Foreclosure auction listings in Southfield surged in April, as unemployment in the area continued to be high despite a slight improvement in job creation. The statewide jobless rate also improved in April, but foreclosures continued to surge.
In Southfield and in all other areas of Oakland County, there were 1,162 homes that entered list of foreclosures in April, comprising 37.6 percent of the 3,092 foreclosure actions that were filed in the county during the month. The total filings marked an increase of 7.8 percent from March and a staggering jump of 80 percent from the total in April 2009.
The sharp jump meant that Southfield, a northern suburban city of Detroit, initially was able to resist the housing crisis that immediately gripped Detroit. Now, the number of Southfield bank owned homes is rising. On the website of one major real estate seller, there are 1,827 foreclosures currently being sold. Prices range from $63,000 to $149,000, with others in the million-dollar range.
Foreclosure auction listings also surged in the state in April, despite the improvement in the unemployment rate from 14.9 percent in March. The number of bank owned homes in Michigan rose to more than 6,200 in April, up by 9.4 percent from about 5,700 in March.
While other foreclosure headliners like California, Florida and Arizona slowed down in their foreclosure pace in April, Michigan posted an 8.3-percent increase over the month and more than 77-percent of increase over the year.
Despite the continued surge in statewide foreclosures, Michigan officials and residents hope that recent developments in the state will help improve conditions in the state. The creation of jobs that cut down unemployment in April was a good sign. The continued commitment of General Motors to the state is giving jobless auto workers hope.
In addition, the federal funds allocated to Michigan are helping officials find concrete ways of rescuing distressed properties from foreclosure auction listings. Even the beleaguered home builders are now rejuvenated by recent positive developments.
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