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Mount Pleasant, PA, United States, 08/06/2007 – There was the Big Three in the auto industry, and now there is the “Big Three,” Wayne, Macomb and Oakland counties, in the foreclosure industry in Michigan. According to Default Research Inc., the three counties contributed heavily to the foreclosure rate, rising from a year ago to 40 percent in July 2007.
Default Research reported that Wayne County had the highest foreclosure rate, with an increase of 45 percent, followed by Macomb up 35 percent, and Oakland with the smallest increase at 20 percent. The cities that have seen their foreclosure numbers increase the most in the state are Detroit, Warren and South Field.
“With a large home inventory in the three big counties, and stricter credit restrictions, foreclosures are going to continue to increase in Michigan,” said Serdar Bankaci, President/CEO of Default Research, the fastest growing foreclosure research company in the country. “Also, the news that import auto manufacturers have gained over 50 percent share in the U.S. adds to the financial and foreclosure crisis in Detroit.”
With the auto industry sales sliding downward, there have been job cuts at alarming rates. In fact, Michigan's unemployment rate hit its highest level so far this year in June when it rose 7.2 percent, according to data released last month by the state Department of Labor & Economic Growth. Considering that the auto manufacturing industry employs the majority of the Detroit work force, the state said manufacturing job cuts in general was the main reason for the increase in the June unemployment rate.
“It is a very simple equation; no income, no chance to pay the mortgage, equals foreclosure problems,” said Bankaci, whose company offers foreclosure leads arrive two to three weeks ahead of the competition. “The average property going into foreclosure has an approximate market value of about $130,000 with about $127,000 of debt.”
Default Research is the national leader in foreclosure research. More information about Default Research can be found at its Website.
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