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:

0

200

400

600

800

1,000

1,200

20

04

-Q

1

20

04

-Q

2

20

04

-Q

3

20

04

-Q

4

20

05

-Q

1

20

05

-Q

2

20

05

-Q

3

20

05

-Q

4

20

06

-Q

1

20

06

-Q

2

20

06

-Q

3

20

06

-Q

4

20

07

-Q

1

20

07

-Q

2

20

07

-Q

3

20

07

-Q

4

20

08

-Q

1

20

08

-Q

2

20

08

-Q

3

20

08

-Q

4

20

09

-Q

1

20

09

-Q

2

20

09

-Q

3

20

09

-Q

4

20

10

-Q

1

20

10

-Q

2

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

20

04

-Q

1

20

04

-Q

2

20

04

-Q

3

20

04

-Q

4

20

05

-Q

1

20

05

-Q

2

20

05

-Q

3

20

05

-Q

4

20

06

-Q

1

20

06

-Q

2

20

06

-Q

3

20

06

-Q

4

20

07

-Q

1

20

07

-Q

2

20

07

-Q

3

20

07

-Q

4

20

08

-Q

1

20

08

-Q

2

20

08

-Q

3

20

08

-Q

4

20

09

-Q

1

20

09

-Q

2

20

09

-Q

3

20

09

-Q

4

20

10

-Q

1

20

10

-Q

2

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

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Kent County Grand Rapids Wyoming Kentwood Lowell

Fore

clo

sure

Rat

e (

pe

r 1

00

)

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

1.0

3.2

1.5

2.2 2.32.3

2.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Grand Rapids West Grand Oakdale Alger Heights Garfield Park

Fore

clo

sure

Rat

e (

pe

r 1

00

hu

)

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

7.3

8.18.4

8.0

7.3

7.87.4

9.4

1.6 1.6 1.8 1.9 1.91.8 1.9 1.8

2.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2

Pe

rce

nt V

ac

an

t -K

en

t Co

un

ty

Pe

rce

nt V

ac

an

t -G

ran

d R

ap

ids

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)

738

904

1,163

1,309

1,112 1,104

617

383

542

386

593

909

695

605

680

223 223 267200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

200

300

400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2

Nu

mb

er o

f US

PS

Ad

dre

ss

es

Nu

mb

er o

f U

SP

S A

dd

res

ses

Number of In-Service USPS Addresses (Previously Vacant)

Grand Rapids

Kent County (excludes Grand Rapids)

422390

367

403

450

534500

558

413

286 284 278287

321

354373 375

273

0

100

200

300

400

500

600

0

100

200

300

400

500

600

2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2

In S

erv

ice

Ad

dre

ss

es -

Pre

vio

us

ly V

ac

an

tP

erc

en

t o

f R

es

ide

nti

al V

ac

an

t A

dd

ress

es

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