One out of every 80 households in the Detroit, Michigan metro area went through a mortgage foreclosure in the third quarter of 2006. Over 10,000 homeowners who lost their job or suffered some other financial burden ended up with their home in foreclosure during the quarter.
Detroit mortgage foreclosures, which increased 42 percent from the second quarter of 2006, actually number more than 4.5 times the national average. Rising payments on adjustable-rate mortgages and decreased home sales likely forced many of these homeowners into foreclosure.
This entry was posted on Friday, January 19th, 2007 at 1:24 am and is filed under Home Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.