Sunday, January 4, 2009

Washtenaw County Foreclosures rise sharply in 2008

Ann Arbor MI-Washtenaw County foreclosures hit record in 2008.

The 2008 home foreclosure count for Washtenaw County is in, and it is not pretty: A record 1,439 homes were sold at sheriff's auction last year, according to statistics released Friday vs. 1151 foreclosures in 2007 and 703 in 2006. (Washtenaw County register of deeds)

One bright spot is that the rate of foreclosure actually fell in December, although one explanation for that could be the self-imposed holiday moratorium on foreclosures that some lenders initiated.

For perspective, just five years ago in 2004, only 288 foreclosed homes were sold at auction.

As a whole, Michigan had one of the highest rates of foreclosure in the nation in 2008, often just behind California, Nevada and Florida.

Much of the problem here has been attributed to job loss within and related to the struggling automotive industry and plummeting home values.

"I don't think it will continue to increase and that is the good news, but I believe we will still see foreclosures holding steady at the high rate they've been at," said Washtenaw County Treasurer Catherine McClary, whose office provides tax and mortgage prevention assistance and referrals.

Home owners may avoid foreclosure by working with their lender (s) to restructure the loan or sell the home as a short sale. The term "short sale" describes a sale where a lender agrees to accept from a buyer less than what the current homeowner owes on a mortgage rather than going through costly foreclosure proceedings.

A private nonprofit provides free legal advice and representation to low-income people and seniors, including foreclosure: 734-665-6181.

the Piperpartners team at Keller Williams Realty in Ann Arbor can help homeowners facing foreclosure. We work on a consultative basis to assist in finding the best solution to avoid foreclosure, accomplish a short sale or restructure a loan. Cantact Andy Piper at 734-604-8242.

Source: The Ann Arbor News
Photo: Courtesy Flickr. Repres

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1 comment:

  1. Unfortunately for those currently in the foreclosure position this is a terrible thing to happen.

    We also are experiencing this trend in the Panama City Florida real estate market.

    While there is little to offer those currently in foreclosure, there are alternatives for those considering this method.

    I would council everyone considering foreclosure to contact their local real estate agent as well as their mortgage company BEFORE deciding on the foreclosure proceeding.

    Many mortgage companies are willing to work those in trouble and may offer a means to avoid this situation.

    Best of luck to all in the coming year.

    ReplyDelete