Foreclosures drop in Marquette County

MARQUETTE – The foreclosure rate for 2012 in Marquette County dropped to 5.5 percent and remained far below the statewide average, according to a new report from the Marquette County Treasurer’s Office.

The 2012 Annual Report is scheduled to be presented to the Marquette County Board Tuesday by county Treasurer Anne Giroux.

The report shows the county’s foreclosure rate increased beginning in 2008 from 3.9 percent to 4.2 percent in 2009, continued climbing to 4.5 percent in 2010 and reached a high of 6.3 percent in 2011. Then last year, the rate slipped to 5.5 percent, while the statewide average foreclosure rate was 16 percent. That statewide average was at 9 percent in 2008, 11 percent in 2009, 16 percent in 2010 and 13 percent in 2011, the report said.

The number of properties foreclosed in Marquette County reached a five-year high in 2011 at 44, with 41 properties foreclosed last year. In 2008, 20 properties were foreclosed, according to the report.

In a similar fashion, the number of parcels forfeited reached a five-year high in 2011 at 740, but slipped back to 656 in 2012. In 2008, 497 properties were forfeited.

Of the 41 properties foreclosed last year, one was taken by the local unit of government and nine by the Marquette County Land Bank Authority prior to auction. There were 27 sold at auction and four were transferred to the Land Bank Authority after auction.

Giroux’s report said the auction results showed a net gain of $27,243 on the sale of the properties after $68,257 in taxes, penalties and fees was reduced from the gross sales proceeds of $95,500.

The county’s Foreclosure Fund had a balance of $429,212 at the end of December. According to preliminary 2012 budget results, the Foreclosure Fund had $220,837 in total revenue for last year, which was about $600 more than budgeted. The fund’s total expenses for last year were $148,424, down from the $220,250 budgeted, the report said.

John Pepin can be reached at 906-228-2500, ext. 206.