Lisa Simpson
May 6,2008
In: House Foreclosures

Michigan House Foreclosures

There is a two-pronged approach to the issue of Michigan house foreclosures. Firstly why has this crisis taken place and what are its effects on the people at large? Secondly Michigan house foreclosures points to the future for first time nest builders or those wanting to move into more spacious affordable houses. So Michigan house foreclosures might be poison for one but meat for another.

The state of Michigan is ideal for settling down. Here Nature is unspoiled. Michigan has the largest freshwater coastline in the world with shimmering beaches off lakes that look like oceans. Here there are innumerable lighthouses, marine museums, shipwreck diving preserves and historic forts. Many island dot the lake waters. The Upper Peninsula consists of 90% forestlands. With Michigan house foreclosures raging this is the time to snap up a deal and be close to Nature surrounded by urban comforts.

For many others, Michigan presents a sad tale of Michigan house foreclosures. The number of Michigan house foreclosures made the state rank 7th in the nation. But fortunately in Detroit the foreclosure activity actually went down by 22% from the previous last quarter of 2007. Nevertheless the foreclosure intensity in the metro areas made it rank 6th in the race. There was one Michigan house foreclosure out of every 68 houses in this first quarter of the current year. Perhaps it is too early to say that Michigan house foreclosures are easing up. But hope is in the air.

Most of the Michigan house foreclosures have been reported from the Detroit metropolitan region. At one point the economy had come to a halt because of Michigan house foreclosures. Coupled with foreclosures is the problem of slumping real estate and unemployment. In 2007 about 4.9% of all the houses in Michigan came under the umbrella of Michigan house foreclosures. It was 4 times that of the national median. Dearborn and Livonia have posted 41,273 Michigan house foreclosures. The total number of Michigan house foreclosures was 72,616. It was an increase of Michigan house foreclosures by 68% from 2006. The Michigan house foreclosures numbers were down by 8% and have continued to do so in the first quarter.

In January 2008 the total number of NOD (Notice of Default) was 1,362 in Michigan. This is precursor to Michigan house foreclosures. There were 6,947 NTS (Notice of Trustee Sale). The total number of Michigan house foreclosures was 10,746 – including 2,437 REO (Repossessed by Owner). In April there was a drop by 20% in Michigan – something to cheer about.