Home defaults decline in nation
Foreclosure rates still high in state
May 16, 2007
BY JOHN GALLAGHER
FREE PRESS BUSINESS WRITER
Home foreclosure rates declined in the nation and regionally during April, but metro Detroit and Michigan remain among the areas reporting the highest rates.
RealtyTrac, an Irvine, Calif., company that publishes data on foreclosures, said for the nation as a whole, the April total of 147,708 foreclosure filings -- default notices, auction sale notices and bank repossessions -- was down about 1% from the previous month but up 62% from April 2006.
Michigan's foreclosure filings were down 20% from March's level, and Wayne County's filings were down more than 30%. Nonetheless, Michigan reported the 10th highest rate among the 50 states with one foreclosure filing for every 614 households, and Wayne County's rate of one foreclosure for every 286 households ranked 16th highest among major metro areas.
The report also shows a national foreclosure rate of one filing for every 783 U.S. households in April.
The metro area with the highest foreclosure rate was Stockton, Calif., with one filing for every 131 households -- nearly six times the national average.
Foreclosure rates still high in state
May 16, 2007
BY JOHN GALLAGHER
FREE PRESS BUSINESS WRITER
Home foreclosure rates declined in the nation and regionally during April, but metro Detroit and Michigan remain among the areas reporting the highest rates.
RealtyTrac, an Irvine, Calif., company that publishes data on foreclosures, said for the nation as a whole, the April total of 147,708 foreclosure filings -- default notices, auction sale notices and bank repossessions -- was down about 1% from the previous month but up 62% from April 2006.
Michigan's foreclosure filings were down 20% from March's level, and Wayne County's filings were down more than 30%. Nonetheless, Michigan reported the 10th highest rate among the 50 states with one foreclosure filing for every 614 households, and Wayne County's rate of one foreclosure for every 286 households ranked 16th highest among major metro areas.
The report also shows a national foreclosure rate of one filing for every 783 U.S. households in April.
The metro area with the highest foreclosure rate was Stockton, Calif., with one filing for every 131 households -- nearly six times the national average.
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