This Sunday, Residents of the Detroit Area who opened their paper were greeted with 122 pages of the 2008 Tax Foreclosure List for Wayne County. The current figure for Wayne County reports that a staggering 1 in 4 homeowners are in default on their mortgage. Bubble markets like California, Vegas, Miami, and Phoenix crashed due to exorbitant prices, however, Detroit crashed simply because the economy was plain horrible.
Thanks to governor Granholm, Michigan is one of the only states currently in a recession and the way it looks, headed for an actually depression. Yes, I did use the D-Word. A Depression is exactly what is headed Michigan's way very soon if things continue at this rate.
In 121 printed pages of the Sunday Free Press, Wayne County Treasurer Raymond Wojtowicz listed more than 18,000 properties across Wayne County facing foreclosure. Notices sent to homeowners since March have whittled the list from 161,000 properties that had been delinquent on tax payments The advertisement will run the next two Sundays. The printed pages cost the county more than $400,000, and are required by law. It's just one more way the county tries to make sure property owners know that they're facing foreclosure.
Friday, December 7, 2007
Posted by Chris at 8:06 AM