646 properties with foreclosure filings. Oakland County was close behind in third place, reporting 1,529 properties with foreclosure filings. Kent County came in fourth place, documenting 999 properties with foreclosure filings. Genesee County had the fifth highest total, reporting 894 properties with foreclosure filings.

 

State’s highest foreclosure rate found in Benzie County

With one in every 100 housing units receiving a foreclosure filing — 3.1 times the state average and 4.9 times the national average — Benzie County reported the highest foreclosure rate in the state for November. The second highest rate was reported in Ionia County, where one in every 153 housing units received a foreclosure filing — twice the state average and 3.2 times the national average. Third highest rate was documented in Lapeer County, where one in every 190 housing units received a foreclosure filing during the month — 1.6 times the state average and 2.6 times the national average.

 

State a major contributor to nation’s foreclosure total in November

Michigan accounted for 6 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 U.S. housing units received 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Michigan

8,709

0

285

0

5,600

14,594

309

1.58

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

8

0

0

0

0

8

1,392

0.35

0.22

Alger

6

0

0

0

0

6

1,087

0.45

0.28

Allegan

56

0

1

0

13

70

684

0.71

0.45

Alpena

18

0

0

0

0

18

865

0.56

0.36

Antrim

22

0

0

0

1

23

716

0.68

0.43

Arenac

18

0

0

0

1

19

529

0.92

0.59

Baraga

1

0

0

0

0

1

4,858

0.10

0.06

Barry

33

0

0

0

23

56

462

1.06

0.67

Bay

67

0

1

0

43

111

433

1.13

0.71

Benzie

7

0

1

0

110

118

100

4.89

3.10

Berrien

75

0

2

0

64

141

543

0.90

0.57

Branch

38

0

3

0

0

41

505

0.97

0.61

Calhoun

155

0

4

0

48

207

293

1.66

1.06

Cass

17

0

0

0

2

19

1,341

0.36

0.23

Charlevoix

28

0

0

0

2

30

574

0.85

0.54

Cheboygan

13

0

1

0

2

16

1,113

0.44

0.28

Chippewa

15

0

0

0

3

18

1,144

0.43

0.27

Clare

26

0

1

0

1

28

824

0.59

0.38

Clinton

50

0

2

0

12

64

460

1.06

0.67

Crawford

9

0

0

0

1

10

1,069

0.46

0.29

Delta

12

0

0

0

0

12

1,678

0.29

0.18

Dickinson

10

0

0

0

0

10

1,410

0.35

0.22

Eaton

114

0

3

0

53

170

268

1.82

1.16

Emmet

21

0

1

0

1

23

906

0.54

0.34

Genesee

502

0

14

0

378

894

220

2.21

1.40

Gladwin

26

0

0

0

1

27

677

0.72

0.46

Gogebic

2

0

0

0

0

2

5,521

0.09

0.06

Grand Traverse

67

0

1

0

19

87

460

1.06

0.67

Gratiot

22

0

0

0

2

24

664

0.73

0.47

Hillsdale

19

0

1

0

0

20

1,085

0.45

0.29

Houghton

4

0

1

0

0

5

3,673

0.13

0.08

Huron

13

0

0

0

1

14

1,520

0.32

0.20

Ingham

203

0

7

0

126

336

359

1.36

0.86

Ionia

59

0

6

0

91

156

153

3.18

2.02

Iosco

29

0

0

0

1

30

706

0.69

0.44

Iron

7

0

0

0

0

7

1,293

0.38

0.24

Isabella

16

0

0

0

0

16

1,782

0.27

0.17

Jackson

131

0

6

0

10

147

460

1.06

0.67

Kalamazoo

190

0

5

0

67

262

408

1.19

0.76

Kalkaska

15

0

1

0

0

16

728

0.67

0.43

Kent

608

0

4

0

387

999

242

2.01

1.28

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

5

0

0

0

1

6

2,375

0.21

0.13

Lapeer

104

0

1

0

83

188

190

2.57

1.63

Leelanau

6

0

0

0

2

8

1,846

0.26

0.17

Lenawee

82

0

0

0

8

90

474

1.03

0.65

Livingston

165

0

2

0

72

239

301

1.62

1.03

Luce

2

0

0

0

2

4

1,073

0.45

0.29

Mackinac

2

0

0

0

1

3

3,431

0.14

0.09

Macomb

683

0

35

0

928

1,646

213

2.29

1.45

Manistee

19

0

1

0

0

20

744

0.66

0.42

Marquette

27

0

0

0

0

27

1,271

0.38

0.24

Mason

17

0

0

0

1

18

950

0.51

0.33

Mecosta

25

0

0

0

7

32

670

0.73

0.46

Menominee

6

0

0

0

1

7

2,042

0.24

0.15

Midland

36

0

0

0

21

57

618

0.79

0.50

Missaukee

8

0

0

0

0

8

1,142

0.43

0.27

Monroe

119

0

4

0

18

141

447

1.09

0.69

Montcalm

75

0

2

0

66

143

192

2.54

1.61

Montmorency

9

0

0

0

1

10

973

0.50

0.32

Muskegon

220

0

9

0

119

348

210

2.32

1.47

Newaygo

40

0

0

0

1

41

604

0.81

0.51

Oakland

914

0

41

0

574

1,529

342

1.43

0.90

Oceana

23

0

1

0

1

25

635

0.77

0.49

Ogemaw

6

0

0

0

0

6

2,689

0.18

0.12

Ontonagon

1

0

0

0

0

1

5,609

0.09

0.06

Osceola

23

0

0

0

1

24

561

0.87

0.55

Oscoda

5

0

0

0

0

5

1,815

0.27

0.17

Otsego

23

0

1

0

3

27

546

0.89

0.57

Ottawa

144

0

2

0

86

232

428

1.14

0.72

Presque Isle

10

0

0

0

0

10

1,058

0.46

0.29

Roscommon

29

0

0

0

1

30

832

0.59

0.37

Saginaw

180

0

5

0

54

239

371

1.31

0.83

Saint Clair

167

0

2

0

102

271

271

1.80

1.14

Saint Joseph

47

0

2

0

14

63

437

1.12

0.71

Sanilac

54

0

0

0

4

58

381

1.28

0.81

Schoolcraft

1

0

0

0

0

1

6,028

0.08

0.05

Shiawassee

95

0

1

0

30

126

241

2.02

1.28

Tuscola

75

0

3

0

3

81

298

1.63

1.04

Van Buren

63

0

0

0

19

82

446

1.09

0.69

Washtenaw

142

0

6

0

194

342

428

1.14

0.72

Wayne

2,279

0

101

0

1,719

4,099

206

2.37

1.50

Wexford

46

0

0

0

0

46

352

1.38

0.88

 

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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