HOUSINGNEWS REPORT
DETROIT’S ROCKY HOUSING REBOUND
DETROIT METRO TAX FORECLOSURES
November 2017 to 3.7 percent, according to the Bureau of Labor
U.S. TAX FORECLOSURES
DETROIT METRO TAX FORCLOSURES
Statistics, the area has not recovered from the population loss it has seen since the foreclosure crisis and the Great Recession. That population loss means there are still blighted areas just outside the CBD with vacant homes and homes occupied by Section 8 tenants. ATTOM Data Solutions reported that the Detroit metro area led the nation in total vacant residential properties in 2017 with more than 56,000 properties. However that represented a 12 percent decline in vacant properties from 2016. The Detroit metro ranked ninth highest in terms of vacant and underwater properties for last year with 2,324, a 10 percent decrease from the year before. The housing situation on the outskirts of the CBD is troublesome, according to Dylan Borland, president of The Borland Group, who noted he is still
34,303
25,375
23,117
23,491
19,621
15,355
14,872
13,051
10,572
10,253 10,918
8,210
6,624
3,880
2011
2012
2013
2014
2015
2016
2017
over the last two years, the metro area still accounted for 45 percent of all residential tax foreclosures nationwide. A total of 972 single family homes and condos were foreclosed on as a result of mortgage foreclosure in the Detroit metropolitan statistical area in Q2 2017, down 28 percent from a year ago to the lowest level since Q4 2001,
according to ATTOM Data Solutions. Mortgage foreclosure activity ticked up slightly in Q3 2017 to 981 completed foreclosures, but that was still down 22 percent from Q3 2016. A ‘War Zone’ Outside Downtown While unemployment in the Detroit metro area is down 1 percentage point between November 2016 and
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JANUARY 2018 | ATTOM DATA SOLUTIONS
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