According to CoreLogic, in July, 2013, nationwide there were about 949,000 homes in some stage of foreclosure. The national foreclosure rate is down 32 percent from 2012. Also the Foreclosure inventory, which is the number of foreclosed properties for sale, declined 4.4 percent from June, 2013 and the year-to-date foreclosure inventory is down by 20 percent.
Michigan stands in third place on the list of states having the greatest number of completed foreclosures, with 61,000 foreclosures in the past 12 months. Michigan is behind Florida (110,000) and California (65,000), with Texas (45,000) and Georgia (41,000) rounding out the top five. While, Michigan still remains in the top five states in the number of completed foreclosures, its inventory of foreclosed homes for sale is among the nation’s lowest.
The national inventory of foreclosure properties is 2.4% of all homes. Michigan’s foreclosure inventory stands at 1.04% and the Warren-Troy-Farmington Hills, Michigan inventory rate stands at 0.90%. These inventories are far below the national average. So, how is it possible to have one of the highest numbers of foreclosures and still have one of of the lowest inventories of foreclosed homes?
According to the National Association of Realtors , 74.9 percent of homes in Michigan are owner-occupied. Michigan stands on top of the national list of home ownership rates. The national home ownership rate is 65%. It appears that Michigan residents have taken advantage of lower prices and have increased the homeowner occupied rates up and it also appears that, now foreclosure properties are becoming rarer. This may be good news for the forecast of Michigan and Metro Detroit property values and we certainly hope that the lower inventory of foreclosed homes will help to raise property values, once again.
If you think that you may be facing foreclosure, or you have more than one mortgage on your home and cannot make your payments, is always important to get the expert help that you need from the attorneys at Resnick & Moss, P.C. We can help you make the right choices and achieve the best outcomes. Please do not hesitate to call, Resnick & Moss, P.C., at (248) 642-5400, for a free telephone consultation.