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View Full Version : Detroit Tops list for Foreclosures

firstoftwelve
February 13th, 2008, 09:16 AM
http://news.yahoo.com/s/ap/20080213/ap_on_bi_ge/foreclosure_rates

LOS ANGELES - The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows.



Some 4.9 percent of the households in the Detroit metro area were in some stage of foreclosure in 2007 — 4.8 times the national average, according to the study being released Wednesday by mortgage research company RealtyTrac Inc.

Stockton, Calif., ranked second with about 4.8 percent of its households in some stage of foreclosure, while the Las Vegas metro area was third with a 4.2 percent rate.



We're in the Detroit/flint area. It's sad how many foreclosures and short-sales we're seeing in our quest to purchase a home here..... :( You feel like you're taking advantage of peoples mis-fortune....
cbressler1976
February 13th, 2008, 11:57 AM
http://news.yahoo.com/s/ap/20080213/ap_on_bi_ge/foreclosure_rates
We're in the Detroit/flint area. It's sad how many foreclosures and short-sales we're seeing in our quest to purchase a home here..... :( You feel like you're taking advantage of peoples mis-fortune....

This is exactly how I felt!!! There are some REALLY good deals on the foreclosures around here....also, there are a lot of people selling their houses to avoid foreclosure....
firstoftwelve
February 13th, 2008, 03:26 PM
yep, lots of short sales, and really good deals. we try not to get too attached though cause we can't buy until we sell ours in another state!!
cbressler1976
February 13th, 2008, 04:05 PM
....it's a long process....especially if you have to sell a home first.....
funmudder
February 13th, 2008, 05:10 PM
I know of a GREAT 5 bedroom in a cute neighborhood thats close to everything. Huge yard, shed and gazebo.

I miss it. If I could have brought that house with me when we moved, I totally would have.

link (http://livingchoices.com/detail.aspx?LID=101-537296460&refer=homegain&sid=11813C566EB0)

sigh

I misses it
J.J.
February 14th, 2008, 03:02 AM
yep, lots of short sales, and really good deals. we try not to get too attached though cause we can't buy until we sell ours in another state!!

I'm sure there are great deals there in Detroit/Flint, but the catch is that no one can get a job there to pay the mortgage.
firstoftwelve
February 14th, 2008, 08:59 AM
yep, that's the catch all right. Now Gm is offering buy-outs to EVERY SINGLE line worker!!! Of course then they'll be rehiring only have half the cost and fewer benefits.... so there may be even more houses on the market as many take the buyout and move to florida or Arizona!!
Issachar
February 14th, 2008, 09:18 AM
Of course then they'll be rehiring only have half the cost and fewer benefits.... And all those new hires at half the wage won't be able to buy those houses after folks move to wherever. What a mess. If GM is going to stay in business, they have to cut costs. It never should have come to this. But man in his unwisdom tends to look out for number one and only short term at that.

Issachar
firstoftwelve
February 14th, 2008, 03:56 PM
yep, and with lost revenue to the cities, guess who's already high taxes will go up?? also the governor here has not made it easy for buisiness to stay here. she's taxed them even more.. It's a very sad state of affairs in Michigan.. :(
but it creates more opportunities to share the hope of Christ!!!