Report: Michigan ranks in top 3 states with most foreclosures
(CBS DETROIT) - A report from ATTOM, a curator of the nation's property database, says Michigan is one of the top three states with the highest foreclosure rate.
According to the January 2023 U.S. Foreclosure Market Report, one in every 2,617 housing units had a foreclosure filing. The state ranks third behind Delaware and Illinois respectively.
Additionally, Detroit had the highest foreclosure rate (one in every 1,575 housing units) among the 223 metropolitan statistical areas with a population of at least 200,000.
In the United States, experts say 31,557 properties had a foreclosure filing in January, whether it was default notices, bank repossessions or scheduled auctions. That number is a 36% increase from last year and a 2% increase from last month.
"The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year," ATTOM CEO Rob Barber in a statement. "While both completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity seen over the past 21 months may indicate a more substantial trend that could continue into 2023."
The report was based on data collected from more than 3,000 counties nationwide, accounting for 99% of the U.S. population, as well as documents filed in three phases of foreclosure -- notice of default and lis pendens (a notice used to initiate a foreclosure sale), notice of trustee sale and notice of foreclosure sale, and real estate owned (REO) properties that have been foreclosed and repurchased by the bank.