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Old March 31st, 2008 #3
Alex Linder
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Detroit: highest home foreclosure rate in US
By Lawrence Porter
20 February 2008

Over the last four decades, Detroit has gone from boasting the highest rate of home ownership in the nation to the highest rate of home foreclosures in the US. Last week, the mortgage research company RealtyTrac Inc. announced that the economically depressed automotive center had the highest foreclosure rate in 2007 of the largest 100 metropolitan areas nationally.

Nearly 5 percent of the households in metro Detroit were in some stage of foreclosure last year, a rate nearly five times the national average and a 68 percent jump over 2006. RealtyTrac reported 72,616 filings of default notices, auction sale notices or bank repossessions on 41,273 properties located in the Wayne County cities of Detroit, Livonia and Dearborn.

http://www.wsws.org/articles/2008/fe...home-f20.shtml