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Oakland County Foreclosure Numbers Continue Downward Trend

Public Date: 5/7/2012 12:00 AM
Contact: Bill Mullan, Media and Communications Office
Phone Number: 248-858-1048

Pontiac, Michigan -- April 2012 foreclosures are down more than 45% from April of last year. Two hundred ninety-six foreclosed homes were auctioned at Sheriff deed sales last month compared to 541 for April 2011.

"One foreclosure is one too many. For the home real estate market to stabilize and recover, we need to create jobs - which is exactly what my economic diversification initiatives such as Emerging Sectors and Medical Main Street are doing," Oakland County Executive L. Brooks Patterson said. "We created more than 23,000 jobs last year and are forecast to create nearly 34,000 jobs in the next three years."

The April 2012 foreclosure numbers for Oakland County confirm a trend announced last month that Sheriff deed sales were down just over 50% for the first quarter of 2012.

Oakland County's foreclosure numbers are lower than recent "independent" reports indicate because the county relies on the numbers from Sheriff deed sales, which come at the end of the foreclosure process and only applies once to a home. Some homeowners facing foreclosure are able to mitigate their problem without ever losing their homes after the bank has filed the initial paperwork to begin the foreclosure process.

Independent foreclosure reports, however, merely add up the number of initial foreclosure filings and other major milestones in the foreclosure process such as eviction notices, sometimes doubling or tripling the true number. These independent reports count homes with double mortgages as two separate foreclosures; and may count an initial foreclosure filing and an eviction notice on the same property as two separate foreclosure transactions. The independent reports do not account for the number of foreclosures that are resolved before reaching a Sheriff deed sale.

For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at 248-858-1048.