A new report that details the impact of the foreclosure crisis on the state of Michigan has been released by researchers at Grand Valley State University.
Researchers in both the Johnson Center for Philanthropy’s Community Research Institute and Grand Valley’s Seidman College of Business worked on the report, along with the Michigan Foreclosure Task Force.
The report reveals significant findings:
— Housing value in the state of Michigan decreased by $63 billion between 2006 and 2010;
— The drop in housing value in Detroit and Grand Rapids was even larger, with decreases over 40 percent;
— In rural areas, the average monthly foreclosure rate tripled between 2005 and 2010;
— Between 2005 and 2010, 416,116 residential units in Michigan faced a foreclosure auction filing.