MICHIGAN FORECLOSURES INCREASE 25 PERCENT IN JULY

State Activity Up 90 Percent From a Year Ago; Rate in Nation’s Top 10

 

IRVINE, Calif. – August 11, 2006 – Michigan had the fourth highest foreclosure total in the nation for July, reporting 6,070 properties entering some stage of the foreclosure process, a 25 spike in activity from the 4,853 properties reported in June, and 90 percent above the 3,208 properties reported for the same month last year, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

Michigan is still reeling from the after effects of significant layoffs in the manufacturing sector and foreclosure activity is reflecting those job losses,” said James J. Saccacio, chief executive officer of RealtyTrac. “Other factors that are likely contributing to the continued increase in foreclosures are higher interest rates and the softening of the housing market.”

 

Michigan reported almost 4,000 fewer foreclosures than third place California for the month, and just more than 4,000 fewer than second place Florida. The state total was less than half of the foreclosure activity reported by national leader Texas. Reporting one new foreclosure filing for every 696 households — 1.8 times the national average — the state’s foreclosure rate ranked 7th in the nation.

 

Wayne County accounts for more than half of state total

Reporting 3,058 properties in some stage of the foreclosure process, Wayne County accounted for slightly more than 50 percent of all foreclosures in Michigan for July. Next highest total was found in Macomb County where 554 properties were reported as entering some stage of the foreclosure process. Other significant totals were reported in Genesee County with 493 properties, Oakland County with 445 properties and Kent County with 405 properties in the foreclosure pipeline.

 

Highest foreclosure rate in Wayne County

Wayne County had the state’s highest foreclosure rate for the month with one new foreclosure filing for every 270 households – 2.6 times the state average and 4.6 times the national average.  Reporting one new foreclosure filing for every 372 households – 1.9 times the state average and 3.3 times the national average — Genesee County had the second highest rate for the month.

 

Michigan contribution impacts national total

Michigan foreclosures accounted for almost 7 percent of the 92,845 properties entering some stage of foreclosure nationwide in July. The national total represents a 5 percent increase from June when a total 88,194 foreclosures were reported. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,245 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).

 

                          Michigan Foreclosure Market by County – July 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

Michigan

151

3,062

0

0

2,857

6,070

696

1.79

 

 

 

 

 

 

 

 

 

 

Allegan

0

1

0

0

11

12

3608

0.35

0.19

Alpena

0

0

0

0

1

1

15289

0.08

0.05

Antrim

0

0

0

0

1

1

15090

0.08

0.05

Barry

0

0

0

0

2

2

11938

0.10

0.06

Bay

0

2

0

0

22

24

1934

0.64

0.36

Berrien

0

3

0

0

2

5

14689

0.08

0.05

Branch

0

2

0

0

5

7

2832

0.44

0.25

Calhoun

0

33

0

0

32

65

903

1.38

0.77

Cass

0

1

0

0

2

3

7961

0.16

0.09

Charlevoix

0

1

0

0

0

1

15370

0.08

0.05

Clare

0

1

0

0

1

2

11115

0.11

0.06

Clinton

0

8

0

0

9

17

1449

0.86

0.48

Crawford

0

0

0

0

1

1

10042

0.12

0.07

Delta

0

0

0

0

1

1

19223

0.06

0.04

Dickinson

0

1

0

0

0

1

13702

0.09

0.05

Eaton

0

15

0

0

19

34

1239

1.01

0.56

Emmet

1

9

0

0

0

10

1855

0.67

0.37

Genesee

6

260

0

0

227

493

372

3.34

1.87

Gladwin

0

1

0

0

0

1

16828

0.07

0.04

Gogebic

0

0

0

0

1

1

10839

0.11

0.06

Grand Traverse

0

8

0

0

1

9

3871

0.32

0.18

Gratiot

0

4

0

0

0

4

3879

0.32

0.18

Houghton

0

0

0

0

1

1

17748

0.07

0.04

Huron

0

2

0

0

4

6

3405

0.37

0.20

Ingham

5

116

0

0

82

203

567

2.20

1.23

Ionia

0

1

0

0

1

2

11003

0.11

0.06

Iosco

1

1

0

0

1

3

6811

0.18

0.10

Isabella

0

0

0

0

0

0

 

0.00

0.00

Jackson

0

54

0

0

3

57

907

1.37

0.77

Kalamazoo

0

97

0

0

35

132

752

1.66

0.93

Kalkaska

0

1

0

0

0

1

10822

0.12

0.06

Kent

3

211

0

0

191

405

553

2.25

1.26

Lapeer

1

7

0

0

2

10

3273

0.38

0.21

Leelanau

0

0

0

0

0

0

 

0.00

0.00

Lenawee

0

4

0

0

1

5

7954

0.16

0.09

Livingston

3

5

0

0

38

46

1281

0.97

0.54

Macomb

15

315

0

0

224

554

578

2.15

1.20

Marquette

0

1

0

0

0

1

32877

0.04

0.02

Mecosta

0

0

0

0

0

0

 

0.00

0.00

Midland

0

3

0

0

0

3

11265

0.11

0.06

Missaukee

0

0

0

0

1

1

8621

0.14

0.08

Monroe

1

7

0

0

7

15

3765

0.33

0.18

Montcalm

0

4

0

0

2

6

4317

0.29

0.16

Montmorency

0

0

0

0

1

1

9238

0.13

0.08

Muskegon

0

41

0

0

62

103

666

1.87

1.05

Newaygo

1

0

0

0

1

2

11601

0.11

0.06

Oakland

37

144

0

0

264

445

1106

1.13

0.63

Oceana

0

2

0

0

0

2

7505

0.17

0.09

Ogemaw

0

0

0

0

2

2

7702

0.16

0.09

Ontonagon

0

0

0

0

0

0

 

0.00

0.00

Osceola

0

0

0

0

1

1

12853

0.10

0.05

Otsego

0

1

0

0

0

1

13375

0.09

0.05

Ottawa

0

53

0

0

30

83

1046

1.19

0.66

Presque Isle

0

0

0

0

0

0

 

0.00

0.00

Roscommon

0

0

0

0

3

3

7703

0.16

0.09

Saginaw

0

54

0

0

9

63

1357

0.92

0.51

Saint Clair

0

2

0

0

27

29

2314

0.54

0.30

Saint Joseph

0

3

0

0

2

5

5301

0.23

0.13

Sanilac

0

2

0

0

12

14

1522

0.82

0.46

Schoolcraft

0

0

0

0

1

1

5700

0.22

0.12

Shiawassee

0

3

0

0

17

20

1454

0.86

0.48

Tuscola

0

3

0

0

0

3

7793

0.16

0.09

Van Buren

0

2

0

0

3

5

6795

0.18

0.10

Washtenaw

9

25

0

0

37

71

1846

0.67

0.38

Wayne

68

1,536

0

0

1,454

3,058

270

4.61

2.58

Wexford

0

12

0

0

0

12

1239

1.00

0.56

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. 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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