Foreclosure Filed On 1 In 29 Households In Detroit In 2007

The foreclosure numbers for the first half of 2007 are in and Stockton, California leads the pack with 1 out of every 27 homes foreclosed on in 2007. Second is Detroit, with 1 in 29 and coming in third, Las Vegas with 1 in 31.

Among the big cities: New York came in #82, with 1 foreclosure in 305 households, an increase of 47% from last year. Chicago was ranked #30 on the list, with 1 in 88 households in foreclosure, up 45% from 2006. LA was #29, with 1 in 87 and an increase of 125%.

You can read the full report at RealityTrac’s website and see how your neighbors are doing. If you live in Richmond, VA you can relax. Your area has only 1 in 2,319 households in foreclosure, dead last on the list. Congrats!

STOCKTON, DETROIT, LAS VEGAS POST TOP METRO FORECLOSURE RATES [RealtyTrac]
Las Vegas, Detroit foreclosure rates double-report [Reuters]
(Photo:Jim_W)

Comments

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  1. Raanne says:

    **sigh** its like that all around here (in michigan)… things have been going down-hill for about 3 years as far as the housing & job market are concerned. I know my house has dropped by about 10% in value in the past few years….

  2. balthisar says:

    If Stockton, California is the worst, why is Detroit, Michigan the headliner hear?

  3. gorckat says:

    New York came in #82, with 1 foreclosure in 305 households

    and

    If you live in Richmond, VA you can relax. Your area has only 1 in 213 households in foreclosure, dead last on the list.

    Que?

  4. theWolf says:

    @balthisar:

    A dearth of stock pictures of Stockton, CA.

  5. Meg Marco says:

    @balthisar: Because Detroit has a much larger population.

  6. gorckat says:

    Ah- 1/2319 homes.

  7. Caswell says:

    Every time I kick myself for buying at the peak of the market, I have to remember that I also sold at the peak. In a suburb of Detroit no less, at asking price in four days.

    I doubt I could pull that off now, and I’d be stuck Michigan. Thinking about that makes it easier to stomach the lost equity on my current home.

  8. rockosolido says:

    @balthisar: Because everyone loves to take a jab at Detroit, even if they’ve never been there personally.

  9. badlydrawnjeff says:

    0.6 percent of mortgages are in foreclosure right now. [article.nationalreview.com] That’s a miniscule amount, and shame on those continuing the whole “omgz sky is falling” rhetoric. Too many people are overreacting right now, we don’t have to add to it.

  10. jmintbfl says:

    Because everyone loves to take a jab at Detroit, even if they’ve never been there personally.

    I had a layover there once. The airport bar served cold beer. I love Detroit.

  11. castlecraver says:

    @badlydrawnjeff: Please explain how this adds to your perceived overreaction. This is an analysis of individual major metropolitan areas, not some macroeconomic melting pot where downtown Detroit equals a home in the Hamptons and 0.6% is negligible.

    Regardless, the data is there in black and white, dude. If you live in certain places, you might be a bit concerned. In others, not so much. In fact:

    “This report clearly demonstrates that not all local housing markets are flooded with foreclosures,”

    features prominently within the article.

    So, again, exactly how does this contribute to “sky is falling” rhetoric? Did you even read the article?

  12. rmz says:

    As much as I know that this will have repercussions that we’ll be feeling for quite a while, and as bad as I feel for current homeowners who are about to lose a metric asston of equity when their property value falls through the floor, part of me is still happy because when we go to buy a house in a couple of years, the prices should (hopefully) be back to a sane level.

    In many areas, the prices in 2000 were less than half what they are today. If prices fall back down to 2000 levels after all of this blows over, that’d be a pretty nice situation for new buyers like us.

  13. badlydrawnjeff says:

    @castlecraver: It’s the whole thing. The entire thing is designed to further the fear factor of the issue – “hey, look, if you’re here, watch out!!!”

  14. skittlbrau says:

    @rockosolido: I’ve lived in the Detroit ‘burbs, and I think alot of the issue comes from the fact that people who work in the auto industry have been slow to realize they may not be able to have the lifestyle of their parents. Just my $.02

  15. JayXJ says:

    The housing market right now is great, if you’re buying. We just bought our home a couple of weeks ago. We got reductions and concessions that would’ve had the seller laughing and saying “blow me” two years ago.

  16. Caswell says:

    @baa:

    That, and it seemed to me (at least when I lived there from ’01-’05) that there are a lot of people outside of the industry who have deluded themselves into thinking their lives aren’t dependent on the auto industry.

    It’ll get worse there before it gets better, housing bubble or not. Local small businesses and home valuations in that region are propped up entirely by auto wages. When those wages disappear it’s all going to come tumbling down.

  17. CumaeanSibyl says:

    @Caswell: I think one of the worst things is that the auto industry is dying a slow death, and people have been hanging on in hopes that their jobs won’t be the next on the chopping block.

    If the Big Three had just sold us all out in the ’80s and moved their factories to Mexico en masse, we might’ve recovered by now.

  18. factotum says:

    Remember what Flint looked like in “Roger & Me”? That will be Detroit soon.

  19. rockosolido says:

    @factotum: It really depends, some places in Detroit have looked like that before Roger & Me was even filmed.

    When we hosted the Superbowl in Detroit, despite not being a football fan, I still had to venture down to Detroit to check out all the festivities. For anyone in the area that knows, Macomb Mall was running a shuttle bus down to the stadium. I have to admit, they fixed the city up, provided they worked with what they were given. On the shuttle, the “out of towners” were pretty obvious; ooh’ing and aah’ing at different sights, then becoming deathly quiet when our driver decided it would be a good idea to turn down a side street in the outskirts of Detroit. I don’t think it was my imagination, but I’m pretty sure I heard a whispered “oh my god.”

  20. burgundyyears says:

    @factotum: Heh, you haven’t been to Detroit much, have you? Try looking at satellite photos of Detroit NOW.