Michigan Foreclosure Activity Rises in October

Statewide filings up 14 percent  from September; Rate fifth highest

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 16,106 Michigan properties in  October, a 14 percent increase from September, but 17 percent below the level  reported for October 2010, according to the  latest RealtyTrac® U.S. Foreclosure Market Report.

Michigan had the fifth highest foreclosure rate  in the nation, reporting one in every 282 housing units with a foreclosure  filing in October.

California continues to lead the nation in terms of total foreclosure  activity, reporting 55,313 properties with foreclosure filings for October. Second  ranked Florida reported 33,073 properties with foreclosure filings during the  month. Michigan, was third highest, followed  by Illinois with  the fourth highest total, reporting 12,522 properties with foreclosure filings.  Arizona took  fifth place, tallying 10,626 properties with foreclosure filings.

The remaining states that make up the nation’s  top 10 in October include Georgia (10,010), Texas (9,845), Ohio (8,691), Nevada  (6,307) and Colorado (4,729). The top 10 accounted for 72 percent of the  nation’s total foreclosure activity for the month.

Saginaw County posts top foreclosure rate in the  state for October
  One in every 174 housing units in Saginaw County  had a foreclosure filing in October — 3.2 times the national average and 1.6  times the state average — the highest foreclosure rate of all Michigan counties for the month. Lapeer County  had the second highest rate of one in every 192 housing units with a foreclosure  filing during the month — 2.9 times the national average and 1.5 times the  state average. Macomb County had the third highest rate of one in every 201  housing units with a foreclosure filing during the month — 2.8 times the  national average and 1.4 times the state average.

Wayne County has state’s highest foreclosure total in  October
  Wayne County had the highest level of foreclosure activity in  the state, reporting 3,735 properties with foreclosure filings for the month. Oakland  County was second highest, reporting 2,511 properties with foreclosure filings.  Macomb County was third, reporting 1,762 properties with foreclosure filings. Fourth  highest was Genesee County, recording 891 properties with foreclosure filings. Kent  County was fifth highest, tallying 755 properties with foreclosure filings for  the month.

State the nation’s third largest contributor to total  foreclosure activity in October
  Michigan accounted for 7 percent of the 230,678  properties with foreclosure filings reported nationwide in October. Total U.S. activity  increased by more than 7 percent from September, but was down nearly 31 percent  from the level reported in October 2010. One in every 563 U.S. housing units received  a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that  foreclosure activity is coming out of the rain delay we’ve been in for the past  year as lenders corrected foreclosure paperwork and processing problems,” said  James Saccacio, chief executive officer of RealtyTrac. “However, recent state  court rulings and new state laws keep changing the rules of the foreclosure  game on the fly, creating more uncertainty in the housing market and  threatening to prolong the road to a robust real estate recovery.”

 

Michigan Top Foreclosure Rates By County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Michigan

5,477

0

5,046

0

5,583

16,106

282

2.00

n/a

 

 

 

 

 

 

 

 

 

 

Saginaw

84

0

56

0

371

511

174

3.24

1.62

Lapeer

68

0

56

0

63

187

192

2.94

1.47

Macomb

597

0

570

0

595

1,762

201

2.80

1.40

Lenawee

60

0

60

0

88

208

207

2.72

1.36

Oakland

752

0

686

0

1,073

2,511

209

2.69

1.35

 Michigan Top Foreclosure Totals by County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Michigan

5,477

0

5,046

0

5,583

16,106

282

14.11

-16.50

 

 

 

 

 

 

 

 

 

 

Wayne

1,384

0

1,368

0

983

3,735

224

-8.03

-30.03

Oakland

752

0

686

0

1,073

2,511

209

21.30

-10.03

Macomb

597

0

570

0

595

1,762

201

4.88

-16.49

Genesee

288

0

251

0

352

891

222

36.45

-6.01

Kent

278

0

249

0

228

755

324

19.84

-16.76

 

 

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