MICHIGAN FORECLOSURES UP 5 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 88 Percent From a Year Ago; Foreclosure Rate in Top 5

 

IRVINE, Calif. – Nov. 10, 2006 – Michigan reported 8,232 properties entering some stage of the foreclosure process in October, a 5 percent increase from the 7,846 properties reported in September and an 88 percent increase from the 4,369 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report. The state documented the fourth highest foreclosure rate in the nation for the month — one new foreclosure filing for every 513 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 very low price appreciation, is still a drag on the state economy and is contributing to a higher foreclosure rate.”

 

Michigan’s foreclosure total was the fourth highest in the country for October, with only California, Florida and Texas registering higher totals for the month. California led the nation with 16,098 properties in some stage of foreclosure, followed by Florida, with 11,413 properties, and Texas, with 9,728 properties in the foreclosure pipeline. Fifth place Illinois reported 488 fewer foreclosures than Michigan for the month.

 

Wayne County accounts for more than half of state’s total

Wayne County accounted for 51 percent of the state’s foreclosure total in October, with 4,216 properties in some stage of the foreclosure process. Genesee County had the second highest total, with 842 properties in some stage of foreclosure. Oakland County was third, reporting 618 properties in the process. Other counties with notable foreclosure numbers included Macomb County, with 591 properties in some stage of the foreclosure process, and Kent County, with 499 properties in the foreclosure pipeline.

 

Wayne County documents state’s highest foreclosure rate

Wayne County also documented the highest foreclosure rate in Michigan for October, reporting one new foreclosure filing for every 196 households – 2.6 times the state average and 5.1 times the national average. The second highest foreclosure rate for the month was found in Genesee County, reporting one new foreclosure filing for every 218 households – 2.4 times the state average and 4.6 times the national average. Jackson County came in third with one new filing for every 359 households, followed by Kent County with one new filing for every 449 households and Washtenaw County with one new filing for every 496 households.

 

State makes significant contribution to national total

Michigan’s foreclosure activity accounted for 7 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The national foreclosure rate was one new foreclosure filing for every 1,001 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 – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Michigan

90

4,419

0

0

3,723

8,232

513

1.95

 

 

 

 

 

 

 

 

 

 

Alcona

0

1

0

0

0

1

10,584

0.09

0.05

Allegan

3

26

0

0

25

54

802

1.25

0.64

Alpena

0

0

0

0

0

0

0.00

0.00

Antrim

0

0

0

0

0

0

0.00

0.00

Arenac

0

0

0

0

0

0

0.00

0.00

Baraga

0

0

0

0

0

0

0.00

0.00

Barry

0

2

0

0

0

2

11,938

0.08

0.04

Bay

1

3

0

0

40

44

1,055

0.95

0.49

Benzie

0

0

0

0

0

0

0.00

0.00

Berrien

0

1

0

0

3

4

18,361

0.05

0.03

Branch

0

1

0

0

0

1

19,822

0.05

0.03

Calhoun

0

60

0

0

44

104

564

1.77

0.91

Cass

0

0

0

0

0

0

0.00

0.00

Charlevoix

0

0

0

0

0

0

0.00

0.00

Cheboygan

0

2

0

0

0

2

8,292

0.12

0.06

Clare

0

0

0

0

0

0

0.00

0.00

Clinton

0

17

0

0

12

29

849

1.18

0.60

Crawford

0

0

0

0

0

0

0.00

0.00

Dickinson

0

1

0

0

0

1

13,702

0.07

0.04

Eaton

0

7

0

0

40

47

896

1.12

0.57

Emmet

0

0

0

0

0

0

0.00

0.00

Genesee

6

561

0

0

275

842

218

4.59

2.35

Gladwin

0

1

0

0

0

1

16,828

0.06

0.03

Grand Traverse

0

1

0

0

0

1

34,842

0.03

0.01

Gratiot

0

3

0

0

0

3

5,172

0.19

0.10

Hillsdale

0

1

0

0

0

1

20,189

0.05

0.03

Huron

0

1

0

0

1

2

10,215

0.09

0.05

Ingham

3

8

0

0

129

140

822

1.22

0.62

Ionia

0

5

0

0

1

6

3,668

0.27

0.14

Isabella

0

0

0

0

0

0

0.00

0.00

Jackson

0

140

0

0

4

144

359

2.79

1.43

Kalamazoo

0

69

0

0

80

149

666

1.50

0.77

Kalkaska

0

0

0

0

0

0

0.00

0.00

Kent

2

244

0

0

253

499

449

2.23

1.14

Lake

0

0

0

0

0

0

0.00

0.00

Lapeer

0

9

0

0

12

21

1,559

0.64

0.33

Leelanau

0

0

0

0

0

0

0.00

0.00

Lenawee

0

1

0

0

0

1

39,769

0.03

0.01

Livingston

1

5

0

0

43

49

1,202

0.83

0.43

Luce

0

1

0

0

0

1

4,008

0.25

0.13

Macomb

5

385

0

0

201

591

542

1.85

0.95

Manistee

0

0

0

0

0

0

0.00

0.00

Mason

0

0

0

0

0

0

0.00

0.00

Mecosta

0

1

0

0

0

1

19,593

0.05

0.03

Midland

0

2

0

0

0

2

16,898

0.06

0.03

Missaukee

0

0

0

0

0

0

0.00

0.00

Monroe

0

9

0

0

35

44

1,283

0.78

0.40

Montcalm

0

0

0

0

0

0

0.00

0.00

Muskegon

0

8

0

0

88

96

714

1.40

0.72

Newaygo

0

0

0

0

1

1

23,202

0.04

0.02

Oakland

30

271

0

0

317

618

796

1.26

0.64

Oceana

0

3

0

0

0

3

5,003

0.20

0.10

Ogemaw

0

0

0

0

0

0

0.00

0.00

Ontonagon

0

0

0

0

0

0

0.00

0.00

Osceola

0

2

0

0

0

2

6,427

0.16

0.08

Otsego

0

1

0

0

0

1

13,375

0.08

0.04

Ottawa

1

33

0

0

29

63

1,379

0.73

0.37

Presque Isle

0

0

0

0

0

0

0.00

0.00

Roscommon

0

0

0

0

0

0

0.00

0.00

Saginaw

6

25

0

0

57

88

972

1.03

0.53

Saint Clair

0

5

0

0

48

53

1,266

0.79

0.41

Saint Joseph

0

2

0

0

0

2

13,252

0.08

0.04

Sanilac

0

3

0

0

21

24

888

1.13

0.58

Shiawassee

0

3

0

0

1

4

7,272

0.14

0.07

Tuscola

0

2

0

0

1

3

7,793

0.13

0.07

Van Buren

0

4

0

0

0

4

8,494

0.19

0.06

Washtenaw

5

173

0

0

86

264

496

2.02

1.03

Wayne

27

2,313

0

0

1,876

4,216

196

5.11

2.62

Wexford

0

3

0

0

0

3

4,957

0.20

0.10

 

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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