Ypsi: Foreclosures

Posting on his blog Common Monkeyflower, Richard “Murph” Murphy examines foreclosure activity in Ypsilanti, following up on a previous post about housing prices. He writes: “Foreclosures are still an issue in the City, and we’ve still got some stock of bank-owned homes to clear out to allow prices to rise, but at some point our own housing market becomes less an issue than that in surrounding communities: in the first 9 months of 2011, Ypsilanti Township had 275 foreclosures, compared to the City’s 50. Whether you adjust that for population, dwelling units, or structures, the Township’s foreclosure rate remains frighteningly high, and there’s only so much the City can do to stabilize its property values when surrounded by a community with 2-3 times its foreclosure rate.” [Source]