MICHIGAN FORECLOSURE ACTIVITY UP 8 PERCENT IN OCTOBER

Filings Statewide Decrease 15 Percent From October 2007; Rate Ranks No. 7

 

IRVINE, Calif. – Nov. 26, 2008 – Michigan reported 11,393 properties with foreclosure filings in October, the seventh highest activity level in the nation, an 8 percent increase from the previous month but down 15 percent from the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 396 Michigan housing units received a foreclosure filing during the month, the seventh 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 range so far this year with October’s activity going slightly higher for the month although markedly lower from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remains well above the national average, and bankruptcy filings are up, amid concerns of the struggling auto industry. Home prices are also continuing their downslide, making it increasingly possible that more homeowners may end up in foreclosure in the near future.”

 

Foreclosure activity around The Great Lakes State was far below national leader California, which reported 56,954 properties with foreclosure filings in October. The state total was also well below second place Florida, which reported 54,324 properties with foreclosure filings for the month. Arizona took over third place once again, reporting 17,507 properties with foreclosure filings. Nevada dropped down to fourth highest, documenting 14,483 properties with foreclosure filings. Illinois moved up from seventh to fifth highest, reporting 12,681 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Georgia, Texas and New Jersey.

 

Wayne County reports top foreclosure activity and rate for October

Wayne County led the state in both total foreclosure activity and foreclosure rate for October, reporting 4,585 properties with foreclosure filings and a rate of one in every 184 housing units receiving a foreclosure filing during the month — 2.2 times the state average and 2.5 times the national average.

 

Oakland County came in second highest, reporting 2,151 properties with foreclosure filings, and the second highest rate in the state of one in every 243 housing units receiving a foreclosure filing — 1.6 times the state average and 1.9 times the national average.

 

Macomb County ranked third highest, reporting 1,356 properties with foreclosure filings. The third highest rate was also documented in the county, where one in every 258 housing units received a foreclosure filing during the month — 1.5 times the state average and 1.8 times the national average.

 

Kent County came in fourth place, documenting 692 properties with foreclosure filings, while Genesee County reported 399 properties with foreclosure filings, the fifth highest activity level in the state for the month.

 

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

Michigan accounted for 4 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Michigan

5,223

0

434

0

5,736

11,393

396

1.14

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

0

0

0

0

 n/a

0.00

0.00

Alger

0

0

0

0

1

1

6,522

0.07

0.06

Allegan

0

0

1

0

55

56

855

0.53

0.46

Alpena

0

0

1

0

1

2

7,784

0.06

0.05

Antrim

0

0

1

0

0

1

16,463

0.03

0.02

Arenac

0

0

0

0

1

1

10,044

0.04

0.04

Baraga

0

0

0

0

1

1

4,858

0.09

0.08

Barry

0

0

0

0

29

29

892

0.51

0.44

Bay

1

0

4

0

25

30

1,602

0.28

0.25

Benzie

0

0

0

0

0

0

 n/a

0.00

0.00

Berrien

0

0

1

0

65

66

1,161

0.39

0.34

Branch

0

0

1

0

2

3

6,896

0.07

0.06

Calhoun

5

0

9

0

114

128

474

0.95

0.84

Cass

0

0

1

0

3

4

6,370

0.07

0.06

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

3

3

6,862

0.07

0.06

Clare

0

0

0

0

0

0

 n/a

0.00

0.00

Clinton

4

0

2

0

23

29

1,014

0.45

0.39

Crawford

0

0

0

0

1

1

10,692

0.04

0.04

Delta

0

0

1

0

1

2

10,068

0.04

0.04

Dickinson

0

0

0

0

0

0

 n/a

0.00

0.00

Eaton

3

0

12

0

54

69

660

0.68

0.60

Emmet

0

0

1

0

0

1

20,846

0.02

0.02

Genesee

10

0

10

0

379

399

493

0.92

0.80

Gladwin

0

0

1

0

3

4

4,567

0.10

0.09

Gogebic

0

0

0

0

0

0

 n/a

0.00

0.00

Grand Traverse

0

0

3

0

1

4

9,998

0.05

0.04

Gratiot

0

0

0

0

1

1

15,935

0.03

0.02

Hillsdale

24

0

0

0

6

30

723

0.62

0.55

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

51

0

75

0

122

248

487

0.93

0.81

Ionia

0

0

1

0

3

4

5,983

0.08

0.07

Iosco

0

0

1

0

1

2

10,587

0.04

0.04

Iron

0

0

0

0

0

0

 n/a

0.00

0.00

Isabella

0

0

0

0

3

3

9,503

0.05

0.04

Jackson

25

0

3

0

24

52

1,300

0.35

0.30

Kalamazoo

41

0

37

0

184

262

408

1.11

0.97

Kalkaska

0

0

1

0

0

1

11,640

0.04

0.03

Kent

268

0

108

0

316

692

350

1.29

1.13

Keweenaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lake

0

0

0

0

1

1

14,252

0.03

0.03

Lapeer

0

0

2

0

104

106

336

1.34

1.18

Leelanau

0

0

0

0

0

0

 n/a

0.00

0.00

Lenawee

2

0

1

0

7

10

4,267

0.11

0.09

Livingston

3

0

5

0

100

108

666

0.68

0.60

Luce

0

0

0

0

0

0

 n/a

0.00

0.00

Mackinac

0

0

0

0

1

1

10,292

0.04

0.04

Macomb

755

0

16

0

585

1,356

258

1.75

1.53

Manistee

0

0

0

0

0

0

 n/a

0.00

0.00

Marquette

0

0

0

0

1

1

34,319

0.01

0.01

Mason

0

0

3

0

0

3

5,702

0.08

0.07

Mecosta

0

0

3

0

12

15

1,429

0.32

0.28

Menominee

0

0

0

0

0

0

 n/a

0.00

0.00

Midland

0

0

0

0

16

16

2,201

0.21

0.18

Missaukee

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

13

0

1

0

7

21

3,002

0.15

0.13

Montcalm

0

0

0

0

5

5

5,487

0.08

0.07

Montmorency

0

0

0

0

1

1

9,725

0.05

0.04

Muskegon

2

0

6

0

124

132

554

0.82

0.72

Newaygo

0

0

2

0

3

5

4,949

0.09

0.08

Oakland

946

0

31

0

1,174

2,151

243

1.86

1.63

Oceana

0

0

2

0

0

2

7,938

0.06

0.05

Ogemaw

0

0

0

0

1

1

16,134

0.03

0.02

Ontonagon

0

0

0

0

0

0

 n/a

0.00

0.00

Osceola

0

0

0

0

2

2

6,727

0.07

0.06

Oscoda

0

0

0

0

1

1

9,077

0.05

0.04

Otsego

0

0

3

0

5

8

1,842

0.25

0.22

Ottawa

84

0

0

0

79

163

609

0.74

0.65

Presque Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Roscommon

0

0

1

0

0

1

24,956

0.02

0.02

Saginaw

38

0

12

0

59

109

814

0.55

0.49

Saint Clair

1

0

3

0

78

82

897

0.50

0.44

Saint Joseph

0

0

1

0

22

23

1,196

0.38

0.33

Sanilac

0

0

0

0

17

17

1,300

0.35

0.30

Schoolcraft

0

0

0

0

0

0

 n/a

0.00

0.00

Shiawassee

0

0

4

0

41

45

675

0.67

0.59

Tuscola

0

0

0

0

4

4

6,044

0.07

0.07

Van Buren

0

0

2

0

40

42

870

0.52

0.46

Washtenaw

150

0

1

0

93

244

600

0.75

0.66

Wayne

2,797

0

60

0

1,728

4,585

184

2.46

2.16

Wexford

0

0

0

0

3

3

5,401

0.08

0.07

 

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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