Detroit Area Foreclosures Up Only Six Percent in 2008

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Wayne county leads region with over 28,000 foreclosures.

Default Research (http://www.defaultresearch.com), the premier provider of Detroit pre foreclosure listings, is reporting that foreclosure activity increased only six percent last year, a number which was much higher in 2007 when foreclosures spiked 35 percent from 2006. Wayne County had the most foreclosures with approximately 28,251 unique trustee sale postings, followed by Oakland with 8,741, and Macomb at 7,434.    

"We have seen steady foreclosure rates in these regions throughout 2008," said Serdar Bankaci, founder of Default Research. "Market indicators are also positive for the future with median home prices climbing and inventories dropping. With that in mind, it looks like foreclosure rates will probably remain relatively constant in the Detroit area and we can expect to see a decline in foreclosure rates during 2009."

More good news in the area came in the form of a bailout package being funded to the Big Three automakers. At this point, the scare of the country's automotive industry going bankrupt has been quelled, and this is also positive news for the housing industry, particularly in the Motor City.

"We expect to see the effects of the federal government's bailout package and interest rate cuts trickle down into the Detroit economy by the end of 2009," said Bankaci, whose daily foreclosure lists are e-mailed directly to real estate professionals in the region. "It generally takes 9 - 12 months before interest rates cuts by the government and other stimuli begin to benefit the consumer, and then the foreclosures decline significantly."

Below is a unique and accurate local look at how the Default Research foreclosure statistics (December 2008) affect your area:

Wayne County Foreclosures - Hardest hit cities are Detroit (1240), Dearborn (121), Dearborn Heights (90), Redford (55), Lincoln Park (50) and Livonia (42)

Macomb County Foreclosures - Hardest hit cities are Warren (137), Sterling Heights (67), Roseville (64), Macomb (64) and Eastpointe (47)

Oakland County Foreclosures - Hardest hit cities are Southfield (105), Pontiac (98), Waterford (83), Oak Park (53), Farmington Hills (50) and West Bloomfield (45)

If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc@defaultresearch.com. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed Detroit area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

Since 2004, Default Research has been providing the freshest and most accurate pre foreclosure listings and statistics to real estate professionals and investors. Default Research's proven data collection and distribution methods help us deliver our pre foreclosure lists two to three weeks ahead of the competition. The Default Research difference gives our clients a clear advantage in being the first to approach and help homeowners in distress. With the tremendous increase in foreclosure activity in the United States, Default Research prides itself on teaming up savvy real estate investors with struggling families to create a partnership that benefits both sides.

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Josh Chernikoff
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