Michigan Foreclosure Activity Falls in August

Filings decrease 6 percent from July; foreclosure rate No. 8 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 17,764 Michigan properties in August, a 6 percent decrease from the previous month and an 8 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  One in every 255 Michigan housing units received a foreclosure filing during the month, the eighth highest state foreclosure rate in the nation.

 

“Michigan foreclosure activity continued to improve in August, with the number of filings below both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the state remains one of the worst affected in the nation, and

Michigan’s unemployment rate of 13.1 percent — the second highest in the nation — certainly isn’t helping things.”

 

California continued as the state with the nation’s highest level of foreclosure activity, reporting 69,143 properties with foreclosure filings in August. Florida had the second highest total, tallying 56,877 properties with foreclosure filings for the month. Illinois dropped one notch to fourth highest, reporting 16,808 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Montcalm County leads the state in foreclosure rate for August

Montcalm County, where one in every 121 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Michigan. One in every 168 housing units received a foreclosure filing in Wayne County, for the second highest rate in the state. Coming in third was Macomb County, where one in every 172 housing units received a foreclosure filing in August. Fourth highest was Oakland County, where one in every 187 housing units received a foreclosure filing. Shiawassee County came in fifth, with one in every 202 housing units receiving a foreclosure filing during the month.

 

Wayne County posts top foreclosure total for August

Wayne County led Michigan in total foreclosure activity for August, reporting 4,974 properties with foreclosure filings. Oakland County documented the second highest foreclosure activity, where 2,814 properties with foreclosure filings were reported. Macomb County came in third, tallying 2,056 properties with foreclosure filings. Fourth highest was Genesee County, where 905 properties with foreclosure filings were reported. Kent County came in fifth, reporting 803 properties with foreclosure filings for the month.

 

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

Michigan accounted for 5 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Michigan

6,114

0

5,996

0

5,654

17,764

255

1.49

n/a

 

 

 

 

 

 

 

 

 

 

Montcalm

22

0

34

0

171

227

121

3.14

2.11

Wayne

1,868

0

1,688

0

1,418

4,974

168

2.26

1.52

Macomb

680

0

630

0

746

2,056

172

2.21

1.48

Oakland

865

0

946

0

1,003

2,814

187

2.04

1.37

Shiawassee

47

0

57

0

46

150

202

1.88

1.26

 

 

Michigan Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Michigan

6,114

0

5,996

0

5,654

17,764

255

-5.68

-8.24

 

 

 

 

 

 

 

 

 

 

Wayne

1,868

0

1,688

0

1,418

4,974

168

-6.66

-12.32

Oakland

865

0

946

0

1,003

2,814

187

4.18

0.97

Macomb

680

0

630

0

746

2,056

172

-4.55

-7.51

Genesee

323

0

326

0

256

905

218

3.31

8.90

Kent

233

0

272

0

298

803

304

-7.59

-15.47

 

 

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