Detroit Area Foreclosures Increase 108 Percent In 2007
January 07, 2008 (PRLEAP.COM) Business NewsJanuary 7, 2008 - Default Research, the premier provider of foreclosure real estate data in the Detroit area, is reporting that foreclosures in that part of Michigan were up 108 percent in 2007.
According to Default Research (www.defaultresearch.com), 3.53%, 2.29% and 1.51% of households respectively in Wayne, Macomb and Oakland entered the Detroit foreclosure process in the last 12 months. While the Detroit area was one of the hardest hit in the country, with foreclosure numbers peaking in the third quarter of 2007, the company is reporting that this year should not be as devastating.
“In the last quarter of 2007, housing inventories declined significantly and home prices began to stabilize in the Detroit market,” said Serdar Bankaci, President/CEO of Default Research. “After experiencing almost 42,000 foreclosures in Wayne, Macomb and Oakland counties, I think Michigan foreclosures should begin a much-needed slow and steady decline in this market next year.
According to Bankaci, even though the situation is improving in Detroit, Wayne County might not see the end of the foreclosure crisis until late 2008 because Detroit area foreclosures will continue as more ARMs reset and people are unable to make their payments.
“For two of the last four months, it has been reassuring to see the number of foreclosed properties decrease in Wayne,” said Bankaci. “With the uncertainty in the auto market, foreclosure levels will remain high in Detroit, but, based on the past several months, it is safe to predict that the numbers will not be as high in 2008 as they were in 2007 for the whole county.”
Default Research is Detroit’s leader in foreclosure research. More information about Default Research can be found at its Web site: www.defaultresearch.com.