Michigan Foreclosure Activity Drops in November

Statewide filings down 14 percent from October; Rate sixth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,777 Michigan properties in November, a 15 percent decrease from October and 10 percent below the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Michigan had the sixth highest foreclosure rate in the nation, reporting one in every 330 housing units with a foreclosure filing in November — 1.8 times the national average.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 63,689 properties with foreclosure filings. Second ranked Florida reported 24,739 properties with foreclosure filings during the month. Third place was Michigan, followed by Illinois in fourth place, reporting 12,398 properties with foreclosure filings. Georgia took fifth place, tallying 12,327 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in November include Arizona (10,766), Ohio (10,184), Texas (10,124), Nevada (6,512) and Wisconsin (4,382). The top 10 accounted for 75 percent of the nation’s total foreclosure activity for the month.

Wayne County posts top foreclosure rate and total in the state for November
 One in every 226 housing units in Wayne County had a foreclosure filing in November — 2.6 times the national average and 1.5 times the state average — the highest foreclosure rate of all Michigan counties for the month. Wayne County also tallied the highest level of foreclosure activity in the state, reporting 3,700 properties with foreclosure filings for the month.

Macomb County had the second highest rate of one in every 234 housing units with a foreclosure filing during the month — 2.5 times the national average and 1.4 times the state average. Saint Clair County had the third highest rate of one in every 236 housing units with a foreclosure filing during the month — 2.5 times the national average and 1.4 times the state average.

Oakland County had the second highest total, reporting 1,953 properties with foreclosure filings. Macomb County was third, reporting 1,512 properties with foreclosure filings. Fourth highest was Genesee County, recording 679 properties with foreclosure filings. Kent County was fifth highest, tallying 644 properties with foreclosure filings for the month.

State the nation’s third largest contributor to total foreclosure activity in November
 Michigan accounted for 6 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

Michigan Top Foreclosure Rates By County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

Michigan

5,211

0

5,011

0

3,555

13,777

330

1.76

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

1,258

0

1,382

0

1,060

3,700

226

2.56

1.46

Macomb

573

0

540

0

399

1,512

234

2.47

1.41

Saint Clair

112

0

110

0

89

311

236

2.46

1.40

Grand Traverse

45

0

32

0

77

154

266

2.17

1.24

Oakland

721

0

661

0

571

1,953

269

2.15

1.23

 Michigan Top Foreclosure Totals by County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

Michigan

5,211

0

5,011

0

3,555

13,777

330

-14.46

-10.02

 

 

 

 

 

 

 

 

 

 

Wayne

1,258

0

1,382

0

1,060

3,700

226

-0.94

-11.55

Oakland

721

0

661

0

571

1,953

269

-22.22

-10.90

Macomb

573

0

540

0

399

1,512

234

-14.19

-17.87

Genesee

259

0

243

0

177

679

291

-23.79

-23.19

Kent

270

0

240

0

134

644

380

-14.70

-18.27

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