It’s no surprise, the final tally for 2008 foreclosures in Washtenaw County is in and it’s up – 1,439 homes were sold at sheriff’s auction last year. This sets a record high for the area. Historically foreclosures in Washtenaw have been gradually increasing until a large spike in 2007. Following are the numbers published by the Washtenaw County Clerk and Register of Deeds for the past several years:
- 2002: 231
- 2003: 265
- 2004: 288
- 2005: 433
- 2006: 703
- 2007: 1,151
- 2008: 1,439
December 08 marked some good news in that the rate of foreclosure dropped significantly. Only 73 homes went to auction in December, the lowest rate for any month in 2008 (down from 147 in DEC 07). However this may be due to a self imposed holiday moratorium from most Ann Arbor lenders. Washtenaw County’s Treasurer, Catherine McClary, predicts that the rate of foreclosure will not continue to increase but she does believe it will hold steady. This record high in foreclosures and short sales is likely the main reason for the drop in Washtenaw County home values this year. The average sale price of a home is down 14.5% as compared to 2007.
We have created a special Ann Arbor foreclosure relief division at the Toth Team to help clients avoid the process. Often times a short sale is a viable alternative and we are here to help. A short sale is a situation where a lender might agree to take less than what a homeowner owes the bank on their property to help avoid costly foreclosure proceedings. Sometimes the lender may also ask the homeowner to repay the difference.
In this economy, the Ann Arbor real estate market is likely to be very short-sale driven in 2009. The first three listings we’ve had so far this year are all likely to be short sales. If you are in need of help with your Ann Arbor home, contact our Toth Team Foreclosure Relief Division – we analyze each situation carefully and offer personalized advice. The process is confidential and free. You can call our team at (734) 669-0337 or get started online at www.annarborshortsale.com.
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[...] County Treasurer has a wealth of resources. See previous post from Ann Arbor News article - Washtenaw County foreclosures hit record in ‘08. Talk to your attorney or call legal aid for free legal advice. Call your bank to renegotiate [...]