Foreclosures At An All Time High!

January showed an all time increase in the rate of home foreclosures recorded for this year till date. The Oakland county officials stated that this month saw the highest among all other months’ records.

January ’08 posted the highest number of foreclosures. At 949 foreclosure cases, it was 200 cases more than those posted in January ’07 and twice that of postings in December.

The county’s Equalization Division, which is the county’s tax-assessing wing, takes those foreclosures into consideration where properties have been claimed back by the lenders.

Dave Hieber, manager for Equalization stated that it is too early for him to comment whether the trend will continue but he also says that if it does then the total will rise to 11,000 as compared to 7643 cases in 2007. This may put even more pressure on an already struggling economy in the country.

This high rate of foreclosures is a burden on the housing market as prices will crash and tax revenue collections by the government will be deeply affected.

RealtyTrac Inc, a mortgage analysis company stated that Detroit area posted the highest rate of foreclosures in 2007 at 4.9 percent. Stockton in California stood second with 4.8 percent and Las Vegas metro area was third with 4.2 percent rate.

All these cases reported would be in different stages of the foreclosure process. RealtyTrac includes all those properties, which have entered into some stage of the foreclosing process. It determines the ranks by comparing the ratio of the number of foreclosures in the area versus the total number of houses in that metro area. These include owners having received defaulter notices, auction sale notices and repossessions by the bank.

Detroit metro area, which includes areas of Livonia and Dearborn, reported a 68 percent jump with 72,616 filed cases against 41,273 properties.

RealtyTrac also combined areas of Troy and Farmington in the Oakland County with Warren in the Macomb County, creating another metro area, which is ranked, 17^th in its report where 2.1 percent of homeowners are facing foreclosures.

Hieber also insists that RealtyTrac numbers are higher than actual as they include all properties in some stage of foreclosures as compared to the Equalization wing that includes only those, which have been claimed back by the lenders. Hieber also added that Equalization wing of the county is parcel specific and loan specific.

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