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Dearborn Foreclosed Homes Making City Among Most Affordable



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By : John Cutts    99 or more times read
The still rising number of Dearborn foreclosed homes have been making the city among the most affordable cities to buy a home, based on data from research firms in Michigan.

The pace of foreclosure activity in Dearborn, which is part of the Detroit metro area, rose in February this year compared to February last year. Almost 5 percent of all residential mortgages in the metro area were in foreclosure in February, up significantly from 2.78 percent in February last year and much higher than the average national foreclosure rate of 3.17 percent in February.

The foreclosure rate includes all properties already in foreclosure listings and those still in the early stages of the foreclosure process.

Research firms also reported that mortgage delinquencies have been rising in the Dearborn area. More than 16 percent of all residential mortgages in the area were in default by more than three months in February, up sharply from 12.17 percent in February last year.

Last year, the rise in number of Dearborn foreclosed homes contributed to the 69,171 total of foreclosure filings posted by the Detroit metro area. Dearborn is among the biggest cities in the Detroit metro area, as it is the world headquarters of Ford Motor Company and the hometown of Henry Ford. It is also home to various large Ford enterprises such as the DFCU Financial and major employers like Visteon and Oakwood Healthcare System.

Its higher education facilities are the University of Michigan and the Henry Ford Community College.

Partly because of the foreclosures, the Dearborn area was considered by National Association of Home Builders and Wells Fargo analysts as among the most affordable cities in the last quarter of 2009.

The number of foreclosed homes for sale in Michigan increased to 7,586 units in February, up by 43.08 percent from 5,302 in January. Bank repossessed units in February accounted for 37.88 percent of the 20,028 residential units in foreclosure during the month, a sharp increase from 30.17 percent in January when 17,574 housing units were in foreclosure.

Foreclosure activity in Michigan stepped up in February by almost 14 percent from the previous month and by more than 59 percent from February last year, in contrast to the foreclosure slowdown in other states. The rise in number of Dearborn foreclosed homes contributed to the increased ranking of Michigan in the foreclosure charts from seventh in January to fifth among all U.S. states in February.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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