Michigan Foreclosure Activity Down in Third Quarter

Filings down 7 percent from Q2 2011, down 32 percent from a year ago
    State’s foreclosure rate 7th  highest in the nation

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 31,179 Michigan properties  during the third quarter of 2011, down 7 percent from the second quarter of  2011 and 32 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 146 Michigan housing units receiving a  foreclosure filing during the quarter.

Foreclosure filings were reported  on 14,115 Michigan  properties in September, an 8 percent increase from August, but down 35 percent  from September 2010. One in every 322 Michigan  housing units received a foreclosure filing in September, the fourth highest  state foreclosure rate in the nation.

California continues to lead the country in quarterly  foreclosure totals, reporting 153,051 properties with a foreclosure filing. Florida maintained  second place, reporting 67,886 properties with foreclosure filings during Q3  2011. Third highest total for the quarter was tallied in Georgia, where  33,637 properties with foreclosure filings were reported. Illinois had the fourth highest total,  reporting 32,297 properties with foreclosure filings. Reporting 31,179  properties with foreclosure filings for the period, Michigan ranked fifth highest.

The rest of the nation’s top 10 state  foreclosure totals for the third quarter of the year included Arizona  (29,701), Texas (27,860), Nevada  (25,900), Ohio (24,166) and Colorado (12,918). The top five states accounted  for 52 percent of the nation’s total quarterly foreclosure activity.

Wayne County has top  foreclosure rate and total in the third quarter
  One in every 102 housing units in Wayne County  received a foreclosure filing during the third quarter of 2011 – 2.1 times the  national average and 1.4 times the state average. Wayne County  also had the highest total, reporting 8,226 properties with a foreclosure  filing.

Saint Clair County had the second highest rate  with one in every 103 housing units reporting a foreclosure filing – 2.1 times  the national average and 1.4 times the state average. Macomb County  had the fourth highest rate, reporting one in every 106 housing units with a  foreclosure filing – twice the national average and 1.4 times the state  average.

Oakland County had the second highest total in the state,  reporting 4,297 properties with foreclosure filings. Third highest total was  tallied in Macomb   County, where 3,351  properties with foreclosure filings were reported. Reporting 1,593 properties  with foreclosure filings for the quarter, Kent County  registered the fourth highest total in the state. Fifth highest was Genesee County, where 1,522 properties with  foreclosure filings were reported for the quarter.

State the fifth largest  contributor to nation’s foreclosure total in the third quarter
  Michigan accounted for 5 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

         Michigan Top Foreclosure Rates By County – Q3 2011 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Michigan

7,978

1

11,018

0

12,182

31,179

146

1.46

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,925

0

2,930

0

3,371

8,226

102

2.09

1.43

Saint Clair

158

0

241

0

309

708

103

2.06

1.41

Macomb

890

0

1,166

0

1,295

3,351

106

2.02

1.38

Eaton

117

0

143

0

163

423

108

1.96

1.34

Lapeer

82

0

116

0

125

323

111

1.92

1.31


                                  Michigan
Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Michigan

7,978

1

11,018

0

12,182

31,179

146

-7.45

-32.37

 

 

 

 

 

 

 

 

 

 

Wayne

1,925

0

2,930

0

3,371

8,226

102

-2.58

-34.82

Oakland

1,147

1

1,401

0

1,748

4,297

122

-13.92

-36.77

Macomb

890

0

1,166

0

1,295

3,351

106

-13.10

-36.04

Kent

401

0

476

0

716

1,593

154

1.59

-24.79

Genesee

396

0

631

0

495

1,522

130

-18.87

-42.48

 

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