Michigan third in home foreclosures

January 29, 2008 - Michigan’s foreclosure rate ranked third nationwide for 2007, according to data released today by RealtyTrac Inc.

The Irvine, California-based foreclosure Web site reported that 1.9% of Michigan’s households entered some stage of foreclosure during the year. The company counted 136,205 foreclosure filings on 87,210 properties, a 68% increase over 2006 figures and a 282% rise from 2005.

Michigan ranked behind Nevada and Florida, the states that took first and second place for the highest foreclosure filing rates in America last year.

Foreclosure filings – default notices, auction sale notices and bank repossessions – rose 75% nationwide in 2007 with 2.2 million filings on 1.28 million properties.

“While filings were up 75%, the number of properties in some stage of foreclosure was up 79%, indicating that some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008 – unless lender and government intervention efforts begin to gain more traction,” said James J. Saccacio, chief executive officer of RealtyTrac.

Michigan third in home foreclosures
By GRETA GUEST | DETROIT FREE PRESS