Michigan Foreclosures On a downward trend

In the month of April the Michigan Foreclosures activity saw a drop of 20%. The total number of house foreclosure filings in the month of April was 6876 which is a 20% drop from the figure in March. The figure is 31% more than the figure reported during the same period last year. Michigan ranked 10th among the US states with one foreclosure filing for every 614 homes. The numbers in April were much better than at the beginning of the year when foreclosure activity had soared by 70%. There has been a steady decline in the Michigan foreclosure figures since then. The foreclosure rate in Michigan was reported at 1.3 times the national average of the United States.

Wayne County reported the highest number of foreclosures for the month of April. The foreclosure figure in Wayne County was 2866 for the given period. This figure is much higher than the figure which was reported from Macomb County which had 734 foreclosure filings and was placed second. Macomb County was closely followed by Oakland County which had foreclosure figures of 732 filings. Genesee County had the fourth highest foreclosure rankings in Michigan with a total of 621 foreclosure filings in the month of April. Completing the top five rankings was Kent County which had a total of 365 foreclosure filings. The top five counties accounted for almost 78% of the total foreclosures in Michigan.

Wayne County also leads the foreclosure rate in Michigan. The numbers for Wayne County was 2.2 times the state average and 2.7 times the national average. Genesee County had the second highest foreclosure rate which was 2.1 times the state average and 2.7 times the national average. Ingham County followed closely with one foreclosure filing out of every 401 households.

Michigan contributes significantly to the US national numbers in foreclosures. Out of the total of 147, 708 foreclosure filings Michigan accounted for 5% of the total numbers. In Michigan, the foreclosed property deals are mostly settled out of court and the entire process can take a total time of 3-14 months with an average rate of 8 months. The borrower has rights to stop the foreclosure by paying of his outstanding dues to the lender.

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This entry was posted on Tuesday, June 5th, 2007 at 1:14 pm and is filed under listing of foreclosure houses Michigan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. More Resources:
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