MICHIGAN FORECLOSURES DOWN 20 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 10 Percent From Year Ago; Rate in Nation’s Top 5

 

IRVINE, Calif. – March 26, 2007 – Michigan reported 9,287 foreclosure filings in February, fourth highest state total for the month. However, the total represents a decrease of 20 percent from the previous month and a 10 percent decline from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state tallied a foreclosure rate of one foreclosure filing for every 455 households, fifth highest rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

“Despite this monthly decline in foreclosure activity, Michigan still suffers from unemployment in the manufacturing sector and increased mortgage delinquencies as is evidenced by a foreclosure rate in the nation’s top tier,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although there were fewer foreclosures in February, nearly half of those reported were bank-owned properties that have been in the process for some time now.”

 

For the month, the Wolverine State’s foreclosure total was 3,000 fewer foreclosures than third place Texas, almost 7,000 foreclosures lower than second place California, and more than 9,800 foreclosures lower than national leader Florida. However, the state did register 1,800 more foreclosures than fifth place Ohio. The rest of the nation’s top 10 were Georgia, Illinois, Colorado, New York and New Jersey. The state foreclosure rate was 1.9 times the national average.

 

Two counties lead state in foreclosure total and rate

Wayne and Macomb counties led the state in terms of both foreclosure total and foreclosure rate for February. The two counties combined accounted for 71 percent of all activity in the state for the month.

 

Wayne County far outdistanced all other counties, reporting 5,497 foreclosure filings for the month. Macomb County registered the state’s second highest total, reporting 1,099 foreclosure filings. Third highest total was reported by Oakland County, with 796 filings in the foreclosure pipeline.

 

Documenting one foreclosure filing for every 150 households — three times the state average and 5.9 times the national average — Wayne County had the state’s highest foreclosure rate for February. Macomb County reported the second highest rate in the state, with one foreclosure filing for every 291 households — 1.6 times the state average and three times the national average. Genesee County reported the third highest rate, one foreclosure filing for every 425 households — 1.1 times the state average and 2.1 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Michigan accounted for 7 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Michigan

1,624

3,063

0

0

4,600

9,287

455

1.94

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

1

2

0

0

0

3

3,528

0.25

0.13

Allegan

0

1

0

0

13

14

3,092

0.29

0.15

Bay

0

1

0

0

23

24

1,934

0.46

0.24

Benzie

0

2

0

0

0

2

5,156

0.17

0.09

Berrien

0

1

0

0

13

14

5,246

0.17

0.09

Calhoun

2

8

0

0

47

57

1,030

0.86

0.44

Cass

0

4

0

0

0

4

5,971

0.15

0.08

Charlevoix

1

1

0

0

0

2

7,685

0.12

0.06

Cheboygan

0

2

0

0

0

2

8,292

0.11

0.05

Chippewa

0

3

0

0

0

3

6,477

0.14

0.07

Clare

0

3

0

0

0

3

7,410

0.12

0.06

Clinton

0

3

0

0

6

9

2,737

0.32

0.17

Eaton

0

8

0

0

38

46

916

0.97

0.50

Emmet

0

1

0

0

0

1

18,554

0.05

0.02

Genesee

7

147

0

0

278

432

425

2.08

1.07

Gladwin

0

1

0

0

0

1

16,828

0.05

0.03

Grand Traverse

0

1

0

0

0

1

34,842

0.03

0.01

Gratiot

0

2

0

0

0

2

7,758

0.11

0.06

Hillsdale

0

4

0

0

0

4

5,047

0.18

0.09

Huron

0

1

0

0

1

2

10,215

0.09

0.04

Ingham

4

96

0

0

103

203

567

1.56

0.80

Ionia

0

2

0

0

0

2

11,003

0.08

0.04

Iron

0

1

0

0

0

1

8,772

0.10

0.05

Isabella

0

1

0

0

0

1

24,528

0.04

0.02

Jackson

3

95

0

0

1

99

522

1.69

0.87

Kalamazoo

1

25

0

0

47

73

1,360

0.65

0.33

Kalkaska

0

1

0

0

0

1

10,822

0.08

0.04

Kent

0

94

0

0

174

268

836

1.06

0.54

Lapeer

0

5

0

0

31

36

909

0.97

0.50

Lenawee

1

6

0

0

0

7

5,681

0.16

0.08

Livingston

2

5

0

0

58

65

906

0.98

0.50

Macomb

222

369

0

0

508

1,099

291

3.03

1.56

Mecosta

0

1

0

0

0

1

19,593

0.05

0.02

Midland

0

1

0

0

0

1

33,796

0.03

0.01

Monroe

3

7

0

0

1

11

5,134

0.17

0.09

Montcalm

0

5

0

0

1

6

4,317

0.20

0.11

Muskegon

0

16

0

0

105

121

567

1.56

0.80

Newaygo

0

2

0

0

0

2

11,601

0.08

0.04

Oakland

213

197

0

0

386

796

618

1.43

0.74

Oceana

0

2

0

0

0

2

7,505

0.12

0.06

Osceola

0

2

0

0

0

2

6,427

0.14

0.07

Otsego

0

1

0

0

0

1

13,375

0.07

0.03

Ottawa

0

43

0

0

11

54

1,608

0.55

0.28

Roscommon

0

2

0

0

0

2

11,555

0.08

0.04

Saginaw

0

16

0

0

56

72

1,188

0.74

0.38

Saint Clair

0

5

0

0

66

71

945

0.94

0.48

Saint Joseph

0

3

0

0

0

3

8,834

0.10

0.05

Sanilac

0

4

0

0

13

17

1,254

0.71

0.36

Shiawassee

0

4

0

0

13

17

1,711

0.52

0.27

Tuscola

0

3

0

0

3

6

3,896

0.23

0.12

Van Buren

0

4

0

0

1

5

6,795

0.13

0.07

Washtenaw

19

49

0

0

50

118

1,111

0.80

0.41

Wayne

1,145

1,799

0

0

2,553

5,497

150

5.88

3.03

Wexford

0

1

0

0

0

1

14,872

0.06

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 construction properties, 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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