Thursday, May 31, 2007

Foreclosure filings in Kent County...not seen since the Great Depression

Grand Rapids, Michigan

A report and video from 24 Hour News 8: Foreclosure filings in Kent County are coming in at a record pace not seen since The Great Depression.

In the 1990s, there were roughly 500 foreclosures a year. In 2006, 2,500 homes foreclosed in Kent County - up 74 percent from 2005.

So far this year, the Register of Deeds told 24 Hour News 8 more than 60 foreclosures per week are being filed, more than 1,000 total through April. The county projects more than 3,200 for 2007.

“‘We're in what we would consider a perfect storm,’ said Tracy Coffman of Home Repair Services, a non-profit group that provides guidance to any family facing foreclosure. ‘So we have people who are out of work or people who are re-employed but employed making less than what they were making before and now having to deal with a higher mortgage payment. And that combination is escalating our foreclosures to a rate we have just not seen.’”

Home Repair Services is a non-profit organization serving low-income homeowners throughout Kent County, MI.

County Profile & Overview
With a healthy economy, low taxes, affordable housing, and Midwestern hospitality, Kent County offers the best in both business and family location. Located in Western Michigan, Kent County is the fourth largest population center in Michigan. Covering 864 square miles, the County is home to 590,417 people. The County seat, Grand Rapids, has a population of 197,800 and is 150 miles west of Detroit; 180 miles northeast of Chicago; and 30 miles from Lake Michigan.


1 comment:

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