BY GRETA GUEST • FREE PRESS BUSINESS WRITER • March 13, 2008
Michigan ranked sixth nationwide for foreclosure filings in February, according to figures from RealtyTrac Inc.
The Irvine, Calif.-based Web site reported that Michigan foreclosures were up 1.96% from January and up 17.84% from February 2007.
Michigan ranked in the top 10 nationally for its foreclosure rate of one foreclosure for every 409 households and for the number of filings at 10,957 in February. The national rate was one foreclosure for every 557 households.
RealtyTrac figures include filings in all three phases -- notice of default, notice of sale and bank repossessions.
Michigan's breakdown includes 1,163 notice of default filings, 6,798 notices of sale and 2,996 bank repossessions for the month.
Overall foreclosures nationally fell 4% in February to 223,651 compared with January. Although the trend shows improvement, foreclosures are still up 60% when compared with February 2007.
Said James J. Saccacio, CEO of RealtyTrac, "The year-over-year increase of 60% this February was significantly higher than the 19% year-over-year increase from February 2006 to February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle."
Nevada, California and Florida held the top three spots nationally for their foreclosure rates.
Michigan ranked sixth nationwide for foreclosure filings in February, according to figures from RealtyTrac Inc.
The Irvine, Calif.-based Web site reported that Michigan foreclosures were up 1.96% from January and up 17.84% from February 2007.
Michigan ranked in the top 10 nationally for its foreclosure rate of one foreclosure for every 409 households and for the number of filings at 10,957 in February. The national rate was one foreclosure for every 557 households.
RealtyTrac figures include filings in all three phases -- notice of default, notice of sale and bank repossessions.
Michigan's breakdown includes 1,163 notice of default filings, 6,798 notices of sale and 2,996 bank repossessions for the month.
Overall foreclosures nationally fell 4% in February to 223,651 compared with January. Although the trend shows improvement, foreclosures are still up 60% when compared with February 2007.
Said James J. Saccacio, CEO of RealtyTrac, "The year-over-year increase of 60% this February was significantly higher than the 19% year-over-year increase from February 2006 to February 2007, indicating we have still not reached the peak of foreclosure activity in this cycle."
Nevada, California and Florida held the top three spots nationally for their foreclosure rates.
No comments:
Post a Comment