Posted Sep 20, 2017, 2:06 PM
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Midwest Moderator - Editor
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Join Date: Jan 2002
Location: Big Mitten
Posts: 31,745
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Tangentially development related, but between the improving economy, and the treasurer's office keeping folks in their homes by a huge outreach to get people on tax payment plans, foreclosures have plummeted in Wayne County:
Quote:
Detroit, Wayne County see dramatic drop in foreclosures
By Elisha Anderson | Detroit Free Press
September 19, 2017
City, county and community leaders touted a substantial drop in foreclosures in Wayne County and Detroit at a news conference today.
Property tax foreclosures in Wayne County were reduced from 28,000 in 2015 to less than 7,000 this year, Wayne County Treasurer Eric Sabree said.
“Of the 43 municipalities in Wayne County, this year 12 of them had zero foreclosures,” he said. “And 15 more had 10 or less foreclosures.”
Wayne County created an interest rate reduction program that allows homeowners to enter payment plans and pay delinquent taxes at an interest rate of 6%, which has dramatically cut foreclosures, officials said.
There are about 36,000 people in payment plans currently, Sabree said.
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Detroit-specific:
Quote:
Duggan zeroed in on stats of owner-occupied houses.
In 2015, there were about 6,400 owner-occupied houses foreclosed in Detroit. This year, he said, the number was 786, an 88% reduction in two years.
Duggan said "786 is still too many."
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Quote:
Duggan said ⅔ of the occupied house foreclosures in Detroit this year were cases where a landlord was collecting rent, but not paying the taxes.
The number of overall tax foreclosures in Detroit this year was 6,315, down from 12,552 in 2016 and 24,793 in 2015, city officials said.
“The last time the foreclosure numbers in Detroit were lower was 2008, just prior to the mortgage industry collapse, when there were 4,392,” a press release from the city said.
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