Mt. Pleasant, PA (PRWEB) July 29, 2008
Default Research (http://www.defaultresearch.com), the premier provider of Detroit foreclosure listings, is reporting that 10,829 Detroit area foreclosures were recorded in the second quarter of 2008; this is down 3.5 percent from first quarter. The three hardest hit cities in the second quarter of 2008 were Detroit (3211), Warren (351) and Redford (302).
"It is positive news anytime foreclosures decline in a region," said Serdar Bankaci, founder of Default Research. "However, something to be aware of is that market indicators show housing inventories rose in the past month along with a decline in median home sale prices."
To compound that problem, Bankaci explained that the area may see an increase in foreclosures within the next twelve months as the U.S. auto industry is in the process of coping with the national fuel price crisis. He said, "With this area's heavy emphasis on the auto industry, we may be seeing foreclosures increase in the future."
While the residential foreclosure market has been slumping for several years in the region, the commercial markets have held their position. The commercial market provides investors with another avenue for investing and Default Research provides the most accurate information for all segments of properties including commercial, industrial and residential.
Below is a unique and accurate local look at how the Default Research foreclosure statistics (June 2008) affect your area:
Wayne County Foreclosures - Hardest hit cities are Detroit (1224), Redford (121), Dearborn (99), Taylor (91), and Dearborn Heights (85)
Macomb County Foreclosures - Hardest hit cities are Warren (100), Sterling Heights (65), EastPointe (50), Clinton Township (45), and Macomb (40)
Oakland County Foreclosures - Hardest hit cities are Southfield (75), Pontiac (58), Farmington Hills (43), Waterford (38) and Oak Park (32)
Default Research provides Detroit foreclosure listings mere days after being recorded, and our statistical data contains all Trustee Notices that were filed. The statistics count each property only once in a 12 month period. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed Michigan foreclosure statistics listed by county, please visit http://market.defaultresearch.com.