November 11, 2006

Region leads in foreclosed property

Detroit Free Press:
"Metro Detroit led the nation in the number of foreclosures over the third quarter, as the state's sluggish economy continues to be a drag on southeast Michigan's real estate market.

One out of every 80 homes in southeast Michigan, or four times the national average, was in foreclosure during the three-month period ended Sept. 30, according to a report by Realty Trac Inc., an Irvine, Calif., firm that tracks foreclosures.

The number of households in foreclosure during the period was 10,316, an increase of 42% from the second quarter."

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