Detroit Foreclosure Homes Decline
August 5th, 2008
Detroit has been reported with a decline in its real estate foreclosures in the second quarter of 2008. It stands at 10,829 which is a 3.5 percent decline as compared to the first quarter of 2008. This is indeed good news. However, as per the founder of Default Research named Serdar Bankaci, there can be again an increase in the real estate foreclosures within the next twelve months. He said that this will be solely because of the fact that the US auto industry has put it on the track of managing it with the national fuel price crisis.
In his own words:
“It is positive news anytime foreclosure homes decline in a region. 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.” He further said, “With this area’s heavy emphasis on the auto industry, we may be seeing foreclosures increase in the future.”
The hardest cities of the Oakland County in June 2008 are Waterford, Southfield, Farmington Hills, Oak Park, and Pontiac. The number of real estate foreclosures recorded for Waterford is 38, Southfield 75, Farmington Hills 43, Oak Park 32, and Pontiac 58. Thus the most affected city of the Oakland County is Southfield and the least affected one is Oak Park.
The hardest cities of the Macomb County in June 2008 are Macomb, Warren, Eastpointe, Sterling Heights, and Clinton Township. The number of real estate foreclosures recorded for Macomb is 40, Warren 100, EastPointe 50, Sterling Heights 65, and Clinton Township 45. Thus the most affected city of the Macomb County is Warren and the least affected one is Macomb.
The Wayne County foreclosures highlight the cities of Detroit, Dearborn Heights, Dearborn, Redford, and Taylor as per June 2008 statistics. It has been seen that the number of real estate foreclosures in Detroit is 1224, Dearborn Heights 85, Dearborn 99, Redford 121, and Taylor 91. Thus the most affected city of the Wayne County is Detroit although there has a 3.5 percent decline and the least affected one is Dearborn Heights.
The situation can only become better with the picking up of a faster pace by the sluggish US economy. Under this ongoing tough economic condition, it is very unlikely to expect for the betterment of the condition. We can only just hope to see a better future.
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