Filings for Single Family Foreclosures Rise in Michigan

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The total number of filings for single family foreclosures, multifamily dwellings and other residential types declined nationwide for the month of October 2010 when compared with the same 2009 period. However, Michigan is one of the states that recorded higher filing totals for the month in focus.

Foreclosure homes in Grand Rapids, MI and in other key areas of the state continue to rise during October 2010 despite the decline in total filing numbers for the whole U.S. Total filings for the month in the U.S. were pegged at 332,172. These include notices of default, properties scheduled for a foreclosure auction and lender repossessed homes. The total is almost the same as October 2009 and is lower than the September 2010 total.

Locally, Michigan foreclosure homes recorded the third highest total among the 50 states in terms of filings for October 2010. The state had 19,288 filings for the month, representing a 17% rise compared with October 2009. However, the figure also represents a 12% drop when compared with September 2010.

Nationwide, single family foreclosures and other types of residential properties that received a filing for October 2010 represented a ratio of one household out of every 389. In Michigan, the ratio is one household receiving a notice per 235 properties. Like Michigan, some areas of Ohio also reported higher filings for the month of October.

Compared with Michigan, homes in foreclosure in Ohio are fewer for the month in focus. Ohio ranked eighth among all states in terms of foreclosure filings for October 2010, with a total of 13,323. This represents a 14% rise compared with October 2009 and a 1% jump compared with September 2010.

Although total filings for Michigan were up in October by 17% when compared with October 2009, total number of notices of default for the state is down by 18% for the same period. A default notice is the first step in a foreclosure action and is considered a good gauge of future foreclosure numbers.

According to housing market analysts, October 2010 statistics for single family foreclosures, multifamily dwellings and other foreclosed residential properties in the U.S. might have been higher if not for the temporary halt imposed by several lenders on foreclosure sales all around the U.S.

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