Michigan Foreclosure Activity Up in May

Statewide foreclosure filings up 6 percent from April; Rate ranks 5th

 

Foreclosure activity in Michigan rose 6 percent in May to 20,322 properties with foreclosure filings and rose 46 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate was the nation’s fifth highest, as one in every 223 Michigan housing units received a foreclosure filing during the month.

 

Michigan foreclosures were up in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which rose 28 percent for the month. While the state’s unemployment rate has now been surpassed by Nevada, it still holds the second highest spot in the nation. Home sales have also declined further than the national average. Before we see a significant drop in foreclosures here, these trends need to really turn around.”

 

California continued to lead the nation in total foreclosures with 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Muskegon County dominates foreclosure rate numbers in May

Muskegon County posted the highest foreclosure rate in Michigan for May, with one in every 121 housing units receiving a foreclosure filing — 3.3 times the national average. Wayne County came in second, with one in every 142 housing units receiving a foreclosure filing — 2.8 times the national average. Macomb County had the third highest foreclosure rate, with one in every 143 housing units receiving a foreclosure filing — 2.8 times the national average.  Oakland County documented the fourth highest foreclosure rate, with one in every 164 housing units receiving a foreclosure filing.

 

Wayne County tops in foreclosure total for May

Wayne County came out on top, reporting 5,882 properties with foreclosure filings for the month. Oakland County followed in second, documenting 3,202 properties with foreclosure filings. Reporting 2,486 properties with foreclosure filings for the month, Macomb County reported the third highest ranking. Genesee County was fourth highest, reporting 1,093 properties with foreclosure filings.

 

State the third largest contributor to nation’s monthly foreclosure total in May

Michigan accounted for 6 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Michigan

5,313

0

7,000

0

8,009

20,322

223

1.79

n/a

 

 

 

 

 

 

 

 

 

 

Muskegon

81

0

98

0

428

607

121

3.30

1.84

Wayne

1,743

0

2,062

0

2,077

5,882

142

2.81

1.57

Macomb

584

0

757

0

1,145

2,486

143

2.80

1.57

Oakland

780

0

1,106

0

1,316

3,202

164

2.43

1.36

Genesee

259

0

415

0

419

1,093

180

2.22

1.24

 

 

Michigan Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Michigan

5,313

0

7,000

0

8,009

20,322

223

5.99

46.30

 

 

 

 

 

 

 

 

 

 

Wayne

1,743

0

2,062

0

2,077

5,882

142

6.62

28.48

Oakland

780

0

1,106

0

1,316

3,202

164

3.56

73.83

Macomb

584

0

757

0

1,145

2,486

143

-1.07

72.16

Genesee

259

0

415

0

419

1,093

180

15.05

97.65

Kent

234

0

298

0

382

914

267

-4.49

39.54

 

 

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