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Thu October 14, 2010
Michigan foreclosure rate stable, but still higher than last year
Michigan’s home foreclosure rate has stabilized, but is still much higher than the national rate. One out of every 98 homes in the state is in the foreclosure process.
Daren Bloomquist is a spokeman for RealtyTrac, a company that tracks foreclosures.
“In Michigan I would say the number one issue is unemployment. It's still there and so that's still pushing people into foreclosure. Until we solve that problem, you're still going to see an elevated level of foreclosures in Michigan," Bloomquist said.
The national foreclosure rate is actually down one-percent over the same time last year, while Michigan’s is up 25%. Bloomquist thinks state efforts to keep people in their homes last year pushed some foreclosures off to this year.
He bets more delays are on the way as some banks stop foreclosures to make sure they’re doing the paperwork right.
“The market does not like uncertainty and this really adds a huge element of uncertainty - if these properties that have been foreclose on, if there's some question about whether they were legitimately foreclosed on or not," Bloomquist said.
Bloomquist says if the delay is too drawn out it could force housing prices to go down even more.