Dropping foreclosures add up to good news

An annual report from Marquette County Treasurer Anne Giroux that often passes all but unnoticed has generated a bit of buzz locally, especially the real estate and finance communities.

The 2012 annual report from Giroux is scheduled to be delivered to the Marquette County Board tonight. Among other things, the report notes the foreclosure rate for 2012 in Marquette County dropped to 5.5 percent and remained far below the statewide average.

A front page story Monday by Mining Journal Staff Writer John Pepin contained additional details.

Citing Giroux’s report, Pepin’s story stated the county’s foreclosure rate increased beginning in 2008 from 3.9 percent to 4.2 percent in 2009, continued climbing to 4.5 percent in 2010 and reached a high of 6.3 percent in 2011. Then last year, the rate slipped to 5.5 percent, while the statewide average foreclosure rate was 16 percent. That statewide average was at 9 percent in 2008, 11 percent in 2009, 16 percent in 2010 and 13 percent in 2011, the report said.

Additionally, the number of properties foreclosed in Marquette County reached a five-year high in 2011 at 44, with 41 properties foreclosed last year. In 2008, 20 properties were foreclosed, Pepin reported.

The number of parcels forfeited reached a five-year high in 2011 at 740, but slipped back to 656 in 2012. In 2008, 497 properties were forfeited.

From where we sit, it’s hard to see a downside to any if this. Needless to say, any foreclosures are bad news and one is one too many. That said, however, things are clearly trending in the right direction.

And that’s positive news for everyone.