Foreclosures go down in the Wayne County

Detroit, the metro county seat of Wayne saw a decline in the foreclosure rates in the end of last year. The number of foreclosures decreased almost by 5 percent in the month of December last year compared with the foreclosure rate in December, 2007. This came as a surprise amidst the massive foreclosures and the terrible market in and around a region. The Wayne County was the only one to have seen a reduction in the foreclosure rate amidst a situation, when properties are always threatened by foreclosures.

These figures were reported by RealtyTrac, a foreclosure listing firm, based in Irvine, Calif. The company is recognized for compiling foreclosure information all over the nation. The Detroit area was incidentally one of those regions of the country to be worst-affected by the foreclosure crisis. The area also witnessed a substantial increase in the number of foreclosures filed in the counties of Oakland, Macomb and Livingston.

The foreclosure filings in December itself were up by 16 percent for the entire state compared to the filings of foreclosures carried out in December, 2007. The large number of foreclosures gave the state the No. 5 position in the country. The state also witnessed one in every 224 homes brought into a state of foreclosures.

About 4,279 homes were brought into foreclosure proceedings in the Wayne County last month, with one of every 197 households being filed for foreclosure. This was a marked reduction of about 25 percent from the previous year, which witnessed approximately 5,730 filings for foreclosure.

The Oakland County was reported to have witnessed about 2,213 foreclosure filings during the previous month. One of every 236 households was sent for foreclosure filings. This was a 52 percent increase from the situation in 2007, which saw about 1,458 foreclosed properties in December, 2007.

Foreclosure filings were up by 56 percent in the Livingston County in December as compared to the number of foreclosure filings in December, 2007. There were about 236 foreclosure filings in this county. One of every 305 properties was sent for foreclosures, which was an estimated 151 increase over foreclosures in the previous year.

Macomb County had the lowest increase in foreclosure filings in December last year compared to the foreclosure filings in December 2007. Foreclosures were up by 15 percent. 1,236 were reported to have been filed for foreclosure last month. One of every 283 properties was sent for foreclosures. Over 106,000 properties were foreclosed in the Michigan state all over the year.

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