Daily Real Estate News  |  January 4, 2008  |   Michigan Foreclosures Begin to Fall
Default Research, which tracks foreclosures, predicts that foreclosures will level off in hard-hit Michigan in 2008.

The state has faced declining employment in the automotive industry. Foreclosure numbers peaked in the third quarter of 2007, but the situation appears to be improving.

“In the last quarter of 2007, housing inventories declined significantly and home prices began to stabilize in the Detroit market,” says Serdar Bankaci, President/CEO of Default Research. “After experiencing almost 42,000 foreclosures in Wayne, Macomb, and Oakland counties, I think Michigan foreclosures should begin a much-needed slow and steady decline in this market next year.”

Source: Default Research (01/03/07)