Washtenaw County Sets Foreclosure Record
By Tim Somers on May 2, 2008 in General
Home foreclosures hit another record high in Washtenaw and Livingston counties in April; experts predict the troubled counties and the entire state of Michigan won’t turn around until late 2009.
Some 280 homes were sold at a sheriff’s auction last month between the two counties, records show. Homes are typically put up for auction after a homeowner has missed three or more monthly mortgage payments.
In Washtenaw County, 145 homes hit the sheriff’s auction stage of foreclosure, according to the county’s register of deeds. That was double the amount foreclosed upon a year ago, and up 18 percent from March. In Livingston County, 131 homes hit auction, the register of deeds showed. That figure is up 87 percent from 2007 and up 9 percent from March.
According to RealtyTrac Inc., a company that tracks foreclosures, 29,544 homes in Michigan entered some stage of foreclosure in the first quarter of this year, up 24 percent from 2007.
Source: mlive.com
http://www.mlive.com/business/index.ssf/2008/05/another_record_month_for_forec.html
Tim Somers
MichiganBusinessHub.com
