Foreclosures Ignite Rental Market

February 29, 2008
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GRAND RAPIDS — The number of rental homes increased in the city as the number of foreclosures in Grand Rapids neighborhoods rose, going from 550 in 2004 to 1,534 in 2007. There were 3,945 foreclosures over those four years, an increase of 179 percent from 2004 to 2007.

The chart below shows the number of foreclosures and the percentage of total homes those actions represented in each city neighborhood, along with the percentage increase in foreclosures from 2004-07.


City Neighborhood


Total Homes

Total Foreclosures (% of Total Homes) 2004-2007

Percentage Increase In Foreclosures
2004-2007

Alger Heights

1,622

113 (7.0)

90

Baxter

761

123 (16.2)

231

Belknap Lookout

1,309

115 (8.8)

180

Black Hills

269

35 (13.0)

225

Cherry Run

232

5 (2.2)

NA

Creston

8,576

502 (5.9)

121

East Hills

1,038

90 (6.7)

223

Eastgate

567

22 (3.9)

160

Eastown

1,281

57 (4.4)

283

Fuller Avenue

627

90 (14.4)

200

Fulton Heights

753

18 (2.4)

75

Garfield Park

4,654

466 (10.0)

159

Heartside

256

4 (1.6)

NA

Heritage Hill

878

32 (3.6)

650

Highland Park

1,172

96 (8.2)

236

John Ball Park

1,696

113 (6.7)

221

Madison Area

1,223

198 (16.2)

164

Michigan Oaks

703

7 (1.0)

50

Midtown

1,332

102 (7.7)

79

Millbrook

1,523

66 (4.3)

350

Non-Neighborhood
Associations

4,372

171 (3.9)

172

North East Citizens
Action

2,263

77 (3.4)

271

Oakdale

704

114 (16.2)

128

Ottawa Hills

256

6 (2.3)

NA

Ridgemoor

808

13 (1.6)

150

Roosevelt Park

1,181

107 (9.1)

277

South East Community
Association

1,067

151 (14.2)

433

South East End

4,116

518 (12.6)

172

South Hill

279

40 (14.3)

117

South West Area    
Neighbors

1,650

195 (11.8)

197

West Grand

5,195

475 (9.1)

165

Westside Connection

4,979

118 (2.4)

215

City Total  

55,149

3,945 (7.2)

179


Note: NA (not applicable) because there were no foreclosures in 2004.
Source: Community Research Institute, Dorothy Johnson Center, Grand Valley State University, February 2008


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