MICHIGAN FORECLOSURE ACTIVITY DECREASES 2 PERCENT IN FIRST QUARTER

State Activity Up 12 Percent From Q1 2008; Foreclosure Rate Ranks No. 6

Monthly Activity Down 1 percent in March, Surges 31 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 33,184 Michigan properties in the first quarter of 2009, a 2 percent decrease from the previous quarter, and 12 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 136 Michigan housing units received a foreclosure filing during the quarter, the sixth highest state foreclosure rate in the nation.

 

The Great Lakes State reported 12,417 properties with foreclosure filings in March, a 1 percent decrease from the previous month and 31 percent above its March 2008 total.

 

Michigan foreclosures are up modestly in the first quarter and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “After peaking in November, the state’s activity has dropped slightly in March — probably due to a small increase in home sales during the third and fourth quarter of last year. However, Michigan continues to lead the country with a 12.6 unemployment rate. This is likely keeping foreclosure activity here among the nations highest.”

 

Michigan documented the sixth highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 136 housing units received a foreclosure filing during the quarter — came in sixth place above that of Georgia, Idaho and Utah.

 

Five counties account for bulk of state total for the quarter

Five Michigan counties accounted for 63 percent of the state’s overall foreclosure activity during the first quarter. Wayne County came in first place, reporting 8,193 properties with foreclosure filings. Oakland County was second, reporting 4,745 properties with foreclosure filings for the quarter. Macomb County was close behind in third, reporting 3,657 properties with foreclosure filings. Kent County registered the fourth highest total, documenting 1,973 properties with foreclosure filings. Genesee County posted the fifth highest total, where 1,683 properties with foreclosure filings were reported.

 

Lapeer County scores highest rate in the state for first quarter

Lapeer County led the state, with one in every 93 housing units receiving a foreclosure filing — 1.5 times the state average. Wayne County came in second, with one in every 94 housing units receiving a foreclosure filing — 1.5 times the state average. Macomb County registered the third highest foreclosure rate, where one in every 97 housing units received a foreclosure filing during the month — 1.4 times the state average.

 

State the contributes 4 percent to nation’s foreclosure total for Q1 2009

Michigan accounted for 4 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                          Michigan Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Michigan

791

0

21,863

0

10,530

33,184

136

-1.98%

12.32%

 

 

 

 

 

 

 

 

 

 

Alcona

0

0

18

0

0

18

620

28.57%

1700.00%

Alger

0

0

5

0

1

6

1,093

-25.00%

Allegan

24

0

177

0

103

304

159

40.74%

2.70%

Alpena

7

0

29

0

0

36

433

5.88%

Antrim

9

0

40

0

0

49

338

25.64%

1533.33%

Arenac

6

0

27

0

0

33

305

17.86%

3200.00%

Baraga

1

0

2

0

0

3

1,623

0.00%

Barry

4

0

102

0

75

181

144

38.17%

2916.67%

Bay

1

0

128

0

62

191

252

-13.57%

39.42%

Benzie

0

0

23

0

1

24

495

-81.10%

Berrien

4

0

228

0

159

391

197

16.72%

203.10%

Branch

2

0

76

0

4

82

253

32.26%

2633.33%

Calhoun

0

0

217

0

230

447

136

-5.50%

-8.21%

Cass

3

0

74

0

7

84

306

58.49%

2000.00%

Charlevoix

1

0

48

0

1

50

348

4.17%

4900.00%

Cheboygan

1

0

28

0

0

29

617

11.54%

866.67%

Chippewa

2

0

34

0

0

36

573

24.14%

Clare

0

0

54

0

2

56

412

9.80%

2700.00%

Clinton

12

0

77

0

47

136

218

12.40%

-0.73%

Crawford

1

0

17

0

1

19

565

0.00%

Delta

2

0

17

0

0

19

1,061

-26.92%

1800.00%

Dickinson

4

0

16

0

0

20

706

42.86%

Eaton

21

0

189

0

133

343

133

13.20%

37.20%

Emmet

0

0

68

0

0

68

310

74.36%

6700.00%

Genesee

20

0

992

0

671

1,683

117

-4.43%

-2.94%

Gladwin

7

0

43

0

3

53

345

29.27%

2550.00%

Gogebic

1

0

9

0

0

10

1,107

100.00%

Grand Traverse

5

0

129

0

1

135

301

-7.53%

6650.00%

Gratiot

6

0

45

0

3

54

295

38.46%

1250.00%

Hillsdale

2

0

94

0

2

98

222

22.50%

4800.00%

Houghton

2

0

5

0

0

7

2,636

0.00%

Huron

4

0

14

0

0

18

1,184

-14.29%

1700.00%

Ingham

11

0

582

0

483

1,076

112

20.09%

17.08%

Ionia

7

0

100

0

49

156

154

-15.22%

1850.00%

Iosco

4

0

44

0

0

48

442

0.00%

Iron

2

0

11

0

0

13

697

18.18%

Isabella

0

0

63

0

3

66

436

69.23%

6500.00%

Jackson

9

0

464

0

10

483

141

42.48%

237.76%

Kalamazoo

4

0

287

0

222

513

210

-25.54%

4.69%

Kalkaska

7

0

34

0

0

41

286

32.26%

1266.67%

Kent

1

0

1,142

0

830

1,973

123

-7.80%

15.52%

Keweenaw

0

0

0

0

0

0

Lake

1

0

13

0

1

15

953

7.14%

Lapeer

3

0

243

0

140

386

93

-5.62%

88.29%

Leelanau

1

0

18

0

0

19

786

35.71%

Lenawee

8

0

246

0

4

258

166

49.13%

1884.62%

Livingston

17

0

412

0

45

474

153

-12.22%

-17.42%

Luce

2

0

2

0

0

4

1,083

0.00%

Mackinac

2

0

13

0

0

15

693

114.29%

Macomb

49

0

1,963

0

1,645

3,657

97

2.93%

20.97%

Manistee

1

0

41

0

1

43

346

43.33%

4200.00%

Marquette

6

0

30

0

0

36

958

-16.28%

3500.00%

Mason

5

0

38

0

1

44

391

57.14%

4300.00%

Mecosta

2

0

49

0

16

67

321

8.06%

2133.33%

Menominee

3

0

16

0

0

19

756

111.11%

Midland

1

0

74

0

50

125

282

15.74%

12400.00%

Missaukee

5

0

22

0

2

29

316

61.11%

Monroe

17

0

363

0

42

422

150

47.55%

2244.44%

Montcalm

1

0

140

0

105

246

112

15.49%

6050.00%

Montmorency

3

0

15

0

0

18

541

-18.18%

1700.00%

Muskegon

0

0

382

0

242

624

118

-2.50%

33.91%

Newaygo

1

0

63

0

3

67

370

-2.90%

3250.00%

Oakland

58

0

2,743

0

1,944

4,745

111

-3.38%

29.75%

Oceana

4

0

57

0

2

63

255

61.54%

3050.00%

Ogemaw

2

0

25

0

0

27

602

50.00%

Ontonagon

1

0

0

0

0

1

5,628

-66.67%

Osceola

3

0

43

0

2

48

281

14.29%

Oscoda

0

0

6

0

1

7

1,301

-22.22%

Otsego

3

0

40

0

1

44

336

2.33%

2100.00%

Ottawa

12

0

375

0

220

607

165

14.74%

36.40%

Presque Isle

1

0

13

0

0

14

759

-12.50%

Roscommon

5

0

57

0

3

65

385

51.16%

2066.67%

Saginaw

4

0

284

0

196

484

183

-5.65%

-26.56%

Saint Clair

6

0

456

0

270

732

100

35.81%

50.93%

Saint Joseph

3

0

126

0

69

198

139

29.41%

6500.00%

Sanilac

0

0

85

0

6

91

243

-14.15%

54.24%

Schoolcraft

0

0

2

0

0

2

3,028

100.00%

Shiawassee

11

0

187

0

92

290

105

26.64%

178.85%

Tuscola

0

0

95

0

11

106

228

-8.62%

3433.33%

Van Buren

2

0

123

0

86

211

174

4.98%

95.37%

Washtenaw

16

0

456

0

377

849

173

7.60%

3.92%

Wayne

328

0

6,737

0

1,848

8,913

94

-13.82%

-28.13%

Wexford

7

0

58

0

2

67

244

-6.94%

2133.33%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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