MICHIGAN FORECLOSURES UP 13 PERCENT IN AUGUST

Activity Up 66 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – August 31, 2006 – Michigan reported 6,863 properties entering some stage of the foreclosure process in August, a 13 percent increase from the 6,070 properties reported in July, and 66 percent above the 4,123 properties reported for the same month last year, according to the RealtyTrac™ June 2006 U.S. Foreclosure Market Report. The state had the sixth highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 615 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“The upswing in foreclosures we are seeing in Michigan is rooted in a number of contributing factors,” said James J. Saccacio, chief executive officer of RealtyTrac. “Among them the restructuring of the auto industry that has been plaguing the state’s economy for some time now, along with weak home sales, low home price appreciation and a growing inventory of housing stock.”

 

Like its foreclosure rate, Michigan’s foreclosure total was also the sixth highest — almost 10,000 foreclosures behind national leader Florida, 7,400 foreclosures behind second place Texas, more than 5,000 foreclosures behind third place California, almost 600 foreclosures behind Ohio and less than 200 foreclosures behind Illinois. The state’s foreclosure rate was 1.6 times the national average.

 

Highest foreclosure total reported in Wayne County

Reporting 3,069 properties in some stage of the foreclosure process in August, Wayne County accounted for 45 percent of the state’s total for the month. The county with the next highest monthly total was Genesee County, reporting 784 properties in some stage of the foreclosure process. Other counties with notable foreclosure numbers included Oakland County with 726 properties in some stage of the foreclosure process, Macomb County with 584 properties and Kent County with 320 properties in the foreclosure pipeline.

 

Genesee County has highest foreclosure rate

Genesee County had the state’s highest foreclosure rate for August, reporting one new foreclosure filing for every 234 households – 2.6 times the state average and 4.3 times the national average.  Reporting one new foreclosure filing for every 269 households – 2.3 times the state average and 3.7 times the national average — Wayne County had the state’s second highest rate for the month. Clinton County came in third reporting one new filing for every 483 households, followed by Eaton County with one new filing for every 514 households and Ingham County reporting one new filing for every 538 households.

 

State makes significant contribution to national total

Total foreclosure activity in Michigan accounted for 6 percent of the 115,292 properties entering some stage of foreclosure nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Michigan

174

4,213

0

0

2,476

6,863

615

1.63

 

 

 

 

 

 

 

 

 

 

Alger

0

1

0

0

1

2

2,982

0.34

0.21

Allegan

1

2

0

0

30

33

1,312

0.76

0.47

Alpena

0

0

0

0

1

1

15,289

0.07

0.04

Antrim

1

0

0

0

0

1

15,090

0.07

0.04

Arenac

0

0

0

0

1

1

9,563

0.10

0.06

Barry

0

1

0

0

2

3

7,959

0.13

0.08

Bay

1

1

0

0

13

15

3,095

0.32

0.20

Benzie

0

0

0

0

0

0

0.00

0.00

Berrien

0

5

0

0

8

13

5,650

0.18

0.11

Calhoun

0

48

0

0

32

80

734

1.37

0.84

Cass

0

2

0

0

2

4

5,971

0.17

0.10

Charlevoix

0

3

0

0

0

3

5,123

0.20

0.12

Cheboygan

0

0

0

0

2

2

8,292

0.12

0.07

Chippewa

0

1

0

0

0

1

19,430

0.05

0.03

Clare

0

0

0

0

0

0

0.00

0.00

Clinton

0

32

0

0

19

51

483

2.08

1.27

Crawford

0

0

0

0

1

1

10,042

0.10

0.06

Dickinson

0

2

0

0

1

3

4,567

0.22

0.13

Eaton

0

19

0

0

63

82

514

1.95

1.20

Emmet

0

2

0

0

0

2

9,277

0.11

0.07

Genesee

28

532

0

0

224

784

234

4.28

2.63

Gladwin

0

0

0

0

0

0

0.00

0.00

Grand Traverse

0

5

0

0

1

6

5,807

0.17

0.11

Gratiot

0

4

0

0

0

4

3,879

0.26

0.16

Hillsdale

0

0

0

0

1

1

20,189

0.05

0.03

Huron

0

2

0

0

1

3

6,810

0.15

0.09

Ingham

3

132

0

0

79

214

538

1.86

1.14

Ionia

0

1

0

0

1

2

11,003

0.09

0.06

Isabella

0

0

0

0

1

1

24,528

0.04

0.03

Jackson

0

61

0

0

4

65

795

1.26

0.77

Kalamazoo

0

67

0

0

48

115

863

1.16

0.71

Kalkaska

0

0

0

0

0

0

0.00

0.00

Kent

3

229

0

0

88

320

700

1.43

0.88

Lapeer

0

3

0

0

3

6

5,455

0.18

0.11

Leelanau

0

0

0

0

0

0

0.00

0.00

Lenawee

0

4

0

0

5

9

4,419

0.23

0.14

Livingston

2

5

0

0

54

61

966

1.04

0.64

Macomb

14

428

0

0

142

584

548

1.83

1.12

Marquette

0

1

0

0

0

1

32,877

0.03

0.02

Mecosta

0

1

0

0

2

3

6,531

0.15

0.09

Midland

0

5

0

0

0

5

6,759

0.15

0.09

Missaukee

0

1

0

0

0

1

8,621

0.12

0.07

Monroe

1

9

0

0

65

75

753

1.33

0.82

Montcalm

0

2

0

0

2

4

6,475

0.15

0.10

Muskegon

0

58

0

0

53

111

618

1.62

1.00

Newaygo

0

0

0

0

1

1

23,202

0.04

0.03

Oakland

70

248

0

0

408

726

678

1.48

0.91

Oceana

0

0

0

0

0

0

0.00

0.00

Osceola

0

1

0

0

0

1

12,853

0.08

0.05

Otsego

0

1

0

0

0

1

13,375

0.07

0.05

Ottawa

0

43

0

0

17

60

1,448

0.69

0.43

Presque Isle

0

0

0

0

1

1

9,910

0.10

0.06

Roscommon

0

2

0

0

0

2

11,555

0.09

0.05

Saginaw

0

68

0

0

51

119

719

1.40

0.86

Saint Clair

1

2

0

0

33

36

1,864

0.54

0.33

Saint Joseph

0

0

0

0

1

1

26,503

0.04

0.02

Sanilac

0

6

0

0

18

24

888

1.13

0.69

Schoolcraft

0

0

0

0

1

1

5,700

0.18

0.11

Shiawassee

0

2

0

0

4

6

4,848

0.21

0.13

Tuscola

0

8

0

0

1

9

2,598

0.39

0.24

Van Buren

0

5

0

0

1

6

5,663

0.18

0.11

Washtenaw

3

91

0

0

14

108

1,214

0.83

0.51

Wayne

46

2,050

0

0

973

3,069

269

3.73

2.29

Wexford

0

17

0

0

2

19

783

1.28

0.79

 

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

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