Last Updated: 12/22/10
Updated Foreclosure Maps - Michigan
- The average foreclosure rate across ZIP codes (with at least 50 loans) was 2.4 percent in 2010:3Q; the average foreclosure rate had been 0.8 percent in 2008:1Q. (See map of foreclosure rates [p. 1] and chart of foreclosure rate distributions [p. 2]).
- By 2010, the foreclosure problem had worsened in most ZIP codes compared to 2008. Among all ZIP codes (with at least 50 loans), 92 percent showed an increase in the foreclosure rate; the percentage point increase (among the ZIP codes with an increase) ranged from 10.4 percentage points to less than 1 percentage point. (See foreclosure rate contrast map [p. 3].)
- The ZIP codes that had both the highest foreclosure rates in 2010 and 2008 were concentrated in Detroit.
- The average foreclosure rate for prime loans was 2.2 percent, and for non-prime loans it was 9.2 percent.
- Mortgage delinquency rates have increased across ZIP codes. The average delinquency rate across ZIP codes (with at least 50 loans) was 5.4 percent.
- The average delinquency rate changed by +2.1 percentage points between 2008 and 2010. (See map of delinquency rates [p. 4] and chart of delinquency rate distributions [p. 5].) Fewer than 10 percent of ZIP codes (with more than 50 mortgages) saw a decline in mortgage delinquency rates between 2008 and 2010.
- The REO rate declined slightly between 2008 and 2010. About 40 percent of ZIP codes saw an increase in REO rates (less than 1 percentage point on average), while about 60 percent of ZIP codes saw a decrease in REO rates (an average of 1.5 percentage points). (See REO rate contrast [p. 6].)
- The vacancy rate increased in about 60 percent of ZIP codes and decreased in about 30 percent of ZIP codes. (It was unchanged in the remaining ZIP codes). (See vacancy rate contrast map [p. 7].)
