Michigan Foreclosure Activity Up in Third Quarter

Total foreclosure filings increase minimally compared to the second quarter

Default and auction notices down, REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 46,100 Michigan properties during the third quarter, a 1 percent increase from the previous quarter and up 24 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 98 Michigan housing units received a foreclosure filing during the quarter, the eighth highest state foreclosure rate in the nation.

 

For September, Michigan reported 21,812 properties with foreclosure filings, an almost 23 percent increase from the previous month and 30 percent above the level reported for the same month last year. One in every 208 Michigan housing units received a foreclosure filing in September, ranking the sixth highest foreclosure rate among the 50 states.

 

Michigan foreclosures were up slightly during the third quarter,” Said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 27 percent for the month. The state continued to hold the second highest unemployment rate behind Nevada. Its home sales and home values also declined further than the national average earlier this year. These trends need to turn around before we see foreclosures really start to come down here.”

 

California continued to lead the nation in total foreclosures with 191,016 properties with foreclosure filings for the quarter. The second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

Wayne County led state with top foreclosure rate in third quarter

Wayne County posted the highest foreclosure rate in Michigan during the third quarter of 2010, where one in every 66 housing units received a foreclosure filing — 2.1 times the national average. Lapeer County posted the second highest foreclosure rate, where one in every 67 housing units received a foreclosure filing during the period — 2.1 times the national average. Macomb County documented the third highest foreclosure rate, where one in every 68 housing units received a foreclosure filing — twice the national average.

 

Wayne County posts state’s top foreclosure total for third quarter

Wayne County dominated, reporting 12,620 properties with foreclosure filings for the quarter. Oakland County was second, reporting 6,796 properties with foreclosure filings. Macomb County was third, tallying 5,239 properties with foreclosure filings. Genesee County was fourth highest, reporting 2,646 properties with foreclosure filings. Kent County came in last for the state’s top five, reporting 2,118 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of the 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Michigan. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Michigan

10,943

0

16,755

0

18,402

46,100

98

1

n/a

 

 

 

 

 

 

 

 

 

 

Wayne

3,219

0

4,668

0

4,733

12,620

66

2.09

1.48

Lapeer

119

0

193

0

218

530

67

2.06

1.46

Macomb

1,174

0

1,742

0

2,323

5,239

68

2.05

1.45

Montcalm

62

0

88

0

221

371

74

1.87

1.33

Genesee

593

0

1,081

0

972

2,646

75

1.86

1.32

 

 

Michigan Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Michigan

10,943

0

16,755

0

18,402

46,100

98

1.43

24.51

 

 

 

 

 

 

 

 

 

 

Wayne

3,219

0

4,668

0

4,733

12,620

66

-3.01

17.25

Oakland

1,581

0

2,330

0

2,885

6,796

77

-5.39

27.67

Macomb

1,174

0

1,742

0

2,323

5,239

68

-7.83

29.23

Genesee

593

0

1,081

0

972

2,646

75

13.90

48.07

Kent

453

0

738

0

927

2,118

115

-1.90

3.52

 

 

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