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Residential Foreclosure Quarter UpdatePresented to Kent County Foreclosure Response
10.07.2010
State of Residential Foreclosures in Kent County
• Provider: Kent County Bureau of Equalization
• Description: Sheriff’s Sales
• Geographic Extent: Kent County, MI
• Data Period: January 1st, 2004 – July 30th, 2010
• Level of Detail: Property Address
Foreclosure Data Technical Sheet:
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Number of Residential Foreclosures, 2004 - 2010-Q2Kent County and Selected Cities
Kent County
Grand Rapids
Wyoming
KentwoodLowell
0.00
0.20
0.40
0.60
0.80
1.00
1.20
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Residential Foreclosure Rates, 2004 - 2010-Q2Kent County vs. Grand Rapids and Selected Suburbs
Kent County
Grand Rapids
Wyoming
Kentwood
Lowell
1.1
1.8
1.5
1.1
1.3
1.0
1.5
1.4
1.01.0
0.0
0.2
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0.6
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1.6
1.8
2.0
Kent County Grand Rapids Wyoming Kentwood Lowell
Fore
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Rat
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pe
r 1
00
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Kent County & Selected Cities
Residential Foreclosures: first 6 months (2004 - 2010)
2004 2005 2006 2007 2008 2009 2010
2nd
Highest
2nd
Highest2nd
Highest
2nd
Highest
3rd
Highest
Residential Foreclosure Trends in Kent County and selected cities:
Key Performance Indicators Kent County Grand Rapids Wyoming Kentwood Lowell
Number of Residential Units 180,737 55,332 21,539 12,106 1,119
Res. Foreclosures: July 2008 – June 2009 3,136 1,468 554 243 21
Res. Foreclosures: July 2009 – June 2010 3,301 1,474 583 225 20
Annual Percent Change 5.3 0.4 5.2 -7.4 -4.8
First 6 months: January – June 2009 1,553 707 292 128 10
First 6 months: January – June 2010 1,795 846 304 127 11
Percent Change 15.6 19.7 4.1 -0.8 10.0
Total 2004-2010YTD* (cumulative) 16,674 8,020 2,745 1,104 124
% 2004-2010YTD* (cumulative) 9.2 14.5 12.7 9.1 11.1
Data Period:JAN 1st, 2009-MAY 07th, 2010
Wyoming
Kentwood
Lowell
Grand Rapids
Data Period:JAN 1st, 2009-JULY 30th, 2010
Wyoming
Kentwood
Lowell
Grand Rapids
1.8
2.4
3.6
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1.5
2.2 2.32.3
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Grand Rapids West Grand Oakdale Alger Heights Garfield Park
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Grand Rapids & Selected Neighborhoods
Grand Rapids Residential Foreclosures: first 6 months (2004 - 2010)
2004 2005 2006 2007 2008 2009 2010
2nd
Highest
2nd
HighestHighest
2nd
Highest
Residential Foreclosure Trends in selected Grand Rapids Neighborhoods
Key Performance Indicators Grand Rapids West Grand Oakdale Alger Heights Garfield Park
Number of Residential Units 55,332 5,195 704 1,622 4,654
Res. Foreclosures: July 2008 – June 2009 1,468 199 43 38 245
Res. Foreclosures: July 2009 – June 2010 1,474 187 26 55 217
Annual Percent Change 0.4 -6.0 -39.5 44.7 -11.4
First 6 months: January – June 2009 707 106 21 25 92
First 6 months: January – June 2010 846 116 16 38 118
Percent Change 19.7 9.4 -23.8 52.0 28.3
Total 2004-2010YTD* (cumulative) 8,020 1,009 214 233 1,065
% 2004-2010YTD* (cumulative) 14.5 19.4 30.4 14.4 22.9
Data Period:JAN 1st, 2009-MAY 07th, 2010
West Grand
Oakdale
Garfield ParkAlger Heights
Data Period:JAN 1st, 2009-JULY 30th, 2010
West Grand
Oakdale
Garfield ParkAlger Heights
Measuring Residential Vacant Properties Using USPS Administrative Data on Address Vacancies
• Provider: United States Postal Service & U.S. Department of Housing and Urban Development (HUD)
• Description: USPS address database
• Geographic Extent: United States
• Data Period: 2008 Q2 – 2010 Q2
• Level of Detail: Census Tract
USPS Vacant Address Data Technical Sheet:
6.4
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1.6 1.6 1.8 1.9 1.91.8 1.9 1.8
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2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2
Pe
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Percent USPS Vacant Addresses
Grand Rapids
Kent County (excludes Grand Rapids)
(4,390)
(5,007)
(5,557)(5,746)
(5,537)
(5,085)
(5,459)
(5,134)
(6,609)
(2,379) (2,500)(2,716)
(2,918) (3,039)(2,736) (2,889) (2,915)
(4,396)
Residential USPS Vacant Addresses Trends
Key Performance IndicatorsGrand Rapids(previous qtr.)
Kent Countyexcludes Grand Rapids
(previous qtr.)
1. Total Number of Residential Vacant Properties 2010-Q2 (2010-Q1) 6,609 (5,134) 4,396 (2,915)
Percent Change: 2010-Q1 to 2010-Q2 (2009-Q4 – 2010-Q1) 28.7 (-6.0) 50.8 (0.9)
2. Average Res. Vacant Days: 2010-Q2 (2010-Q1) 413 (558) 273 (375)
Percent Change: 2010-Q1 to 2010-Q2 (2009-Q4 – 2010-Q1) -26.0 (11.7) -27.2 (0.6)
3. In-Service - Previously Vacant: 2010-Q2 (2010-Q1) 542 (383) 267 (223)
Percent Change: 2010-Q1 to 2010-Q2 (2009-Q4 – 2010-Q1) 41.5 (37.9) 19.7 (0)
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1,112 1,104
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2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2
Nu
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Number of In-Service USPS Addresses (Previously Vacant)
Grand Rapids
Kent County (excludes Grand Rapids)
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534500
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413
286 284 278287
321
354373 375
273
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2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2
In S
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Average Number of Days a USPS Address Remains Vacant
Grand Rapids
Kent County (excludes Grand Rapids)
Data Period:Quarter 2 ending June 30, 2008
Wyoming
Kentwood
Lowell
Grand Rapids
Data Period:Quarter 2 ending June 30, 2010
Wyoming
Kentwood
Lowell
Grand Rapids
Thank you!Contact:
Gustavo Rotondaro, Associate Director T. 616.331.7591
E. rotondag@gvsu.edu
Presented to Kent County Foreclosure Response10.07.2010