Michigan Foreclosure Activity Falls in February

Statewide filings down 18 percent from January; Rate seventh highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,467 Michigan properties in February, an 18 percent decrease from January and 25 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Michigan had the seventh highest foreclosure rate, reporting one in every 433 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Second ranked Florida reported 26,337 properties with foreclosure filings during the month. Third place was Illinois, where 13,298 properties with foreclosure filings were reported. Georgia moved up to the fourth highest total, reporting 12,356 properties with foreclosure filings while Michigan dropped a spot to fifth place.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio (9,445), Arizona (9,131), Pennsylvania (4,494) and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Genesee County posts top foreclosure rate in the state for February
 One in every 240 housing units in Genesee County had a foreclosure filing in February — 2.7 times the national average and 1.8 times the state average — the highest foreclosure rate of all Michigan counties for the month. Eaton County had the second highest rate of one in every 272 housing units with a foreclosure filing during the month — 2.3 times the national average and 1.6 times the state average. Shiawassee County had the third highest rate of one in every 276 housing units with a foreclosure filing during the month — 2.3 times the national average and 1.6 times the state average.

Wayne County has top foreclosure total in February
 Wayne County led the state by a large margin and had the highest foreclosure total, reporting 2,692 properties with foreclosure filings for the month. Oakland County was second highest, reporting 1,332 properties with foreclosure filings. Macomb County was third, reporting 1,206 properties with foreclosure filings. Fourth highest was Genesee County, recording 800 properties with foreclosure filings. Kent County was fifth, tallying 511 properties with foreclosure filings for the month.

State the nation’s fifth largest contributor to total foreclosure activity in February
 Michigan accounted for 5 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

 Michigan Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Michigan

1,147

0

4,483

0

4,837

10,467

433

1.47

n/a

 

 

 

 

 

 

 

 

 

 

Genesee

82

0

233

0

485

800

240

2.65

1.80

Eaton

35

0

59

0

79

173

272

2.34

1.59

Shiawassee

12

0

30

0

68

110

276

2.31

1.57

Lenawee

11

0

46

0

91

148

294

2.17

1.47

Macomb

98

0

509

0

599

1,206

296

2.15

1.46

 Michigan Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Michigan

1,147

0

4,483

0

4,837

10,467

433

-18.28

-25.25

 

 

 

 

 

 

 

 

 

 

Wayne

218

0

1,242

0

1,232

2,692

305

-21.38

-28.18

Oakland

106

0

574

0

652

1,332

396

-4.31

-30.12

Macomb

98

0

509

0

599

1,206

296

-17.90

-19.92

Genesee

82

0

233

0

485

800

240

26.78

5.54

Kent

76

0

224

0

211

511

483

-33.20

-24.96

 

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