2010 a bad year for foreclosures in Michigan (2011 may be worse)
2010 was the worst year in a decade for home foreclosures in Michigan, according to new data out today. And 2011 is expected to be worse.
One in 33. That’s how many Michigan homes received a foreclosure notice in 2010.
Realty Trac ranks Michigan as having the 7th worst home foreclosure rate in the nation last year. Daren Bloomquist is with Realty Trac. He says Michigan’s foreclosure numbers should be worse this year.
"We saw lower...artificially low numbers I should say, in the last two months of the year, " says Bloomquist, "and so we’re going to kind of make up for that in the first quarter of 2011.”
He says until Michigan’s unemployment rate falls, the state will struggle to bring down its home foreclosure rate.