Soaring Home Foreclosures in Michigan may lead to more Bankruptcy Filings (PART I)
In a January 25, 2007 Detroit Free Press article by reporter Frank Witsil, the economic crunch facing the metro Detroit area — and similar Midwest areas — is reaching all time highs, particularly in the area of home foreclosures. While home foreclosures do not automatically equate to individuals filing more personal bankruptcies — it is, indeed, possible to save your home from foreclosure by qualifying and filing a Chapter 13 Bankruptcy.
The figures Witsil used for his piece were provided by RealtyTrac, a company that follows mortgage rates across the country.
According to the Freep and RealtyTrac:
• “In Macomb County, the number of foreclosure filings nearly tripled, from 2,755 in 2005 to 8,192 last year, translating to one home for every 39 in the county.
• In Oakland County, Michigan’s wealthiest county, the number jumped from 3,754 in 2005 to 7,282, meaning one of every 68 homes.
• In Wayne County, the number of filings more than doubled, from 18,176 to 40,220, translating to one of every 21 homes.
That, RealtyTrac said, is higher than any county in any of the nation's largest metropolitan areas.”
The numbers are indeed shockingly high. It is no secret how bad the Michigan economy is — particularly in the metro Detroit area that is based around the auto industry that is reshaping and restructuring to compete in the global marketplace — and that relief isn’t going to just occur overnight.
