SOUTHFIELD (WWJ) – Oakland County Executive L. Brooks Patterson is reporting a sharp drop in home foreclosures in the county. Patterson said the number of foreclosed homes is just under 1,100 — about half of what it was this time last year.
“The numbers are still tough on those thousand who lost their homes, but it’s an improving condition,” Patterson said.
Patterson said it’s a sign of a recovering economy, and there are others.
“When the recession started til today, Oakland County lost 152,00 jobs, our best count, and we’ve added back in 66,000. So, we’re halfway back to what we lost and we’re adding as many jobs as we can,” he said.
Patterson said he shares at least some of these homeowners’ pain. He is now upside down in his own condo.
Patterson said he expects home prices to hit rock bottom at the end of next year.