Foreclosures in Wells Fargo and Distressed Home Numbers Rise in 3Q

by Peter Vernon on Foreclosures

The number of foreclosed properties, including foreclosures in Wells Fargo, was higher for the 2010 third quarter in several areas of Michigan. A total of 206 metropolitan areas were surveyed for the quarter, with the Grand Rapids-Wyoming region of the state occupying the 55th ranking nationwide in terms of total filings for the July-September period.

Total number of Grand Rapids foreclosures for sale and households that received filings jumped by 28% during the 2010 third quarter compared with the same 2009 period. Grand Rapids was among the 65% of surveyed metro regions that posted higher foreclosure filing figures when compared with year-ago totals.

Foreclosures for sale in Michigan, foreclosure filings and other properties that are in some form of foreclosure for the third quarter increased considerably in some areas of the state, with Detroit getting the highest ranking among Michigan metros in terms of foreclosure rates for the July-September 2010 period with a nationwide ranking of 24th.

According to housing market analysts, distressed properties, including foreclosures in Wells Fargo, posted higher numbers for the third quarter in most metropolitan regions of the U.S. primarily because of unemployment. Analysts also add that other factors, such as declining household income, negative equity and bad loans, are causing a huge number of Americans to miss their monthly mortgage loan payments.

The list of bank homes for sale and other types of distressed dwellings also increased in several other Michigan metros, including Holland-Grand Haven which posted a 52% increase in total number of foreclosures for the third quarter. Holland-Grand Haven was ranked 68th nationwide.

Aside from Detroit, two other metro areas had a higher national ranking than Grand Rapids-Wyoming, with Flint ranked 27th and Lansing-East Lansing coming in at 45th. Saginaw is ranked 60th, Holland-Grand Haven at 68th and Ann Arbor came in at 69th. The list of Michigan metros that made it to the top 100 metropolitan regions with the highest foreclosure totals for the third quarter of the year is rounded up by Kalamazoo-Portage at 78th.

Although the number of foreclosed properties, including foreclosures in Wells Fargo, rose during the third quarter, Michigan is still in a better position than other states like Nevada, California and Florida which dominated the top 10 rankings in terms of nationwide foreclosure filings.

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