3Q foreclosures rise 22%, putting Michigan in top 10

Michigan foreclosure activity rose 22% in the third quarter, putting it in the top 10 for foreclosure activity, according to RealtyTrac data released today.

Michigan ranked eighth nationwide for its foreclosure rate for the three months ended Sept. 30 with one filing for every 122 households. That compares with a national rate of one filing for every 136 households.

The state law that freezes foreclosure proceedings for 90 days also requires lenders to file a public notice of default before setting a foreclosure auction date. That additional filing pushed the state total for the quarter to 37,036 foreclosure filings, said RealtyTrac, an Irvine, Calif.-based foreclosure Web site.

Michigan's total includes 11,454 notices of default, 10,575 notices of sale and 14,997 bank repossessions in the quarter.

Daren Blomquist, RealtyTrac spokesman, said that with $134 billion in adjustable-rate mortgages resetting to higher interest rates over the next two years, foreclosure activity is expected to remain elevated.

"We don't see a quick change to the trend. Michigan has been pretty consistently in the top 10 for highest state foreclosure rates," he said. "I see that continuing."

Foreclosure filings rose nearly 23% nationwide in the quarter when compared with the same period a year ago and by 5% when compared with the second quarter.

States in the top 10 for foreclosure rates in the third quarter were Nevada, Arizona, California, Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.
RealtyTrac: 1 filing per 122 households

BY GRETA GUEST
FREE PRESS BUSINESS WRITER
Contact GRETA GUEST: 313-223-4192 or gguest@freepress.com


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