Michigan Foreclosure Activity Inclines in May

Statewide foreclosure filings up 12 percent from April, down 28 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 14,614 Michigan properties in May, a 12 percent increase from April but 28 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Michigan posted the fourth highest foreclosure rate in the nation, with one in every 311 Michigan housing units receiving a foreclosure filing in May.

 

Trailing behind California (51,906) and Florida (19,192), Michigan moved up a spot to third place, reporting 14,614 properties with foreclosure filings while Arizona moved down to fourth, reporting 13,122 properties with foreclosure filings. Nevada stayed steady in fifth, reporting 11,039 properties with foreclosure filings for the month. The rest of the nation’s top 10 states for May included Illinois (10,574), Georgia (10,503), Texas (9,055), Ohio (8,379) and Wisconsin (4,660). The nation’s top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

 

Livingston County posts state’s top foreclosure rate in May

Livingston County posted the highest foreclosure rate of all Michigan counties in May, with one in every 153 housing units receiving a foreclosure filing — four times the national average. Genesee County came in second highest, with a rate of one in every 182 housing units receiving a foreclosure filing during the month — 3.3 times the national average. Third highest was Saint Clair County, where one in every 215 housing units received a foreclosure filing during the month — 2.8 times the national average.

 

Wayne County dominates state foreclosure totals in May

Wayne County led all counties, 3,765 properties with foreclosure filings for the month.  Oakland County was a close second, reporting 2,137 properties with foreclosure filings. Macomb County was third highest, reporting 1,435 properties with foreclosure filings. Genesee County came in fourth place, tallying 1,085 properties with foreclosure filings. Fifth highest was Kent County, where 622 properties with foreclosure filings were reported for the month.

 

State the nation’s third largest contributor to total foreclosure activity in May

Michigan accounted for 7 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by 7 percent from April, and was down 28 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each 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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Michigan

3,732

0

4,676

0

6,206

14,614

311

1.95

n/a

 

 

 

 

 

 

 

 

 

 

Livingston

69

0

84

0

323

476

153

3.95

2.03

Genesee

186

0

291

0

608

1,085

182

3.32

1.71

Saint Clair

78

0

105

0

157

340

215

2.81

1.44

Wayne

904

0

1,140

0

1,721

3,765

222

2.72

1.40

Shiawassee

33

0

49

0

46

128

238

2.54

1.31

 

 

Michigan Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-1.98

-33.44

Michigan

3,732

0

4,676

0

6,206

14,614

311

12.45

-28.09

 

 

 

 

 

 

 

 

 

 

Wayne

904

0

1,140

0

1,721

3,765

222

15.95

-35.99

Oakland

585

0

688

0

864

2,137

246

0.42

-33.26

Macomb

443

0

491

0

501

1,435

247

-15.89

-42.28

Genesee

186

0

291

0

608

1,085

182

106.27

-0.73

Kent

173

0

232

0

217

622

394

1.14

-31.95

 

 

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