MICHIGAN FORECLOSURES DECREASE 13 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 131 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Dec. 11, 2006 – Michigan reported 7,168 properties entering some stage of the foreclosure process in November, a 13 percent decrease from the 8,232 properties reported in October, but still a 131 percent increase from the 3,106 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report. The state registered the sixth highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 589 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Michigan continues to lose jobs, particularly in the automotive industry,” said James J. Saccacio, chief executive officer of RealtyTrac. “Higher unemployment, combined with fewer home sales and home prices that actually decreased in the third quarter are all spurring increased foreclosure activity in the state.”

 

Michigan’s foreclosure total was the fifth highest in the country for November, with only California, Texas, Florida and Ohio registering higher totals for the month. California led the nation with 19,248 properties in some stage of foreclosure, followed by Texas, with 13,664 properties, Florida, with 9,362 properties, and Ohio, with 8,200 properties entering some stage of the foreclosure pipeline. Fourth place Ohio reported 1,032 more foreclosures than Michigan for the month.

 

“The abundance of adjustable rate mortgages in the area is contributing to the vast number of foreclosures,” said Rebecca Nagy, a Michigan real estate agent and member of the RealtyTrac™ Agent Network. “I see the foreclosure trend escalating for awhile. I do not see an end in site for quite awhile.” 

 

Wayne County has largest share of state total

Wayne County accounted for 47 percent of the state’s foreclosure total in November, with 3,333 properties entering in some stage of the foreclosure process during the month. Macomb County had the second highest total, reporting 810 properties entering some stage of foreclosure. Oakland County was third, reporting 808 properties entering some stage of the process. Other counties with notable foreclosure numbers included Genesee County, with 534 properties in some stage of the foreclosure process, and Kent County, with 340 properties in the foreclosure pipeline.

 

Highest foreclosure rate in the state found in Wayne County

Wayne County also documented the highest foreclosure rate in Michigan for November, reporting one new foreclosure filing for every 248 households — 2.4 times the state average and 3.9 times the national average. The second highest foreclosure rate for the month was found in Genesee County, reporting one new foreclosure filing for every 344 households — 1.7 times the state average and 2.8 times the national average. Macomb County came in third, with one new filing for every 395 households, followed by Jackson County, with one new filing for every 431 households, and Lapeer County, with one new filing for every 436 households.

 

State makes significant contribution to national total

Michigan’ accounted for 6 percent of the 120,334 properties entering some stage of foreclosure nationwide in November. The national total represents a 4 percent increase from the 115,568 foreclosures reported in October. The national foreclosure rate was one new foreclosure filing for every 961 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                   Michigan Foreclosure Market by County – November 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

Michigan

19

3,600

0

0

3,549

7,168

589

1.63

n/a

 

 

 

 

 

 

 

 

 

 

Alcona

0

1

0

0

0

1

10,584

0.09

0.06

Alger

0

1

0

0

0

1

5,964

0.16

0.09

Allegan

0

5

0

0

17

22

1,968

0.48

0.29

Alpena

0

1

0

0

0

1

15,289

0.06

0.04

Antrim

0

1

0

0

0

1

15,090

0.06

0.04

Arenac

0

1

0

0

0

1

9,563

0.10

0.06

Barry

0

3

0

0

0

3

7,959

0.12

0.07

Bay

0

3

0

0

19

22

2,110

0.45

0.28

Benzie

0

3

0

0

0

3

3,437

0.28

0.17

Berrien

0

5

0

0

38

43

1,708

0.56

0.34

Branch

0

4

0

0

0

4

4,956

0.19

0.12

Calhoun

0

57

0

0

48

105

559

1.71

1.05

Cass

1

1

0

0

0

2

11,942

0.08

0.04

Charlevoix

0

2

0

0

0

2

7,685

0.12

0.07

Clare

0

2

0

0

0

2

11,115

0.08

0.05

Clinton

0

17

0

0

24

41

601

1.60

0.98

Crawford

0

1

0

0

0

1

10,042

0.09

0.05

Eaton

0

30

0

0

38

68

619

1.55

0.95

Genesee

0

327

0

0

207

534

344

2.79

1.71

Gratiot

0

1

0

0

0

1

15,516

0.06

0.03

Hillsdale

0

2

0

0

0

2

10,095

0.09

0.05

Houghton

0

1

0

0

0

1

17,748

0.05

0.03

Huron

0

2

0

0

0

2

10,215

0.09

0.05

Ingham

0

59

0

0

88

147

783

1.22

0.75

Ionia

0

4

0

0

0

4

5,502

0.17

0.10

Iosco

0

0

0

0

0

0

 n/a

0.00

0.00

Iron

0

1

0

0

0

1

8,772

0.11

0.07

Isabella

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

0

120

0

0

0

120

431

2.23

1.36

Kalamazoo

0

78

0

0

55

133

746

1.28

0.79

Kent

0

80

0

0

260

340

659

1.46

0.89

Lake

0

1

0

0

0

1

13,498

0.07

0.04

Lapeer

0

5

0

0

70

75

436

2.20

1.35

Leelanau

0

1

0

0

0

1

13,297

0.07

0.04

Lenawee

0

3

0

0

0

3

13,256

0.07

0.04

Livingston

0

12

0

0

33

45

1,309

0.73

0.45

Luce

0

1

0

0

0

1

4,008

0.24

0.14

Macomb

0

510

0

0

300

810

395

2.43

1.49

Marquette

0

2

0

0

0

2

16,439

0.05

0.03

Mason

0

1

0

0

0

1

16,063

0.06

0.03

Mecosta

0

1

0

0

0

1

19,593

0.04

0.03

Midland

0

2

0

0

0

2

16,898

0.05

0.03

Missaukee

0

0

0

0

0

0

 n/a

0.00

0.00

Monroe

0

7

0

0

24

31

1,822

0.52

0.32

Montcalm

0

3

0

0

0

3

8,633

0.11

0.06

Montmorency

0

1

0

0

0

1

9,238

0.10

0.06

Muskegon

0

9

0

0

65

74

926

1.03

0.63

Newaygo

0

1

0

0

0

1

23,202

0.04

0.02

Oakland

8

220

0

0

580

808

609

1.58

0.97

Oceana

0

3

0

0

0

3

5,003

0.19

0.12

Ogemaw

0

1

0

0

0

1

15,404

0.06

0.03

Osceola

0

1

0

0

0

1

12,853

0.07

0.04

Oscoda

0

1

0

0

0

1

8,690

0.11

0.06

Otsego

0

0

0

0

0

0

 n/a

0.00

0.00

Ottawa

0

35

0

0

30

65

1,336

0.72

0.44

Presque Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Roscommon

0

4

0

0

0

4

5,777

0.16

0.10

Saginaw

0

30

0

0

37

67

1,276

0.75

0.46

Saint Clair

1

4

0

0

81

86

780

1.23

0.75

Saint Joseph

0

3

0

0

0

3

8,834

0.11

0.07

Sanilac

0

2

0

0

14

16

1,332

0.72

0.44

Shiawassee

0

7

0

0

28

35

831

1.16

0.71

Tuscola

0

1

0

0

1

2

11,689

0.08

0.05

Van Buren

0

5

0

0

0

5

6,795

0.14

0.08

Washtenaw

0

77

0

0

1

78

1,680

0.57

0.35

Wayne

9

1,833

0

0

1,491

3,333

248

3.88

2.38

Wexford

0

0

0

0

0

0

 n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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