Metro Detroit home foreclosures increase
Wayne County listed second in the nation with one out of every 29 homes in foreclosure.
Nathan Hurst / The Detroit News
Nearly 29,000 Metro Detroit houses faced foreclosure in the first half of 2007, according to data released Tuesday.
In Wayne County alone there were 20,231 homes that were in some stage of foreclosure from January through July of this year, according to RealtyTrac, an Irvine, Calif.-based listing service for foreclosed homes.
Those 20,231 homes represented 28,705 filings in Wayne County in the first half of the year, because each home facing foreclosure usually is involved in two or three filings.
Nationally, Wayne County's foreclosure rate of one of every 29 households for the first half of 2007 was second only to Stockton, Calif., which had one of every 27 homes in foreclosure. Other areas hit hard by foreclosures included Las Vegas, Denver, Miami, Cleveland and Memphis, Tenn.
Homeowners throughout the region and the country are struggling to hang on to their homes amid a major glut in the residential real estate market and continued fallout from troubles in the subprime mortgage market.
Foreclosure filings were up significantly in all four Metro Detroit counties for the January-June period:
In Wayne County, there were 28,705 filings, up 99 percent from the first half of 2006.
In Macomb County, 6,152 filings, up 74 percent.
In Oakland County, 6,083 filings, up 120 percent.
In Livingston County, 217 filings, up 40 percent.
Many housing markets nationwide have been hit especially hard by a spike in subprime mortgage foreclosures, most resulting from interest rates adjusting on adjustable rate mortgages. Many homeowners who took out ARMs in 2004 are seeing their interest rates -- and monthly payments -- adjusted upward now, sometimes to levels they can't afford.
In Michigan, however, local foreclosures have less to do with the subprime mortgage fallout than overall economic problems plaguing the state, said Pava Leyrer, president of the Michigan Mortgage Brokers Association,
"Here, we are actually below the national average for subprime-affected households," Leyrer said. "It's more traditional. People here are losing their jobs. If you don't have the job, you don't have the money and you can't make the payment."
Wayne County listed second in the nation with one out of every 29 homes in foreclosure.
Nathan Hurst / The Detroit News
Nearly 29,000 Metro Detroit houses faced foreclosure in the first half of 2007, according to data released Tuesday.
In Wayne County alone there were 20,231 homes that were in some stage of foreclosure from January through July of this year, according to RealtyTrac, an Irvine, Calif.-based listing service for foreclosed homes.
Those 20,231 homes represented 28,705 filings in Wayne County in the first half of the year, because each home facing foreclosure usually is involved in two or three filings.
Nationally, Wayne County's foreclosure rate of one of every 29 households for the first half of 2007 was second only to Stockton, Calif., which had one of every 27 homes in foreclosure. Other areas hit hard by foreclosures included Las Vegas, Denver, Miami, Cleveland and Memphis, Tenn.
Homeowners throughout the region and the country are struggling to hang on to their homes amid a major glut in the residential real estate market and continued fallout from troubles in the subprime mortgage market.
Foreclosure filings were up significantly in all four Metro Detroit counties for the January-June period:
In Wayne County, there were 28,705 filings, up 99 percent from the first half of 2006.
In Macomb County, 6,152 filings, up 74 percent.
In Oakland County, 6,083 filings, up 120 percent.
In Livingston County, 217 filings, up 40 percent.
Many housing markets nationwide have been hit especially hard by a spike in subprime mortgage foreclosures, most resulting from interest rates adjusting on adjustable rate mortgages. Many homeowners who took out ARMs in 2004 are seeing their interest rates -- and monthly payments -- adjusted upward now, sometimes to levels they can't afford.
In Michigan, however, local foreclosures have less to do with the subprime mortgage fallout than overall economic problems plaguing the state, said Pava Leyrer, president of the Michigan Mortgage Brokers Association,
"Here, we are actually below the national average for subprime-affected households," Leyrer said. "It's more traditional. People here are losing their jobs. If you don't have the job, you don't have the money and you can't make the payment."
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