Most of the Michigan foreclosure homes have been recorded from the Detroit metropolitan area. Detroit, a growing economy has almost come to a standstill because of the high rate of foreclosures. The trouble is that the metro area is also suffering from a slump in the housing market and increasing unemployment. On top of that there is the reset in housing interest rates, which has made it almost next to impossible for homeowners to pay their monthly mortgage amount.
In 2007, almost 4.9% of homes in Detroit were reported to be in some stage of foreclosure and this is bad news because it is 4 times the national average. Detroit metro area including Dearborn and Livonia have reported 41,273 foreclosed homes in 2007 and have taken the total number of foreclosure lists to 72,616. This means that the metro area saw a jump of 68% as compared to 2006. The only good news is that foreclosure activity in Michigan is down by 8% but is it enough? Well! Only after the first quarter results are out will we know if the rate of foreclosures by state has gone down or not and how well or poorly Detroit has fared.
Here are some current statistics. In January 2008, the total number of Notice of Default (NOD) sent out in the state was 1,362 and the Notice of Trustee sale (NTS) was 6,947. There were no Lis Pendens (LIS) and notice of foreclosure sale (NFS) on record. The total number of filings is 10,746 including 2,437 REO’s. So there has been a drop in the rate by 7.03% as compared to January 2007.
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