Michigan Foreclosure Activity Level Decreases in April

Statewide foreclosure filings decrease 11 percent in April; state 6th highest foreclosure rate

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,996 Michigan properties in April, down 11 percent from March and 32 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

As the state continued to struggle economically with unemployment still over 10 percent, one in every 349 Michigan housing units received a foreclosure filing in April, the nation’s sixth highest foreclosure rate.

 

Since January 2007, California has lad the nation in total monthly foreclosure activity and April is no exception, reporting 55,869 properties with foreclosure filings. Florida remained the state with the second highest total, tallying 19,649 properties with foreclosure filings. Arizona stayed in third place, reporting 13,419 properties with foreclosure filings. Nevada moved up one notch to fifth highest foreclosure total reporting 11,761 properties with foreclosure filings for the month.

 

The rest of the states in the nation’s top 10 for April included Illinois (10,055), Texas (8,793), Georgia (8,479), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Macomb County top in foreclosure rate for April

Macomb County posted the highest foreclosure rate of all Michigan counties in April, with one in every 208 housing units receiving a foreclosure filing — 2.9 times the national average. Shiawassee County posted the second highest foreclosure rate, where one in every 238 housing units received a foreclosure filing during the month — 2.5 times the national average. Lenawee County came in third, with one in every 241 housing units receiving a foreclosure filing during the month — 2.5 times the national average.

 

Wayne County led the state in foreclosure activity in April

Wayne County led all counties in foreclosure activity, reporting 3,247 properties with foreclosure filings for the month. Oakland County was second highest, reporting 2,128 properties with foreclosure filings. Third highest in the state was Macomb County, where 1,706 properties with foreclosure filings were reported. Kent County was fourth highest, tallying 615 properties with foreclosure filings. Fifth highest was Genesee County, where 526 properties with foreclosure filings were reported for the month.

 

State the fourth largest contributor to nation’s foreclosure crisis in April

Michigan accounted for 6 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Michigan

3,497

0

4,267

0

5,232

12,996

349

1.70

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

394

0

493

0

819

1,706

208

2.86

1.68

Shiawassee

28

0

38

0

62

128

238

2.49

1.47

Lenawee

36

0

48

0

95

179

241

2.46

1.45

Oakland

527

0

644

0

957

2,128

247

2.40

1.42

Wayne

913

0

1,200

0

1,134

3,247

258

2.30

1.36

 

 

Michigan Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Michigan

3,497

0

4,267

0

5,232

12,996

349

-11.08

-32.22

 

 

 

 

 

 

 

 

 

 

Wayne

913

0

1,200

0

1,134

3,247

258

-19.87

-41.15

Oakland

527

0

644

0

957

2,128

247

8.57

-31.18

Macomb

394

0

493

0

819

1,706

208

11.80

-32.11

Kent

135

0

158

0

322

615

398

-14.70

-35.74

Genesee

206

0

236

0

84

526

375

-28.82

-44.63

 

 

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