Foreclosures Increased in Grand Rapids and Kent County over First Half of 2008

Foreclosures increased dramatically over 2007 levels in the first half of 2008 for Grand Rapids and Kent County.

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Foreclosures continued to increase in Grand Rapids and Kent County over the first half of 2008 according to data released last week by the Community Research Institute.

The numbers–released as an update to the study “Sold Short: Residential Foreclosures in Kent County, 2004 to 2007“–show that foreclosures were up 38.2% in Grand Rapids from January 1 through June 30 of this year. Foreclosures increased 28.7% over the same period in Kent County.

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In Grand Rapids, foreclosures increased in 23 out of 32 neighborhoods. The highest overall foreclosure rates in the city are on the southeast and west sides of town.

The Community Research Institute writes:

“The fact that the rates continue to increase or remain high is a sign that the foreclosure crisis remains a systemic problem in our local communities and one that will continue to require a coordinated systems response from local government, nonprofit organizations, foundations, neighborhood associations, and financial institutions.”

Author: mediamouse

Grand Rapids independent media // mediamouse.org