Metro Detroit February Foreclosure Report

Realty Trac just started sending me the press releases for their foreclosure reports, requesting that we provide this information for our readers. We don’t normally ‘reprint’ but this is valuable information and they asked.

There is good news in the report. The number of foreclosures in Michigan fell from January 2007, and from February 2006. Oakland County has 796 foreclosures in the pipeline.

Dmitry and I work with a number of banks helping to sell their foreclosed properties. This has certainly lead us to an understanding that foreclosure can happen to people from all walks of life. We are currently preparing to list a number of homes well over $500,000 that people are losing to the bank. I hate to see anyone lose their home, and if you are in risk of losing your home the first call you should make is to the bank. Do not wait until things go to far. Ask them what they can do to help you get caught up on your payments. Perhaps they will take a short sale, or less than they are owed? If they will, maybe your best option is to sell the home. I know it is hard, but ignoring the problem will only make it worse.

IRVINE, Calif. – March 26, 2007 – Michigan reported 9,287 foreclosure filings in February, fourth highest state total for the month. However, the total represents a decrease of 20 percent from the previous month and a 10 percent decline from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state tallied a foreclosure rate of one foreclosure filing for every 455 households, fifth highest rate in the nation.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 properties from nearly 2,500 counties across the country.

“Despite this monthly decline in foreclosure activity, Michigan still suffers from unemployment in the manufacturing sector and increased mortgage delinquencies as is evidenced by a foreclosure rate in the nation’s top tier,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although there were fewer foreclosures in February, nearly half of those reported were bank-owned properties that have been in the process for some time now.”

For the month, the Wolverine State’s foreclosure total was 3,000 fewer foreclosures than third place Texas, almost 7,000 foreclosures lower than second place California, and more than 9,800 foreclosures lower than national leader Florida. However, the state did register 1,800 more foreclosures than fifth place Ohio. The rest of the nation’s top 10 were Georgia, Illinois, Colorado, New York and New Jersey. The state foreclosure rate was 1.9 times the national average.

Two counties lead state in foreclosure total and rate

Wayne and Macomb counties led the state in terms of both foreclosure total and foreclosure rate for February. The two counties combined accounted for 71 percent of all activity in the state for the month.

Wayne County far outdistanced all other counties, reporting 5,497 foreclosure filings for the month. Macomb County registered the state’s second highest total, reporting 1,099 foreclosure filings. Third highest total was reported by Oakland County, with 796 filings in the foreclosure pipeline.

Wayne County had the state’s highest foreclosure rate for February, reporting one foreclosure filing for every 150 households — three times the state average and 5.9 times the national average. Macomb County reported the second highest rate in the state, with one foreclosure filing for every 291 households — 1.6 times the state average and three times the national average. Genesee County reported the third highest rate, one foreclosure filing for every 425 households — 1.1 times the state average and 2.1 times the national average.

State makes significant contribution to national total

Total foreclosure filings in Michigan accounted for 7 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

[tags]foreclosure, michigan foreclosure[/tags]

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
Visit Website
Search for homes in Oakland County