Narrative: To further understand the effect of foreclosed homes on local housing dynamics, CRI was commissioned to examine Real Estate Owned properties throughout Kent County and Grand Rapids. Real Estate Owned (REO) properties are those repossessed and/or transferred from a homeowner back to the credit lender or trustee as a result of a foreclosure or forfeiture. Mortgage holders include banks and other types of financial institutions, real estate companies, housing investors and Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac. Since foreclosures began increasing in 2004, residential property sales transactions indicate 20,684 foreclosures have taken place in Kent County. As a percentage of the residential housing stock, that translates to 1 in 9 homes in the county have been repossessed since 2004. Forty-seven percent (47%), or 9,725 of countywide foreclosures have taken place in Grand Rapids. Foreclosures peaked in 2008, averaging nearly ten per day in Kent County. -Recent numbers show foreclosure rates slowly declining.


Description: To further understand the effect of foreclosed homes on local housing dynamics, CRI was commissioned to examine Real Estate Owned properties throughout Kent County and Grand Rapids.
Added/Updated: 5/25/2012
Timeframe: 1/1/2004 to 3/31/2012
Source: Kent County Bureau of Equalization, 2010 Decennial Census
Author: Community Research Institute - Johnson Center for Philanthropy
Data Provider: Kent County, Michigan
Data Series:
Original release date: 04/30/2012
Universe: Housing Sales
Tags: Housing, Foreclosures, Real Estate Owned, REO, Foreclosed

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