Michigan Foreclosure Activity Down in First Quarter

Foreclosure filings slide 10 percent from Q4 2010, drop 18 percent from a year ago

State’s foreclosure rate seventh highest in the nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 37,506 Michigan properties during the first quarter of 2011, down 10 percent from the fourth quarter of 2010 and 18 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the seventh highest foreclosure rate in the nation, with one in every 121 Michigan housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 14,615 Michigan properties in March, a 4 percent increase from February but down 17 percent from March 2010. One in every 311 Michigan housing units received a foreclosure filing in March, the fifth highest state foreclosure rate in the nation for the month. Following California (168,543), Florida (58,322), Arizona (46,047) and Georgia (37,509), the Great Lakes State followed closely behind with the fifth highest foreclosure total, reporting 37,506 properties with foreclosure filings for the period. The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included: Texas (34,646), Illinois (33,092), Nevada (32,066), Ohio (24,697) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Hillsdale County takes top foreclosure rate honors in the first quarter

Hillsdale County posted the highest foreclosure rate in Michigan during the first quarter of 2011, with one in every 53 housing units receiving a foreclosure filing — 3.6 times the national average. Lapeer County reported the second highest foreclosure rate, with 80 properties with a foreclosure filing — 2.4 times the national average. One in every 83 housing units in Macomb County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 2.3 times the national average.

 

Wayne County led the state in foreclosure activity for first quarter

Wayne County led the way, reporting 10,001 properties with foreclosure filings during the quarter. Oakland County was second highest in the state, reporting 5,062 properties with foreclosure filings. Third highest total was tallied in Macomb County, where 4,259 properties with foreclosure filings were reported. Reporting 1,995 properties with foreclosure filings for the quarter, Genesee County registered the fourth highest total in the state. Fifth highest was Kent County, where 1,916 properties with foreclosure filings were reported for the quarter.

 

State contributes 6 percent to nation’s foreclosure total in the first quarter

Michigan accounted for 6 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Michigan

8,532

0

14,476

0

14,498

37,506

121

1.58

n/a

 

 

 

 

 

 

 

 

 

 

Hillsdale

25

0

57

0

330

412

53

3.60

2.28

Lapeer

89

0

127

0

230

446

80

2.37

1.51

Macomb

935

0

1,488

0

1,836

4,259

83

2.30

1.46

Wayne

2,541

0

4,080

0

3,380

10,001

84

2.28

1.45

Saint Clair

162

0

278

0

352

792

92

2.06

1.31

 

 

Michigan Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Michigan

8,532

0

14,476

0

14,498

37,506

121

-9.71

-17.99

 

 

 

 

 

 

 

 

 

 

Wayne

2,541

0

4,080

0

3,380

10,001

84

-10.52

-24.19

Oakland

1,177

0

1,795

0

2,090

5,062

104

-13.29

-30.59

Macomb

935

0

1,488

0

1,836

4,259

83

-6.81

-26.26

Genesee

402

0

797

0

796

1,995

99

-20.17

-6.21

Kent

375

0

639

0

902

1,916

128

-4.91

-8.94

 

 

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