Foreclosures in 48312, MI and in the entire state are expected to remain high. This is because unemployment remains higher in the state. By ForeclosureDataBank.com
Several Real Estate analysts are certain that the volume of foreclosure homes in Michigan would continue to be among the highest in the country, at least for another two years. Foreclosures in 48312, MI (Sterling Heights) and in other counties and cities in the state are expected to remain high in the coming months.
To date, the state is ranked as the seventh in the list of states with the highest rates of foreclosures homes. It is estimated that one per 296 households in Michigan is in any stage of foreclosure. These stages involve mortgage default, foreclosures, auctions, and repossessions. In November, there were about 15,000 houses in the state that were in mortgage default, facing possible foreclosure.
Analysts said foreclosures in 48312, MI is mainly driven up by the high unemployment rate that prevails in the state. Michigan is among the states in the country with the highest rate of joblessness. In November, unemployment rate in the state was at 12.8%. It was the second highest across the US, following Nevada, which is also the top state with the highest rate of foreclosure.
Unemployment is one usual factor that is cited for mortgage defaults by households. It logically follows that when there are more jobless people in a state, the number of foreclosures homes tend to rise as a consequence. This is because homeowners fail to repay mortgages on time. Thus, it is the reason why most of the states with high foreclosures are also those where unemployment is more prevalent.
Meanwhile, an online poll about foreclosures on a nationwide scale has revealed that more American adults think that a recovery from the housing downturn could be possible within another two years. The survey results reveal that up to 58% of Americans think so. On the other hand, one in every five US citizens thinks the housing recovery would happen on 2015 or after that year.
The online poll had 2,034 adults as respondents in a study conducted from November 2 to November 4. About 35% of the respondents believe that the recent foreclosure scandal could further postpone industry recover.
For more news and information about foreclosures in 48312, MI and in many other states, keep on visiting ForeclosureDataBank.com.
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