Michigan Foreclosures Up in 2010

Foreclosure filings rise 15 percent from 2009; foreclosure rate 7th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 135,874 Michigan properties for 2010, up 15 percent from a year ago and 28 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 33 Michigan housing units received a foreclosure filing, the seventh highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 16,061 Michigan properties in December 2010, a 5 percent increase from November, but still 20 percent lower than the level reported in December 2009. One in every 282 Michigan housing units received a foreclosure filing during the month, 1.8 times the national average.

 

“Foreclosure activity in Michigan jumped up in 2010 to well above what was reported for the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “One of the worst-affected states in the nation in terms of foreclosure filings, Michigan is also having a tough time in terms of keeping its residents employed. Even with a recent improvement, the state’s unemployment rate remains high at 11.7 percent and is a valid concern among residents struggling to keep their homes.”

 

Michigan had the fifth highest total in the nation in 2010. California continues to be the top state, reporting 546,669 properties with foreclosure filings. Florida came in second, tallying 485,286 properties with foreclosure filings. Arizona came third, reporting 155,878 properties with foreclosure filings. Illinois had the fourth highest total, tallying 151,304 properties with foreclosure filings.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160) and New Jersey (64,808). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Macomb County posts state’s top foreclosure rate in 2010

Macomb County posted the highest foreclosure rate in Michigan in 2010, with one in every 22 housing units receiving a foreclosure filing — twice the national average. Wayne County came in second, with one in every 23 housing units receiving a foreclosure filing in 2010 – twice the national average. The next highest was Oakland County, where one in every 26 housing units received a foreclosure filings during the year — 1.8 times the national average.

 

Wayne County led the state in foreclosure activity in 2010

For the year, Wayne County reported 36,704 properties with foreclosure filings. Next highest was Oakland County, where 20,445 properties with foreclosure filings were reported. Macomb County was third highest, reporting 16,102 properties with foreclosure filings for the year. Genesee County came in fourth, tallying 7,149 properties with foreclosure filings. Fifth highest total for the year was in Kent County, where 6,507 properties with foreclosure filings were reported.

 

State the nation’s fifth largest contributor to total foreclosure activity in 2010

Michigan accounted for 5 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Michigan

22,627

0

41,334

1

71,912

135,874

33

1.35

n/a

 

 

 

 

 

 

 

 

 

 

Macomb

2,481

0

4,180

0

9,441

16,102

22

2.04

1.52

Wayne

6,551

0

11,339

0

18,814

36,704

23

1.97

1.46

Oakland

3,519

0

5,569

0

11,357

20,445

26

1.75

1.30

Monroe

325

0

547

0

1,489

2,361

27

1.66

1.24

Lapeer

195

0

372

0

751

1,318

27

1.66

1.23

 

 

Michigan Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Michigan

22,627

0

41,334

1

71,912

135,874

33

14.85

28.11

 

 

 

 

 

 

 

 

 

 

Wayne

6,551

0

11,339

0

18,814

36,704

23

13.40

-3.68

Oakland

3,519

0

5,569

0

11,357

20,445

26

17.00

31.87

Macomb

2,481

0

4,180

0

9,441

16,102

22

20.71

47.00

Genesee

1,076

0

2,470

0

3,603

7,149

28

19.89

21.93

Kent

972

0

1,649

0

3,886

6,507

38

-0.57

6.10

 

 

 

Michigan Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Michigan

5,039

0

6,890

0

4,132

16,061

282

1.77

n/a

 

 

 

 

 

 

 

 

 

 

Genesee

231

0

378

0

606

1,215

162

3.09

1.74

Lenawee

48

0

69

0

115

232

185

2.70

1.52

Wayne

1,635

0

1,836

0

811

4,282

196

2.56

1.44

Shiawassee

43

0

65

0

34

142

214

2.34

1.32

Macomb

531

0

778

0

331

1,640

216

2.32

1.31

 

 

Michigan Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Michigan

5,039

0

6,890

0

4,132

16,061

282

4.90

-20.25

 

 

 

 

 

 

 

 

 

 

Wayne

1,635

0

1,836

0

811

4,282

196

2.37

-23.83

Oakland

719

0

892

0

560

2,171

242

-0.96

-38.11

Macomb

531

0

778

0

331

1,640

216

-10.92

-27.82

Genesee

231

0

378

0

606

1,215

162

37.44

12.81

Kent

217

0

325

0

210

752

325

-4.57

-22.71

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved