MICHIGAN FORECLOSURES SOAR 70 PERCENT IN JANUARY

Activity Skyrockets 147 Percent From a Year Ago; Foreclosure Rate Second Highest

 

IRVINE, Calif. – Feb. 25, 2007 – Michigan reported 11,554 new foreclosure filings in January, a 70 percent increase from the previous month and a 147 percent increase from January 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state’s foreclosure rate of one new foreclosure filing for every 366 households ranked second highest among the states, up from sixth highest the previous month.

 

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.

 

Michigan has been a top-10 state in terms of foreclosure activity for a long time now. But this latest spike in new foreclosures has taken the state to a whole new level in terms of both overall activity and foreclosure rate,” said James J. Saccacio, chief executive officer of RealtyTrac. “Higher unemployment is definitely a contributing factor as the state continues to lose jobs in the automotive industry. Plus, fewer home sales along with a home price appreciation rate that went negative in the third quarter of 2006 are creating a fertile environment for more foreclosure activity. ”

 

Michigan documented the nation’s fourth highest foreclosure total, behind Florida (11,709), California (14,430) and Texas (14,728). The state’s foreclosure rate — second highest in the nation — was 2.42 times the national average.

 

Three counties report lion’s share of state total

Three counties accounted for 80 percent of all new foreclosure filings in Michigan for January. Wayne County led the way, documenting 6,653 new filings for the month. Oakland County came in second with 1,324 new filings. Macomb County documented the state’s third highest total with 1,241 new filings in the foreclosure pipeline during the month.

 

Wayne County posts state’s highest foreclosure rate

Wayne County tallied Michigan’s highest foreclosure rate in January, one new foreclosure filing for every 124 households — three times the state average and more than seven times the national average. Macomb County registered the second highest rate — one new foreclosure filing for every 258 households — 1.4 times the state average and 3.4 times the national average. The state’s third highest rate was in Genesee County, which reported one new foreclosure filing for every 367 households — on par with the state average and 2.4 times the national average. Fourth highest rate in the state was posted in Oakland County, where one new foreclosure filing was reported for every 434 households.

 

State makes significant contribution to national total

Michigan’s foreclosure total accounted for nearly 9 percent of the 130,511 new foreclosure filings nationwide in January. The national total was up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

Michigan

3,372

3,527

0

0

4,655

11,554

366

2.42

n/a

 

 

 

 

 

 

 

 

 

 

Allegan

0

5

0

0

8

13

3,330

0.27

0.11

Alpena

0

2

0

0

0

2

7,645

0.12

0.05

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

45

46

1,009

0.88

0.36

Benzie

0

0

0

0

0

0

n/a 

0.00

0.00

Berrien

0

0

0

0

19

19

3,866

0.23

0.09

Branch

0

0

0

0

0

0

n/a 

0.00

0.00

Calhoun

1

33

0

0

48

82

716

1.24

0.51

Cass

0

3

0

0

0

3

7,961

0.11

0.05

Cheboygan

0

0

0

0

0

0

n/a 

0.00

0.00

Chippewa

0

1

0

0

0

1

19,430

0.05

0.02

Clare

0

1

0

0

0

1

22,229

0.04

0.02

Clinton

0

12

0

0

17

29

849

1.04

0.43

Crawford

0

1

0

0

0

1

10,042

0.09

0.04

Eaton

0

16

0

0

46

62

679

1.30

0.54

Emmet

0

2

0

0

0

2

9,277

0.10

0.04

Genesee

13

181

0

0

306

500

367

2.41

1.00

Gladwin

0

1

0

0

0

1

16,828

0.05

0.02

Gogebic

0

1

0

0

0

1

10,839

0.08

0.03

Grand Traverse

1

4

0

0

0

5

6,968

0.13

0.05

Gratiot

0

3

0

0

0

3

5,172

0.17

0.07

Hillsdale

0

4

0

0

0

4

5,047

0.18

0.07

Huron

0

4

0

0

0

4

5,108

0.17

0.07

Ingham

1

94

0

0

132

227

507

1.75

0.72

Ionia

1

2

0

0

1

4

5,502

0.16

0.07

Isabella

0

0

0

0

0

0

n/a 

0.00

0.00

Jackson

2

19

0

0

1

22

2,349

0.38

0.16

Kalamazoo

0

50

0

0

71

121

820

1.08

0.45

Kalkaska

0

0

0

0

0

0

n/a 

0.00

0.00

Kent

1

152

0

0

281

434

516

1.72

0.71

Lapeer

0

2

0

0

38

40

818

1.08

0.45

Lenawee

0

2

0

0

0

2

19,885

0.04

0.02

Livingston

2

4

0

0

46

52

1,133

0.78

0.32

Luce

0

1

0

0

0

1

4,008

0.22

0.09

Macomb

494

382

0

0

365

1,241

258

3.43

1.42

Manistee

0

0

0

0

0

0

n/a 

0.00

0.00

Mason

0

1

0

0

0

1

16,063

0.06

0.02

Mecosta

0

1

0

0

0

1

19,593

0.05

0.02

Midland

0

0

0

0

0

0

n/a 

0.00

0.00

Missaukee

0

0

0

0

0

0

n/a 

0.00

0.00

Monroe

4

11

0

0

3

18

3,137

0.28

0.12

Montcalm

0

1

0

0

0

1

25,900

0.03

0.01

Montmorency

0

0

0

0

0

0

n/a 

0.00

0.00

Muskegon

0

8

0

0

97

105

653

1.36

0.56

Newaygo

0

1

0

0

0

1

23,202

0.04

0.02

Oakland

556

191

0

0

577

1,324

372

2.38

0.98

Oceana

0

0

0

0

0

0

n/a 

0.00

0.00

Ogemaw

0

1

0

0

0

1

15,404

0.06

0.02

Osceola

0

5

0

0

0

5

2,571

0.34

0.14

Otsego

0

1

0

0

0

1

13,375

0.07

0.03

Ottawa

0

6

0

0

29

35

2,482

0.36

0.15

Presque Isle

0

0

0

0

0

0

n/a 

0.00

0.00

Roscommon

0

0

0

0

0

0

n/a 

0.00

0.00

Saginaw

1

7

0

0

75

83

1,030

0.86

0.35

Saint Clair

0

11

0

0

79

90

746

1.19

0.49

Saint Joseph

0

1

0

0

0

1

26,503

0.03

0.01

Sanilac

0

3

0

0

17

20

1,066

0.83

0.34

Schoolcraft

0

1

0

0

0

1

5,700

0.16

0.06

Shiawassee

0

1

0

0

22

23

1,265

0.70

0.29

Tuscola

0

3

0

0

0

3

7,793

0.11

0.05

Van Buren

0

3

0

0

0

3

11,325

0.08

0.03

Washtenaw

118

64

0

0

57

239

548

1.62

0.67

Wayne

2,177

2,201

0

0

2,275

6,653

124

7.13

2.94

Wexford

0

22

0

0

0

22

676

1.31

0.54

 

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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