home foreclosure

Business
5:12 am
Tue June 24, 2014

Michigan's long, slow climb from home foreclosure crisis continues

Realty Trac reports Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.
Credit Steve Carmody / Michigan Radio

Michigan’s home foreclosure crisis of a few years ago can still be felt by the state’s real estate industry.

In February, 2011, 35.3% of the homes sold in Michigan were distressed homes: formerly foreclosed on or being sold short for a loss.

In May of this year, 18.6% of home sales involved distressed homes.

Realty Trac reports Michigan home prices continue to improve, claiming the median sale price for a Michigan home last month was $100,000, that’s up 18% in the past year.

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Economy
10:17 am
Thu April 10, 2014

Home foreclosures falling in Michigan, but many are not leaving their former homes

In Michigan, about 40% of foreclosed homes are still occupied by their former owners or tenants.
Credit Steve Carmody / Michigan Radio

The number of homes in Michigan in foreclosure has dropped to its lowest level since 2005.

Foreclosure filings in Michigan have been steadily declining for the past three and a half years.

Daren Bloomquist is with Realty Trac. He says banks are now dealing with the problem of getting former owners or tenants to move out of their foreclosed homes.

“One of the questions we get a lot is ‘why (are) these properties not selling?’” says Bloomquist. “One of the major answers to that is because the former occupants are still living there … nationwide 50% of the time.”

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Law
6:00 am
Fri April 4, 2014

Man accused of using fake religious organization to run foreclosure rescue scam

Anthony Carta
Credit Michigan Attorney General's office

Michigan’s Attorney General says a Detroit man defrauded more than 100 people in southeast Michigan with a fake mortgage rescue scam.

Bill Schuette says Anthony Carta ran the scam through a phony religious organization called Freedom by Faith Ministries.

Carta promised homeowners facing foreclosure he’d settle up with their mortgage lenders, for a fee. But he would pocket that money instead.

Carta is accused of stealing more than $300,000 this way. He’s being charged with conducting a criminal enterprise and two other felonies.

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Economy
8:48 am
Thu February 20, 2014

It's getting more expensive to buy a home in Michigan

Rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.
Steve Carmody Michigan Radio

Realty Trac is out with a report on home affordability.

The report shows that rising home prices and interest rates are translating into higher monthly mortgage payments for home buyers.

The report focused on three bedroom, single-family homes.

Daren Bloomquist is with Realty Trac.

He says Wayne, Oakland and Macomb counties have seen a 40% to 50% increase in monthly mortgage payments on home sales in the past year.

Bloomquist says home prices in the Detroit metro market are still very low.

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Economy
4:35 pm
Sat January 11, 2014

Many Michigan homeowners are still deeply underwater on their mortgages

'Short sales' are the only solution for many homeowners 'deeply underwater' on their mortgages
Steve Carmody/Michigan Radio

Realty Trac reports nearly a third of Michigan homeowners owe 25 percent or more on their mortgages than their homes are actually worth.   

In December, 31% of Michigan homeowners were deeply underwater on their mortgages.  That’s down from 37% in January of 2013.

Nationally, 19% of homeowners are deeply underwater on their mortgages.

Daren Bloomquist with Realty Trac says many homeowners have been waiting a long time for their house to gain value.

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Business
12:36 pm
Thu October 17, 2013

Home flipping returns to Michigan's real estate markets

(file photo)
Steve Carmody/Michigan Radio

House flippers in Michigan are having a tough time making money these days.

Before the recession, house flipping was a small, but very active part of Michigan’s real estate industry.

House flipping is where a person buys a home and quickly puts it back on the market, hoping to make a profit on the sale. Many homes resell within six months.  Flipping flopped during the recession as plunging home prices took the profit away.

But a large stock of foreclosed homes and rising home prices has once again spurred interest in flipping in Michigan.

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Economy
12:25 am
Thu September 26, 2013

8 years after the bubble burst, Michigan home sale prices are still inching their way back up

(file photo)
Steve Carmody Michigan Radio

Michigan home sale prices have made a major recovery from the bottom of the recession.

But home prices are still far below their peak eight years ago.

Michigan’s median home price reached its peak in September, 2005 at about $150 thousand.

After the bubble burst, home prices fell dramatically, tumbling to just $51 thousand dollars.

Median home prices bottomed out in June of 2009 and have been climbing slowly since.

Realty Trac’s Daren Bloomquist says Michigan’s median home price last month was $97 thousand dollars.

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Economy
12:52 am
Thu September 5, 2013

More Michigan homeowners are underwater on their mortgages

Aerial view of homes in Jackson, Michigan
Google Earth

Michigan homeowners continue to struggle with underwater mortgages.

Realty Trac reports today that 38% of Michigan homeowners owe at least 25% more on their mortgages than their homes are actually worth.

Michigan trails only Nevada, Illinois and Florida for the percentage of home mortgages that are deeply underwater.

Realty Trac’s Daren Bloomquist says more homeowners in those states may be underwater on their mortgages, but home values are also rising faster than in Michigan.

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Stateside
5:49 pm
Thu July 11, 2013

Michigan is seeing a slowdown in home foreclosures

Michigan ranks 8th in the nation for foreclosures

An interview with Daren Bloomquist with Realty Trac.

Michigan's home foreclosure rate is tumbling.

During the Great Recession, Michigan's foreclosure rate was among the nation's highest and, at times, the highest in the nation.

Today, Michigan ranks 15th.

Put it another way: Our home foreclosure rate is half of what it was six months ago.

Daren Bloomquist is with Realty Trac and he joined us today from their offices in California.

Listen to the full interview above.

Politics & Culture
5:42 pm
Thu July 11, 2013

Stateside for Thursday, July 11th, 2013

Michigan's home foreclosure rate is falling and our state is certainly no longer number one in foreclosures in the country. We found out why on today's show.

And, Michigan Radio's Political Analyst Jack Lessenberry joined us to take a look at how your state lawmakers are spending their summer recess.

And, a Michigan videographer is heading to Greenland to document the effects of pollution on glaciers for a project called “Dark Snow.”

Also, we spoke with the father of a 12-year-old Ohio State fan who found a creative way to use the rivalry between OSU and U of M to help him beat brain cancer.

And, Scott DeRue, who teaches at the Ross School of Business at the University of Michigan, joined us to talk about his recent climb to the summit of Mount Everest.

First on the show, it’s Thursday which means it’s the time we turn to Daniel Howes – Columnist at the Detroit News.

Today he took a look at Kevyn Orr and the meetings he had this week with Detroit’s creditors and bond holders.

Economy
12:59 am
Thu July 11, 2013

Michigan's home foreclosure rate continues to fall

There were about 4300 foreclosure filings in Michigan in June, down from 8600 in June, 2012 (source RealtyTrac).
Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate is tumbling. The rate of home foreclosure filings in Michigan is half of what it was six months ago. 

June marked the 32nd consecutive month of “year-over-year” declines in the number of home foreclosure filings in Michigan.

Daren Blomquist is with RealtyTrac.  He expects that trend will continue.

“We’ll see the declines continue at least through the end of this year,” says Blomquist, “But then I would expect in 2014 that’s probably when we’ll see the numbers flatten out.”

Politics & Government
10:27 am
Thu July 4, 2013

Michigan's governor signs foreclosure law changes

(file photo)
Steve Carmody/Michigan Radio

LANSING, Mich. (AP) - Governor Rick Snyder has signed into law changes in Michigan's home foreclosure rules but is calling on lawmakers to swiftly enact more legislation to clarify some issues.

Bills signed Wednesday keep intact the redemption period when homeowners can challenge a foreclosure's legality. An earlier version of the legislation would have reduced the period from 6 months to 60 days.

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Law
11:05 am
Mon June 24, 2013

Proposed changes to Michigan’s home foreclosure laws allow unannounced inspections

Steve Carmody Michigan Radio

Housing advocates are asking Governor Rick Snyder to veto a package of bills that would change home foreclosure rules.

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Politics & Government
7:05 am
Mon June 24, 2013

In this morning's news: High childhood poverty rate, home foreclosure changes, beach quality better

Morning News Roundup for Monday, June 24, 2013
User: Brother O'Mara Flickr

Childhood poverty rate high in Michigan

This year’s Kids Count report from the Michigan League for Public Policy and the Annie E. Casey Foundation says Michigan ranks 31st nationwide for overall child well-being. Michigan League for Public Policy President Gilda Jacobs told Michigan Radio's Jake Neher that state lawmakers should restore Michigan’s tax credits for low-income families and ease restrictions on welfare cash assistance.

Possible changes in home foreclosure rules

Legislation in Lansing could change home foreclosure rules in Michigan. Currently, after a foreclosure, homeowners get six months after it gets sold at auction to regain the property. Under the proposed changes, a homeowner would lose that redemption period if the house is damaged. The idea is to stop homeowners going through foreclosure from damaging the home.

Neeta Delaney, director of the Michigan Foreclosure Task Force, told Michigan Radio's Lindsey Smith she worries the provision would only make the foreclosure process more contentious.

Michigan beachgoers lost 755 days of water access

The Michigan Department of Environmental Quality's annual beach quality report says Michigan beachgoers lost 755 days of water access in 2012 because of pollution. The most common cause for beach closings was the presence of bacteria from human or animal feces. Altogether, 166 beaches were closed for a total of 755 days in 2012. That's down from 913 days  in 2011.

Economy
12:38 am
Thu June 6, 2013

Looking for a little 'fixer-upper?' Try Detroit or Lansing

All it needs is a little TLC. (file photo)
Steve Carmody/Michigan Radio

Potential home buyers looking for a fixer-upper may want to look in Detroit or Lansing.

Realty Trac is out with a list of the 15 cities with the largest number of bank-owned homes on the market that were built before 1960 and valued at under $100 thousand.

Detroit tops the list, with nearly four thousand older homes with an average estimated value of just over $40 thousand. Lansing comes in 15th, with more than 500 pre-1960 homes with an average estimated value of $56 thousand.

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Politics & Government
5:08 pm
Tue May 28, 2013

Lawmakers seek to shorten the amount of time to stop a bank foreclosure

A foreclosed house in Michigan.
Rebecca Williams The Environment Report

Opponents of a plan to change the foreclosure process in Michigan say it would put more people out of their homes and hurt property values.

They were in Lansing today to protest a package of bills in the state Legislature.

The legislation would shorten the amount of time homeowners have to stop a bank foreclosure from six months to two months.

Ingham County Register of Deeds Curtis Hertel Jr. says banks have wrongly foreclosed on thousands of properties across the state.

He says it often takes months for people to prove they don’t deserve to lose their home.

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Business
1:13 pm
Tue April 16, 2013

Fraudulent loan activity declines in Michigan

(file photo)
Steve Carmody Michigan Radio

Fraudulent loan activity declined slightly in Michigan at the end of last year.

Kroll Factual Data checks loan applications for phony buyers, attempts to misrepresent the value of homes and other fraudulent information.

Kroll president Rod Bazzani says there's been a surge in home loan refinancing, which may explain the decline.   He says refinancing more than doubled last year.

“When you understand that statistic, you realize you’re going to have much less fraud in a refinance environment than you would in a purchase loan environment,” says Bazzani.

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Economy
12:38 am
Thu April 11, 2013

Michigan's home foreclosure rate closer to the national average

A rare sign these days (file photo)
Steve Carmody/Michigan Radio

Michigan’s home foreclosure rate is no longer among the nation’s worst.

Realty Trac reports Michigan ranked 16th in the nation in home foreclosures in March.  That is a far cry from a few years ago when the state had the nation’s highest foreclosure rate.

Mary Townley is with the Michigan State Housing Development Authority.  She credits the authority’s “Step Forward” program for providing assistance to people at risk of losing their homes…

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Business
11:37 am
Mon April 8, 2013

There is growing optimism in Michigan's home building industry

(file photo)
Steve Carmody/Michigan Radio

Michigan’s home builders are optimistic about the year ahead.

The recession walloped Michigan’s home building industry. Many builders went out of business. Others merged and focused on home remodeling.

But a new survey shows Michigan’s home builders are optimistic about getting back into the business of building new homes. They say pent up consumer demand, especially for more expensive homes ($200,000 to $800,000), is pushing up the Michigan Housing Index.

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Economy
12:14 am
Thu April 4, 2013

Several local cities rank high on a list of the best places to rent out single family homes

Home for rent (file photo)
Steve Carmody/Michigan Radio

A new report finds three regional cities are good places to buy and rent out single family homes.

A new Realty Trac survey lists Detroit, Saginaw and Toledo among the 20 best markets in the country to own and rent single family homes. Florida cities dominate the rest of the list.

The top 20 are based on the markets with the most potential cash flow and capitalization rates on a 3-bedroom home.

Saginaw ranked second on the survey.  Toledo came in third.  Detroit ranked 15th on the list.  Memphis, Tennessee topped the Realty Trac ranking. 

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