Foreclosure rates going down in Grand Rapids and Kent County Michigan

The number of homes lost to foreclosure in Grand Rapids this year is down 27 percent from last year. In Kent County, it is down 19 percent.

But members of Foreclosure Response, the community coalition formed in 2007 to prevent more people from losing their homes, say it is not time to stand down.

In fact, statistics on adjustable rate mortgages and delinquencies indicate a new wave of foreclosures may start next year, said Kym Spring, coordinator for the group.

“It doesn’t mean this issue is any less serious,” Spring said.

Spring released the data Wednesday along with a summary of accomplishments so far and a plan formed by the coalition to continue the fight. Members crafted four main goals:

– Continue to reduce foreclosures.

– Educate consumers and industry professionals.

– Improve housing quality.

– Create affordable housing opportunities.

The coalition, which meets every two months, includes nonprofits, neighborhood organizations, banks, city and county governments and real estate professionals.
Source: http://www.mlive.com/business/west-michigan/index.ssf/2009/12/foreclosure_rates_shrinking_in.html

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