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Wayne County, Michigan ranks number 5 of the top 100
counties in the nation with the highest percentage of households
facing
foreclosure, according to data provided in RealtyTrac's August 2007
U.S. Foreclosure Market Report.
In August, nationwide totals of 243,947 foreclosure filings were
reported , up 36 percent from the previous month and up 115 percent
from August 2006. This is the highest number of foreclosure filings
in a single month that RealtyTrac has reported since it began
issuing the monthly report in January 2005.
The August report also showed a national foreclosure rate of one
foreclosure filing for every 510 households for the month; the
highest national ratio ever issued by the foreclosure tracking
company.
For the inhabitants of Wayne County the ratio is even more
alarming. One of every 87.28 households in Wayne County is facing
foreclosure.
Statewide, one of every 288 households in Michigan faced
foreclosure in August 2007 marking an 11.35 percent increase from
the previous month and a 133.47 percent increase over foreclosures
filed in August 2006. For August 2007 Michigan reported 15,565
foreclosures which moved the state to the number six position for
states with the highest foreclosure rates. Texas, Michigan and
Georgia all reported more than 10,000 foreclosure filings for the
month, documenting the fourth, fifth and sixth highest state
foreclosure totals respectively, followed by Arizona, Colorado,
Illinois and Nevada.
With 839238 households and total foreclosure filings in August
reaching 9615, Wayne County is one of 3 counties in Michigan to make
the national list for counties with the highest foreclosure rates.
Although it is unclear what may have caused foreclosure activity
in Wayne County to spike, one thing is clear. The situation is a
national crises for homeowners with mortgages they can no longer
afford AND an unprecedented opportunity for investors and home
buyers.
The resources listed below will help you protect your home, lower
or cancel your mortgage, or find a new home at a price no one could
have imagined just a few years ago. |
