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What’s the Deal with Michigan Foreclosures?

Wayne County auction spikes numbers each September

Sam Khater    |    Mortgage Performance

 

Each September, Wayne County, Mich. (part of the Detroit metropolitan area) puts up for auction tens of thousands of properties whose owners are more than three years behind on their property taxes. The auction is so large that it is apparent in the Michigan and U.S. completed foreclosure numbers. CoreLogic reports foreclosure trends each month, and recently launched an Insights App where users can track the Wayne County foreclosure spike.

Figure 1 shows a screenshot of Wayne County completed foreclosures where the annual trend is apparent. Completed foreclosures increased by over 4,000 percent month over month in September 2014. Figure 2 shows the Michigan trend, showing a 1,500 percent increase in completed foreclosures.

While about 40,000 Detroit homeowners were able to stave off foreclosure by agreeing to payment plans and other programs, Wayne County still planned to sell 28,545 Detroit properties at auction this fall, a record number that included about 10,000 occupied homes, according to The Detroit News. The results of the auction will be available to view in the Insights app in late October.

This is just one example of the type of research that I can perform with this App to access timely, accurate property market trends and metrics from the state to zip code level available for Apple and Android phones. The App also includes house price indexes and links to the latest property market research reports and blogs as well.