Michigan ranks 7th in foreclosures
by Carol Marshall | Oakland Business Review Friday July 25, 2008, 10:19 AM
Michigan ranked seventh in the country in foreclosures during the second quarter of this year, according to data released July 25 by RealtyTrac.
Detroit was among the metro areas with the highest number of foreclosures, along with Las Vegas, Phoenix, Miami and San Diego.
One in every 137 Michigan households was subject to a foreclosure filing during the second quarter, compared to list leader Nevada, where one in ever 43 homes was the subject of a filing.
One in every 66 homes in the Detroit metro area were subject to a filing, ranking No. 12 in the country. By comparison, one in every 25 Stockton, Calif., households went into foreclosure during the second quarter, earning that city the No. 1 ranking in foreclosures.
RealtyTrac publishes foreclosures data, and reported that Nevada, California and Arizona posted the most foreclosures in the second quarter.
Friday, July 25, 2008
Foreclosures in Mich. continue to increase, are up 11.25 percent over last quarter.
State's housing woes still growing
Foreclosures in Mich. continue to increase, are up 11.25 percent over last quarter.
Nathan Hurst / The Detroit News
The number of Michigan houses in foreclosure rose again in the second quarter, a sign that the region's housing woes won't be over soon.
There were 32,868 properties in foreclosure in the state in the quarter, according to data released today by RealtyTrac, a firm that tracks foreclosures nationwide. That's 11.25 percent more than the number seen in the first three months of this year, and 73.18 percent more than in the second quarter of last year.
The state's foreclosure rate of one filing for every 137 households is the seventh highest. The national rate is one in every 171 households, and represents a 121 percent increase over a year ago.
States with higher foreclosure rates than Michigan include Nevada, California, Arizona, Florida, Colorado and Ohio.
"Although much of the fallout from foreclosures is being driven by rampant activity in a few states ... most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter."
Wayne County had the most properties in foreclosures in Metro Detroit during the second quarter, the RealtyTrac data shows. There were 12,825 houses in foreclosure, or one for every 66 households. That's up 3.41 percent from the first quarter of this year and 52.9 percent from the second quarter of 2007.
The foreclosure rate was the 12th highest among U.S. metropolitan areas, ranking under cities such as Las Vegas, Phoenix, Miami and San Diego. At one time, Wayne County's foreclosure rate was the highest in the country.
Other Metro Detroit counties showed increases in the second quarter, as well:
• Oakland County: 4,718 houses in foreclosure, or one for every 111 households; that's an increase of 29.01 percent over the first quarter of this year and 103.63 percent over the second quarter of last year.
• Macomb County: 3,467 properties in foreclosure, or one for every 101 households; that's an increase of 14.69 percent over the first quarter of this year and 75.72 percent over the second quarter of last year.
• Livingston County: 516 properties in foreclosure, or one for every 139 households, that's a decrease of 10.1 percent from the first quarter of this year, but an increase of 719.05 percent over the second quarter of last year.
The volume of foreclosures weighs on the region's overall housing outlook. While sales throughout the region have increased since last year, more foreclosures now means even more cut-rate properties could be coming onto the market just as employers such as Detroit's Big Three automakers begin to shed thousands of jobs.
Dana Johnson, chief economist with Comerica Bank, said that if foreclosures continue to increase, home prices will have difficulty rebounding.
"The sooner they stop," he said, "the sooner recovery can become a reality."
Foreclosures in Mich. continue to increase, are up 11.25 percent over last quarter.
Nathan Hurst / The Detroit News
The number of Michigan houses in foreclosure rose again in the second quarter, a sign that the region's housing woes won't be over soon.
There were 32,868 properties in foreclosure in the state in the quarter, according to data released today by RealtyTrac, a firm that tracks foreclosures nationwide. That's 11.25 percent more than the number seen in the first three months of this year, and 73.18 percent more than in the second quarter of last year.
The state's foreclosure rate of one filing for every 137 households is the seventh highest. The national rate is one in every 171 households, and represents a 121 percent increase over a year ago.
States with higher foreclosure rates than Michigan include Nevada, California, Arizona, Florida, Colorado and Ohio.
"Although much of the fallout from foreclosures is being driven by rampant activity in a few states ... most areas of the country are seeing at least some increase in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter."
Wayne County had the most properties in foreclosures in Metro Detroit during the second quarter, the RealtyTrac data shows. There were 12,825 houses in foreclosure, or one for every 66 households. That's up 3.41 percent from the first quarter of this year and 52.9 percent from the second quarter of 2007.
The foreclosure rate was the 12th highest among U.S. metropolitan areas, ranking under cities such as Las Vegas, Phoenix, Miami and San Diego. At one time, Wayne County's foreclosure rate was the highest in the country.
Other Metro Detroit counties showed increases in the second quarter, as well:
• Oakland County: 4,718 houses in foreclosure, or one for every 111 households; that's an increase of 29.01 percent over the first quarter of this year and 103.63 percent over the second quarter of last year.
• Macomb County: 3,467 properties in foreclosure, or one for every 101 households; that's an increase of 14.69 percent over the first quarter of this year and 75.72 percent over the second quarter of last year.
• Livingston County: 516 properties in foreclosure, or one for every 139 households, that's a decrease of 10.1 percent from the first quarter of this year, but an increase of 719.05 percent over the second quarter of last year.
The volume of foreclosures weighs on the region's overall housing outlook. While sales throughout the region have increased since last year, more foreclosures now means even more cut-rate properties could be coming onto the market just as employers such as Detroit's Big Three automakers begin to shed thousands of jobs.
Dana Johnson, chief economist with Comerica Bank, said that if foreclosures continue to increase, home prices will have difficulty rebounding.
"The sooner they stop," he said, "the sooner recovery can become a reality."
U.S. foreclosure filings more than double in 2Q
U.S. foreclosure filings more than double in 2Q
By J.W. ELPHINSTONE • ASSOCIATED PRESS • July 25, 2008
NEW YORK-- The number of households facing the foreclosure process more than doubled in the second quarter compared to a year ago, according to data released today.
Nationwide, 739,714 homes received at least one foreclosure-related notice during the quarter, or one in every 171 U.S. households, said Irvine, Calif.-based RealtyTrac Inc.
Soft housing sales, declining home values, tighter lending standards and a sluggish U.S. economy have left strapped homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.
Foreclosure filings increased year-over-year in all but two states, North Dakota and Alaska.
Nevada, California, Arizona and Florida continued to clock in the highest foreclosure rates. One in every 43 Nevada households received a filing during the quarter.
Cities in California and Florida accounted for 16 of the worst 20 metro foreclosure rates. Stockton, Calif., had the worst rate, with one in every 25 homes in the town receiving a foreclosure filing. That's nearly seven times the national average.
RealtyTrac monitors default notices, auction sale notices and bank repossessions. Banks took back more than 222,000 properties nationwide in the second quarter, the company said. Bank repossessions accounted for 30% of total foreclosure activity, up from 24% in the previous quarter.
Economists estimated 2.5 million homes nationwide will enter the foreclosure process this year, up from about 1.5 million in 2007.
By J.W. ELPHINSTONE • ASSOCIATED PRESS • July 25, 2008
NEW YORK-- The number of households facing the foreclosure process more than doubled in the second quarter compared to a year ago, according to data released today.
Nationwide, 739,714 homes received at least one foreclosure-related notice during the quarter, or one in every 171 U.S. households, said Irvine, Calif.-based RealtyTrac Inc.
Soft housing sales, declining home values, tighter lending standards and a sluggish U.S. economy have left strapped homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.
Foreclosure filings increased year-over-year in all but two states, North Dakota and Alaska.
Nevada, California, Arizona and Florida continued to clock in the highest foreclosure rates. One in every 43 Nevada households received a filing during the quarter.
Cities in California and Florida accounted for 16 of the worst 20 metro foreclosure rates. Stockton, Calif., had the worst rate, with one in every 25 homes in the town receiving a foreclosure filing. That's nearly seven times the national average.
RealtyTrac monitors default notices, auction sale notices and bank repossessions. Banks took back more than 222,000 properties nationwide in the second quarter, the company said. Bank repossessions accounted for 30% of total foreclosure activity, up from 24% in the previous quarter.
Economists estimated 2.5 million homes nationwide will enter the foreclosure process this year, up from about 1.5 million in 2007.
Home sales keep falling; supply at 11.1-month level
Home sales keep falling; supply at 11.1-month level
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • July 25, 2008
Home sales continued to decline nationwide in June while inventory and foreclosures rose, according to reports issued Thursday.
Existing home sales fell by 2.6% in June to a seasonally adjusted annual rate of 4.86 million units from 4.99 million in May, the National Association of Realtors said. The sales pace was off 15.5% from June 2007.
Housing inventory at the end of June rose 0.2% to 4.49 million existing homes for sale, or an 11.1-month supply at the current pace. That's up from a 10.8-month supply in May.
Lawrence Yun, chief economist for NAR, said a first-time home buyer tax credit that the U.S. House passed on Wednesday would have a positive impact on the housing market as four of 10 homes are bought by first-time homebuyers.
In Michigan, sales of existing homes were down by 1.98% in June, according to the Michigan Association of Realtors. And the average price fell 13.23% to $121,611 in the state.
The national median existing home price was $215,000 in June, down 6.1% from a year ago. Foreclosures rose nearly 14% in the second quarter and jumped 121% from the second quarter of 2007, according to figures from RealtyTrac Inc. of Irvine, Calif.
Michigan had the seventh-highest foreclosure rate in the country with one filing for every 137 households. It ranked fifth in the quarter for the number of foreclosure filings with 32,868 including 5,114 notices of default, 12,526 notices of sale, and 15,228 bank repossessions, RealtyTrac said.
Michigan foreclosure filings rose by 11.25% from the first quarter and 73% from the second quarter of 2007, according to RealtyTrac figures.
Nevada, California and Arizona had the highest foreclosure rates in the second quarter.
James Saccacio, CEO of RealtyTrac, said bank repossessions accounted for 30% of the foreclosure activity in the second quarter. That means problem loans are being purged from the system, he said.
"Of course, if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery," Saccacio said.
Yun said there was a downward distortion in the national sales price data because short sales and foreclosures make up about a third of transactions, creating a drag on prices.
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • July 25, 2008
Home sales continued to decline nationwide in June while inventory and foreclosures rose, according to reports issued Thursday.
Existing home sales fell by 2.6% in June to a seasonally adjusted annual rate of 4.86 million units from 4.99 million in May, the National Association of Realtors said. The sales pace was off 15.5% from June 2007.
Housing inventory at the end of June rose 0.2% to 4.49 million existing homes for sale, or an 11.1-month supply at the current pace. That's up from a 10.8-month supply in May.
Lawrence Yun, chief economist for NAR, said a first-time home buyer tax credit that the U.S. House passed on Wednesday would have a positive impact on the housing market as four of 10 homes are bought by first-time homebuyers.
In Michigan, sales of existing homes were down by 1.98% in June, according to the Michigan Association of Realtors. And the average price fell 13.23% to $121,611 in the state.
The national median existing home price was $215,000 in June, down 6.1% from a year ago. Foreclosures rose nearly 14% in the second quarter and jumped 121% from the second quarter of 2007, according to figures from RealtyTrac Inc. of Irvine, Calif.
Michigan had the seventh-highest foreclosure rate in the country with one filing for every 137 households. It ranked fifth in the quarter for the number of foreclosure filings with 32,868 including 5,114 notices of default, 12,526 notices of sale, and 15,228 bank repossessions, RealtyTrac said.
Michigan foreclosure filings rose by 11.25% from the first quarter and 73% from the second quarter of 2007, according to RealtyTrac figures.
Nevada, California and Arizona had the highest foreclosure rates in the second quarter.
James Saccacio, CEO of RealtyTrac, said bank repossessions accounted for 30% of the foreclosure activity in the second quarter. That means problem loans are being purged from the system, he said.
"Of course, if another surge in defaults occurs, which could well happen later this year, it would refill the foreclosure pipeline and prolong the recovery," Saccacio said.
Yun said there was a downward distortion in the national sales price data because short sales and foreclosures make up about a third of transactions, creating a drag on prices.
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