Michigan Foreclosures Decline in November

Foreclosure filings down 21 percent from October, rate now 7th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 15,311 Michigan properties in November, down 21 percent from the previous month and a 4 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 296 Michigan housing units received a foreclosure filing in November, giving the state the 7th highest state foreclosure rate in the nation.

 

Michigan foreclosures were down in November, said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 35 percent for the month. While the state’s unemployment rate still tops the national average, it has been steadily declining over the past several months. This has likely contributed to the recent decline.”

 

With 57,378 properties with foreclosure filings, California remained firmly established as the national frontrunner, with Florida alone in second place, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Macomb County achieves top foreclosure rate honors in November

Macomb County posted the highest foreclosure rate in Michigan for November, with one in every 192 housing units receiving a foreclosure filing — 2.6 times the national average. Wayne County reported the second highest foreclosure rate, with one in every 200 housing units receiving a foreclosure filing — 2.5 times the national average. Genesee County came in third, with one in every 223 housing units receiving a foreclosure filing — 2.2 times the national average.

 

Wayne County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Wayne County, which reported 4,183 properties with foreclosure filings for the month. Oakland County tallied the second highest foreclosure level, reporting 2,192 properties with foreclosure filings. Third highest total was in Macomb County, where 1,841 properties with foreclosure filings were reported. Fourth highest was Genesee County, where 884 properties with foreclosure filings were reported. Kent County filled out the top five for the month, reporting 788 properties with foreclosure filings.

 

State the nation’s third largest contributor to total foreclosure total

Michigan accounted for 6 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 U.S. housing units received a foreclosure filing during the 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Michigan

5,410

0

5,450

0

4,451

15,311

296

1.66

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

590

0

606

0

645

1,841

192

2.56

1.54

Wayne

1,636

0

1,473

0

1,074

4,183

200

2.46

1.48

Genesee

280

0

310

0

294

884

223

2.21

1.33

Oakland

765

0

773

0

654

2,192

240

2.05

1.23

Monroe

71

0

71

0

114

256

249

1.98

1.19

 

 

Michigan Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Michigan

5,410

0

5,450

0

4,451

15,311

296

-20.62

-4.23

 

 

 

 

 

 

 

 

 

 

Wayne

1,636

0

1,473

0

1,074

4,183

200

-21.64

-19.09

Oakland

765

0

773

0

654

2,192

240

-21.46

-5.03

Macomb

590

0

606

0

645

1,841

192

-12.75

3.95

Genesee

280

0

310

0

294

884

223

-6.75

25.04

Kent

232

0

255

0

301

788

310

-13.12

-9.32

 

 

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