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The past few years have seen the frequency of Michigan foreclosures rising dramatically, and as of April 2008, the Michigan Metro area ranked seventh in the nation in terms of rate of foreclosure. In fact, the rate at which foreclosure homes appeared in Michigan in the first quarter of 2008 is double the rate at which they appeared in the first quarter of 2007. There are several factors at play here, but the most prominent of them are lowering values of homes coupled with more restrictions that lenders have begun placing on home mortgages. This is making repayment difficult for most homebuyers and because of the low home prices, selling is not a good option either. Consequently, most of these homes end up as foreclosed homes in the auction market.
According to ForeclosureDataBank.com, Michigan bank foreclosures are the seventh in the nation, with 1 out of every 153 mortgaged homes receiving a foreclosure filing. The states that have higher foreclosures are Arizona, California, Colorado, Florida, Georgia and Nevada.
Several regions within the Michigan Metro area are recording high rates of foreclosures. The Wayne County has 1 foreclosure filing for every 68, which is 3.65% more than the rate of last year in the same period. The Oakland County has a much higher frequency of foreclosures. At 3,657 total foreclosure filings, it is a 45.7% increase from last year and a 1.8% increase from their rate in the same quarter last year. Macomb County has one foreclosure filing in every 116 mortgages homes. This is 26.2% up from the last year in the same period.
It can be very clearly seen that foreclosures in Michigan have only risen in this year, and the trend continues to rise. Going this way, the rate of foreclosures in the state may make it rank with other high foreclosure states like Georgia and California.
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