The Detroit News
October 25, 2012
By The Detroit News
Metro Detroit experienced a 31 percent decline in foreclosure activity in the July-September period from a year earlier, according to a RealtyTrac report released Thursday.
The Detroit area has experience decreases in default notices, sheriff’s auctions and lender repossessions for more than a year. As a result, its foreclosure rate has been dropping.
In the third quarter, the Detroit-Warren-Livonia area ranked No. 39 nationally out of 212 metropolitan regions with a foreclosure rate of one foreclosure for every 155 housing units.
“Two-thirds of the nation’s largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem,” said Daren Blomquist, vice president at RealtyTrac, in a statement.
RealtyTrac said its statistics cover 90 percent of al foreclosure filing made in the country.