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Genesee County, Michigan ranks number 68 of 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, 243,947 foreclosure filings were reported nationwide;
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 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 homeowners in Genesee County the ratio is even more alarming.
One of every 238.47 households in the county is now 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 195,545 households and total foreclosure filings in August
reaching 820, Genesee 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 Genesee 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 can help you protect your home,
lower and even cancel your mortgage, or find a new home at a price
no one could have imagined just a few years ago.
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