MICHIGAN FORECLOSURES INCREASE 39 PERCENT IN JULY

Activity Up 130 Percent From July 2006; Foreclosure Rate in Top 3

 

IRVINE, Calif. – Aug. 24, 2007 – Michigan reported 13,979 foreclosure filings, ranking it the state with the third highest foreclosure total in the nation for July. The monthly total represents a 39 percent increase from the previous month. On an annual basis the state total is up 130 percent from July 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate, one foreclosure filing for every 320 households — 2.2 times the national average — also ranked the third highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

“Unlike the rest of the nation, job losses in Michigan are hurting the local real estate market and forcing many homeowners into foreclsoure,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate of 7.2 percent is the highest in the nation and is well above the national average. Moreover, home sales and prices continue to decline — particularly in southeastern Michigan.”

 

Total foreclosure filings in Michigan were well behind national leader California, which tallied 39,013 foreclosure filings for July. The state also lagged far behind second-ranked Florida, which reported 19,179 filings for the month. Ohio ranked fourth with 13,316 foreclosure filings. Georgia reported the nation’s fifth highest foreclosure total with 12,602 filings in some stage of the foreclosure pipeline. The remaining states in the nation’s top 10 for total foreclosure filings in July were Texas, Colorado, Arizona, Illinois and Nevada.

 

Five counties account for bulk of all foreclosure activity in July

Total foreclosure filings in five Michigan counties accounted for 89 percent of all activity in the state for July. Once again Wayne County reported the highest county total in the state with 8,683 foreclosure filings for the month. Macomb County tallied the second highest total, reporting 1,348 foreclosure filings. Oakland County reported the third highest total with 1,105 foreclosure filings. Genesee County came in fourth with 824 foreclosure filings, followed by Kent County in fifth with 424 filings in the foreclosure pipeline.

 

Wayne County posts state’s highest foreclosure rate

Wayne County posted the highest county foreclosure rate in the state for July, one foreclosure filing for every 97 households — 3.3 times the state average and 7.2 times the national average. Genesee County came in second with a foreclosure rate of one foreclosure filing for every 237 households — 1.4 times the state average and 2.9 times the national average. Macomb County was close behind in third place with a rate of one foreclosure filing for every 257 households — 1.3 times the state average and 2.7 times the national average. Calhoun County posted the state’s fourth highest county foreclosure rate with one foreclosure filing for every 289 households — 1.1 times the state average and 2.4 times the national average.

 

State a major contributor to national total

Total foreclosure filings in Michigan accounted for 8 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 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 – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

Michigan

2,293

6,947

0

0

4,739

13,979

320

2.16

n/a

 

 

 

 

 

 

 

 

 

 

Allegan

0

3

0

0

17

20

2,367

0.29

0.14

Alpena

0

1

0

0

0

1

15,551

0.04

0.02

Antrim

0

0

0

0

0

0

n/a

0.00

0.00

Barry

0

0

0

0

0

0

 n/a

0.00

0.00

Bay

0

1

0

0

18

19

2,521

0.28

0.13

Benzie

0

0

0

0

0

0

 n/a

0.00

0.00

Berrien

0

8

0

0

38

46

1,652

0.42

0.19

Branch

0

0

0

0

0

0

 n/a

0.00

0.00

Calhoun

0

197

0

0

12

209

289

2.40

1.11

Cass

0

1

0

0

0

1

25,242

0.03

0.01

Charlevoix

0

0

0

0

0

0

 n/a

0.00

0.00

Cheboygan

0

1

0

0

1

2

8,831

0.08

0.04

Chippewa

0

1

0

0

0

1

20,530

0.03

0.02

Clare

0

3

0

0

0

3

7,666

0.09

0.04

Clinton

0

19

0

0

6

25

1,156

0.60

0.28

Delta

0

3

0

0

0

3

6,682

0.10

0.05

Dickinson

0

0

0

0

0

0

 n/a

0.00

0.00

Eaton

1

32

0

0

25

58

778

0.89

0.41

Emmet

0

1

0

0

0

1

20,430

0.03

0.02

Genesee

22

571

0

0

231

824

237

2.92

1.35

Gladwin

0

0

0

0

0

0

 n/a

0.00

0.00

Grand Traverse

0

0

0

0

0

0

 n/a

0.00

0.00

Gratiot

0

2

0

0

0

2

7,950

0.09

0.04

Hillsdale

0

3

0

0

0

3

7,187

0.10

0.04

Huron

0

2

0

0

0

2

10,609

0.07

0.03

Ingham

2

186

0

0

96

284

423

1.64

0.76

Ionia

0

6

0

0

2

8

2,956

0.23

0.11

Iosco

0

1

0

0

0

1

21,102

0.03

0.02

Iron

1

1

0

0

0

2

4,500

0.15

0.07

Isabella

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

17

72

0

0

0

89

751

0.92

0.43

Kalamazoo

0

49

0

0

20

69

1,537

0.45

0.21

Kalkaska

0

1

0

0

0

1

11,566

0.06

0.03

Kent

0

248

0

0

176

424

565

1.23

0.57

Lapeer

0

4

0

0

42

46

766

0.90

0.42

Lenawee

0

8

0

0

0

8

5,283

0.13

0.06

Livingston

1

5

0

0

2

8

8,806

0.08

0.04

Macomb

388

674

0

0

286

1,348

257

2.70

1.25

Manistee

0

1

0

0

0

1

14,860

0.05

0.02

Mason

0

0

0

0

1

1

16,844

0.04

0.02

Mecosta

0

0

0

0

0

0

 n/a

0.00

0.00

Midland

0

1

0

0

0

1

35,113

0.02

0.01

Missaukee

0

0

0

0

2

2

4,540

0.15

0.07

Monroe

3

18

0

0

41

62

1,003

0.69

0.32

Montcalm

0

2

0

0

2

4

6,821

0.10

0.05

Montmorency

0

0

0

0

0

0

 n/a

0.00

0.00

Muskegon

0

21

0

0

74

95

765

0.91

0.42

Newaygo

1

3

0

0

0

4

6,151

0.11

0.05

Oakland

131

563

0

0

411

1,105

470

1.48

0.68

Oceana

0

0

0

0

0

0

 n/a

0.00

0.00

Ogemaw

0

0

0

0

0

0

 n/a

0.00

0.00

Osceola

0

2

0

0

0

2

6,712

0.10

0.05

Otsego

0

1

0

0

0

1

14,664

0.05

0.02

Ottawa

0

60

0

0

70

130

751

0.92

0.43

Roscommon

0

1

0

0

0

1

24,813

0.03

0.01

Saginaw

1

19

0

0

31

51

1,733

0.40

0.18

Saint Clair

0

8

0

0

69

77

947

0.73

0.34

Saint Joseph

0

0

0

0

1

1

27,418

0.03

0.01

Sanilac

0

3

0

0

1

4

5,519

0.13

0.06

Shiawassee

0

4

0

0

19

23

1,315

0.53

0.24

Tuscola

0

7

0

0

0

7

3,443

0.20

0.09

Van Buren

0

1

0

0

1

2

18,112

0.04

0.02

Washtenaw

51

109

0

0

36

196

739

0.94

0.43

Wayne

1,674

4,001

0

0

3,008

8,683

97

7.17

3.31

Wexford

0

18

0

0

0

18

887

0.78

0.36

 

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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