Detroit Posted The Highest Number Of Mortgage Foreclosures Per Household In The 3rd Quarter Of 2006
One out of every 80 households in the Detroit, Michigan metro area went through a mortgage foreclosure in the third quarter of 2006. Over 10,000 homeowners who lost their job or suffered some other financial burden ended up with their home in foreclosure during the quarter.
Detroit mortgage foreclosures, which increased 42% from the second quarter of 2006, actually number more than 4.5 times the national average. Rising payments on adjustable-rate mortgages and decreased home sales likely forced many of these homeowners into foreclosure.
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