Economy
1:00 am
Thu October 25, 2012

Report: Detroit's home foreclosure rate is moving down

Detroit’s home foreclosure rates are dropping.

Realty Trac reports Detroit now has the 39th highest home foreclosure rate in the country. That's a big change from a few years ago, when Detroit routinely ranked in the top ten.

In September,  Detroit’s home foreclosure rate was at its lowest point since September, 2006. 

Daren Bloomquist is with Realty Trac.    He says Detroit’s foreclosure numbers are improving, but he says more than half of Wayne County homeowners are ‘underwater” on their mortgages.

“A lot of homeowners are in a situation where they owe more than their property is worth,” says Bloomquist,  “But the good news is…many of those homeowners are not falling into foreclosure.”

Bloomquist says home foreclosure rates are falling in all nine Michigan metro areas Realty Trac follows.

Flint was the highest ranking Michigan city on Realty Trac’s metro foreclosure list.  Flint ranked 27th.