Tuesday, August 21, 2007

Detroit--Highest Metro Foreclosure Rate

Realty Trac reports that:

"Detroit posted a 70 percent month-over-month increase in foreclosure activity in July, pushing the city’s foreclosure rate to one foreclosure filing for every 97 households — more than seven times the national average and highest among 229 metro areas tracked in the RealtyTrac report. The city reported a total of 8,683 foreclosure filings during the month."

"Michigan’s foreclosure rate of one foreclosure filing for every 320 households ranked third highest among the states in July, up from seventh highest in June. The state reported 13,979 foreclosure filings during the month, a 39 percent month-over-month increase and a 130 percent year-over-year increase."

Nationally the rate was 93% higher than in July 2006.

Read Barbara Ehrenreich's Smashing Capitalism at Huffington Post. You will laugh a little before you cry.