Michigan Foreclosure Activity Declines in October

Foreclosure filings down 12 percent from September; rate fifth highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 19,288 Michigan properties in October, a 12 percent decrease from the previous month, but still up 17 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 235 Michigan housing units received a foreclosure filing in October, the fifth highest foreclosure rate in the nation.

 

“Michigan foreclosure activity fell in October, though it remained well above the level reported for this time last year, keeping the state among the top five hardest-hit states in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment also remains high at 13 percent within the state, further fueling its foreclosure problems.”

 

California remained in first place, reporting 66,475 properties with foreclosure filings in October. Florida had the second place total, reporting 56,858 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Wayne County posts state’s top foreclosure rate and total for October

Wayne County posted the highest county foreclosure rate in Michigan for the month, with one in every 157 housing units receiving a foreclosure filing during October — 2.5 times the national average. Macomb County registered the second highest foreclosure rate, with one in every 168 housing units receiving a foreclosure filing during the month — 2.3 times the national average. Monroe County was third highest, with one in every 169 housing units receiving a foreclosure filing — 2.3 times the national average.

 

Wayne County also dominates foreclosure activity in October

Wayne County also had the top foreclosure total, reporting 5,338 properties with foreclosure filings for the month. Oakland County tallied the second highest foreclosure level, reporting 2,791 properties with foreclosure filings. Third highest total was in Macomb County, where 2,110 properties with foreclosure filings were reported. Fourth highest was Genesee County, where 948 properties with foreclosure filings were reported. Kent County had the fifth highest total, reporting 907 properties with foreclosure filings.

 

State is the third largest contributor to nation’s monthly foreclosure total

Michigan accounted for 6 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Michigan

5,636

0

6,855

0

6,797

19,288

235

1.65

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,658

0

1,869

0

1,811

5,338

157

2.48

1.50

Macomb

630

0

680

0

800

2,110

168

2.31

1.40

Monroe

73

0

100

0

204

377

169

2.30

1.39

Lapeer

41

0

76

0

81

198

181

2.15

1.30

Oakland

809

0

906

0

1,076

2,791

188

2.06

1.25

 

 

Michigan Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Michigan

5,636

0

6,855

0

6,797

19,288

235

-11.57

17.12

 

 

 

 

 

 

 

 

 

 

Wayne

1,658

0

1,869

0

1,811

5,338

157

-12.10

10.61

Oakland

809

0

906

0

1,076

2,791

188

-9.21

26.63

Macomb

630

0

680

0

800

2,110

168

-14.92

9.90

Genesee

288

0

429

0

231

948

208

-31.15

0.11

Kent

231

0

320

0

356

907

269

-12.79

-10.29

 

 

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