MICHIGAN FORECLOSURES INCREASE 38 PERCENT IN MAY

Activity Up 87 Percent from May 2006; Foreclosure Rate in Top 10

 

IRVINE, Calif. – June 15, 2007 – Michigan reported 9,461 foreclosure filings in May, a 38 percent increase from the previous month and up 87 percent from the number reported in May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. Michigan posted a foreclosure rate of one foreclosure filing for every 448 households — the nation’s eighth highest state foreclosure rate and 1.5 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“Foreclosure activity in Michigan rose significantly from the previous month and is close to double the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is still well above the national average as the manufacturing sector of the economy continues to be hit hard, particular in the automotive industry. Plus, home prices have gone further negative. Both are major factors hampering people’s ability to work their way out of foreclosure.”

 

The Great Lakes state had approximately 30,000 fewer foreclosure filings than national leader California. The state trailed second place Florida by more than 12,000 foreclosure filings. Third place Ohio tallied more than 3,700 foreclosure filings than Michigan. Texas beat out Michigan for fourth place in the nation by fewer than 200 foreclosure filings. The remaining states in the nation’s top 10 for total foreclosures in May were Georgia, Illinois, Colorado, Arizona and Nevada.

 

Top four counties responsible for bulk of state total

Four counties accounted for 77 percent of all foreclosure activity in Michigan for May. Wayne County alone was responsible for 46 percent of the state’s activity, reporting 4,347 foreclosure filings for the month. Oakland County came in second with 1,162 foreclosure filings. Third highest total was reported in Macomb County, 950 foreclosure filings, followed by fourth place Genesee County, where 854 filings were documented.

 

Wayne County posts state’s highest foreclosure rate

Wayne County tallied Michigan’s highest county foreclosure rate in May, one foreclosure filing for every 190 households — 2.4 times the state average and 3.5 times the national average. Genesee County posted the second highest rate, one foreclosure filing for every 215 households — 2.1 times the state average and 3.1 times the national average. Macomb County came in third with a rate of one foreclosure filing for every 337 households — 1.3 times the state average and almost twice the national average. Calhoun County’s rate of one foreclosure filing for every 405 households was the fourth highest, and Oakland County registered the state’s fifth highest rate, one filing for every 423 households.

 

State a major contributor to national total for May

Total foreclosure filings in Michigan accounted for 5 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Michigan

1,255

5,538

0

0

2,668

9,461

448

1.47

n/a

 

 

 

 

 

 

 

 

 

 

Allegan

0

2

0

0

36

38

1,139

0.58

0.39

Arenac

0

0

0

0

1

1

9,563

0.07

0.05

Baraga

0

1

0

0

0

1

4,631

0.14

0.10

Barry

0

1

0

0

0

1

23,876

0.03

0.02

Bay

0

4

0

0

42

46

1,009

0.65

0.44

Benzie

0

1

0

0

0

1

10,312

0.06

0.04

Berrien

1

7

0

0

51

59

1,245

0.53

0.36

Branch

0

2

0

0

0

2

9,911

0.07

0.05

Calhoun

0

68

0

0

77

145

405

1.62

1.11

Cass

0

4

0

0

0

4

5,971

0.11

0.07

Cheboygan

0

1

0

0

0

1

16,583

0.04

0.03

Clare

0

2

0

0

0

2

11,115

0.06

0.04

Clinton

0

15

0

0

11

26

947

0.69

0.47

Crawford

0

0

0

0

0

0

n/a

0.00

0.00

Eaton

0

26

0

0

22

48

877

0.75

0.51

Emmet

0

3

0

0

0

3

6,185

0.11

0.07

Genesee

13

441

0

0

400

854

215

3.05

2.08

Gladwin

0

0

0

0

0

0

 n/a

0.00

0.00

Gogebic

0

0

0

0

1

1

10,839

0.06

0.04

Grand Traverse

0

3

0

0

1

4

8,711

0.08

0.05

Gratiot

0

4

0

0

0

4

3,879

0.17

0.12

Hillsdale

0

1

0

0

0

1

20,189

0.03

0.02

Huron

0

2

0

0

0

2

10,215

0.06

0.04

Ingham

0

151

0

0

95

246

468

1.40

0.96

Ionia

0

3

0

0

1

4

5,502

0.12

0.08

Iosco

0

0

0

0

0

0

 n/a

0.00

0.00

Iron

0

0

0

0

0

0

 n/a

0.00

0.00

Isabella

0

3

0

0

0

3

8,176

0.08

0.05

Jackson

14

86

0

0

0

100

629

1.04

0.71

Kalamazoo

0

75

0

0

68

143

694

0.95

0.64

Kalkaska

0

1

0

0

0

1

10,822

0.06

0.04

Kent

0

121

0

0

185

306

732

0.90

0.61

Lake

0

1

0

0

0

1

13,498

0.05

0.03

Lapeer

0

5

0

0

43

48

682

0.96

0.66

Lenawee

0

4

0

0

1

5

7,954

0.08

0.06

Livingston

0

11

0

0

30

41

1,437

0.46

0.31

Macomb

220

351

0

0

379

950

337

1.95

1.33

Manistee

0

3

0

0

0

3

4,757

0.14

0.09

Marquette

1

2

0

0

0

3

10,959

0.06

0.04

Mason

0

0

0

0

0

0

 n/a

0.00

0.00

Menominee

0

0

0

0

0

0

 n/a

0.00

0.00

Midland

0

1

0

0

0

1

33,796

0.02

0.01

Monroe

1

15

0

0

66

82

689

0.95

0.65

Montcalm

0

4

0

0

0

4

6,475

0.10

0.07

Muskegon

1

30

0

0

113

144

476

1.38

0.94

Newaygo

0

4

0

0

1

5

4,640

0.14

0.10

Oakland

176

328

0

0

658

1,162

423

1.55

1.06

Oceana

0

4

0

0

0

4

3,752

0.17

0.12

Ogemaw

0

1

0

0

0

1

15,404

0.04

0.03

Osceola

0

1

0

0

0

1

12,853

0.05

0.03

Otsego

0

0

0

0

0

0

 n/a

0.00

0.00

Ottawa

0

19

0

0

55

74

1,174

0.56

0.38

Roscommon

0

2

0

0

0

2

11,555

0.06

0.04

Saginaw

6

45

0

0

79

130

658

1.00

0.68

Saint Clair

0

3

0

0

59

62

1,082

0.61

0.41

Saint Joseph

0

1

0

0

0

1

26,503

0.02

0.02

Sanilac

0

3

0

0

9

12

1,776

0.37

0.25

Shiawassee

0

8

0

0

36

44

661

0.99

0.68

Tuscola

0

2

0

0

2

4

5,845

0.11

0.08

Van Buren

0

4

0

0

1

5

6,795

0.10

0.07

Washtenaw

22

113

0

0

134

269

487

1.35

0.92

Wayne

800

3,536

0

0

11

4,347

190

3.45

2.35

Wexford

0

9

0

0

0

9

1,652

0.40

0.27

 

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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