Michigan Foreclosures Fall in October

Statewide filings down 2 percent from September; rate ranks #7 nationally

 

Michigan reported 16,468 properties with foreclosure filings in October, down 2 percent from the previous month, but still 45 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 275 Michigan housing units received a foreclosure filing in October, the seventh highest state foreclosure rate in the nation.

 

Michigan reported a welcome drop in foreclosure activity in October, though activity remained well above the level seen at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment at 14.3 percent in October, it is little surprise the state has retained its place within the top 10 worst affected states in the nation in terms of foreclosures.”

 

In October, Michigan had the fourth highest foreclosure total. California maintained the top position reporting 85,420 properties with foreclosure filings in October. Florida came in number two, reporting 51,911 properties with foreclosure filings for the month. Illinois took the number three slot, documenting 19,946 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Wayne County posts state’s top foreclosure rate in October

Wayne County posted the highest county foreclosure rate in Michigan for October, with one in every 174 housing units receiving a foreclosure filing — 2.2 times the national average and 1.6 times the state average. Macomb County posted the second highest foreclosure rate in the state, with one in every 184 housing units receiving a foreclosure filing — 2.1 times the national average and 1.5 times the state average. Lenawee County had the third highest foreclosure rate, with one in every 187 housing units receiving a foreclosure filing — 2.1 times the national average and 1.5 times the state average. Livingston County posted the fourth highest foreclosure rate, where one in every 201 housing units received a foreclosure filing during the month — 1.9 times the national average and 1.4 times the state average.

 

Wayne County tops state in foreclosure total during October

Wayne County led Michigan in foreclosure activity for October, reporting 4,826 properties with foreclosure filings for the month. Oakland County had the second highest foreclosure total, documenting 2,204 properties with foreclosure filings. Macomb County posted the third highest foreclosure total in Michigan, reporting 1,920 properties with foreclosure filings for October. Kent County came in fourth, reporting 1,011 properties with foreclosure filings, while the fifth highest total was in Genesee County, where 947 properties with foreclosure filings were reported for the month.

 

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

Michigan accounted for 5 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Michigan

6,263

0

5,674

0

4,531

16,468

275

1.40

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,844

0

2,001

0

981

4,826

174

2.21

1.58

Macomb

600

0

526

0

794

1,920

184

2.09

1.50

Lenawee

78

0

63

0

88

229

187

2.05

1.47

Livingston

158

0

103

0

100

361

201

1.92

1.37

Genesee

312

0

285

0

350

947

208

1.85

1.32

 

 

Michigan Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Michigan

6,263

0

5,674

0

4,531

16,468

275

-1.78

44.54

 

 

 

 

 

 

 

 

 

 

Wayne

1,844

0

2,001

0

981

4,826

174

-9.13

5.26

Oakland

803

0

646

0

755

2,204

238

-0.85

2.46

Macomb

600

0

526

0

794

1,920

184

13.68

41.59

Kent

363

0

348

0

300

1,011

241

10.13

46.10

Genesee

312

0

285

0

350

947

208

8.73

137.34

 

 

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